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Delegators - ROWAN Staking
ROWAN Staking - Use this page to learn about delegations, why to delegate, and how to delegate.
Delegators are considered to be a secondary set of actors in the validator subsystem economy. Delegators earn shares of claims to rewards with their delegated stake tokens. Delegators incur a slashing risk depending upon their choice of validator.
Delegation is a great way to earn validator income without running your own validator. If you want to support ROWAN’s crypto-economic security but cannot run your own validator, you can delegate your capital to a validator. Delegators earn validator tokens, minus a commission rate retained by the validator.
The commission fee is used by the validator to sponsor technical improvements to Sifchain. Validators are encouraged to offer reports about their contributions to Sifchain’s technical infrastructure. Delegators are encouraged to select validators based on their ability to support Sifchain’s technology innovations.
You can see an indication of the current reward rate for Delegating by navigating to Sifchain within the Keplr Wallet. The figure shown is APR, without compounding.
Any Sifchain user can delegate their tokens to any number of validators on the network. Delegating to a validator entitles the delegator to a share of that validator’s block rewards based on the commission rate (see below) set by the validator. Delegating to a validator does not give that validator direct control over the delegator’s funds. However, the delegator does assume the risk of being slashed if the validator misbehaves.
When performing a delegation, we recommend you do due diligence on the following:
- 1.Ensure the node validator you are delegating to is one that you trust and have faith to not get slashed. Remember, if you delegate to them and they get slashed, then your delegation will also get slashed. If you are new to Sifchain, ask around in the Community for others experiences and recommendations. In order to help you make an informed decision regarding which validator to delegate to, we have also compiled data from a Validator Survey. All information in this table is composed of direct responses from Validators themselves. We have not verified any of this data. Please do your own research and feel free to reach out to any Validator through their displayed social media handle.For additional details and more information provided by our Validators, reference this Google Sheet.
- 2.Check these 3 rates of the node validator:
- 1.Commission Rate - This represents the percentage of delegator’s rewards retained by the validator in exchange for providing access to Sifchain’s staking system. For example, if this rate is set to 25%, then you as the delegator will get 75% of the reward while the node validator will get 25%.
- 2.Maximum Commission Rate - The node validator can change their commission rate at any time and that change will be represented in 24 hours. The maximum amount they can set their commission rate to is indicated here. For example, if the node validator's maximum rate is set to 100%, then they are able to change their commission rate to 100% at any time.
- 3.Maximum Commission Rate Change - This is the maximum daily increase possible. For example, if this is set to 5% then the most a node validator can change their rate by in a single 24 hour period is 5%.
- 3.The top 100 node validator list and their staked/delegated amounts. It's important to do this because you want the node you are delegating to, to be a part of the network to ensure you are also earning rewards.
- 4.We recommend that you continuously monitor your delegation and the node validators that you have delegated to.
The delegation process is the same for both validators and delegators; whereas a validator delegating to itself is called a self-delegation. Follow the below steps when executing a delegation:
- You have a Sifchain address. To get a Sifchain address, you can do one of the below options:
- Go to the Keplr Dashboard, select Sifchain on the left hand side navigation bar, and click 'Stake'. This will take you to the list of validators in our network. Click on the 'manage' link beside any of them you are interested in delegating to (or managing your existing delegations with). From here you can manage your delegations accordingly.
- Alternatively, simply navigate to the Sifchain section of your Keplr Wallet and click the "Stake" button, then chose from the list of validators.
- If running on K8s, Use ruby to run the below two commands:
rake "keys:generate:mnemonic"- This will generate a mnemonic for you.
- 1.Important: write this mnemonic phrase in a safe place. It is the only way to recover your account if you ever forget your password.
- 2.Take this generated key and run:
- 1.This will give you your newly generate Sifchain address.
- 3.If running locally, run Command
sifnoded keys add <name>. This command will give you your: address, public key, and mnemonic phrase.
You can now reference the Delegator CLI commands page for all relevant commands that can be run in order to execute a delegation.
After you have successfully submitted a delegation:
- Claim your earned Rewards: Rewards must be claimed manually.
- Unbond your delegation: If the validator is currently in the active validator set and not jailed, successful submission of this transaction will put the specified amount of the delegation into an unbonding period. The unbonding period is currently set to 21 days, during which time the tokens will not be usable and will still be susceptible to slashing. After the unbonding period the tokens will be fully released to the source address.
- Redelegate your existing delegation to a different node operator: Delegators can move an existing delegation from one validator to another without waiting through an unbonding period.