Staking Guide

Staking guide

The Venom blockchain works on the principle of Proof of Stake. It means that Validators use Venom tokens on their accounts to confirm blocks in the network. For each confirmed block, the Venom network pays a reward, which is distributed among all active Validators.

Venom network users have the opportunity to support one or another validator and increase its share in rewards. The validator has the right to distribute all the rewards received from validation among the users who supported it, minus its commission, which ensures the continuous operation of the validator node and its technical support.

The process of supporting a validator by users is called Staking. Below we will walk through the staking scheme step by step:

Step 1. Go to Venompools.com for a list of all validators that accept Stakes.

Step 2: Log in to your wallet containing the $VENOM you want to stake.

Step 3. Select a validator from the list.

Let's take a closer look at the indicators that are presented in the table:

Name is the name of the Validator that make it easier for users to find and identify it. Under the name, we see the address of the validator - from it we can find out the full information about the validator.

FEE — fee that the validator takes for maintaining the node or in some cases for other purposes declared by the validator. The higher the validator commission, the lower the reward for the user for the Stake.

APY — Annual Percentage Yield calculated based on the performance of the last rounds. All rewards received by the user are automatically reinvested, so the APY indicator includes compound interest. The higher the APY, the higher the user's reward.

TVL — Total Value Locked means the amount of Venom invested in a particular validator. The higher the TVL, the greater the share of the validator in the received rewards.

Capacity — A very important indicator that helps to understand how much more you can stake in a given validator before it reaches the maximum stake level. If the validator's stake is more than 3 times higher than the stake of the validator with the smallest stake, then all Venoms deposited above this amount will not be used and will not receive rewards.

Recommended — This sign marks validators who are expected to have a high chance of becoming validators of the next round, while they have low Fee and still have capacity to accept stakes.

Choose validators that have not yet reached the estimated TVL for the current round, a small Fee and a high APY.

Step 4. Click the Manage button next to the selected validator.

At this step, you will see the information already familiar to us, you just have to read it in detail and enter the amount in Venom that you are ready to stake in this validator.

Tip: If your amount exceeds the Capacity of the selected validator, then we recommend that you consider other validators to sort your Venoms into different buckets.

When you're ready, just click the stake button and confirm the transaction in Venom Wallet.

Please note that your stake will only start working from the next round, provided that your validator will be elected in it.

My Stakes

You can view statistics on your deposits on the My stakes page.

All your STAKES and rewards for them are reflected there.

Withdrawals

To withdraw funds from staking, you need to click the Manage button opposite the validator and select the Unstake tab. Next, enter the amount you want to withdraw and click Unstake.

Please note that depending on the stage of the current round, your STAKES can be withdrawn up to 36 hours.

Important: If you withdraw part of the funds and after the withdrawal in the stake remains less than the minimum amount of the stake, then a request will be made for the entire amount of the stake. Withdrawal transactions that are still pending can be seen on the My Stakes page.