In the latest release of Edge, we’ve added support for FIO staking, a recently launched option for FIO token holders to participate in the network’s on-chain governance and earn yield.
The integration of FIO staking in Edge marks our next step toward further support of the FIO network, as well as creating an additional interface in Edge for users to earn yield on their assets. Note that in order to stake FIO in Edge users need to have previously registered a FIO crypto handle.
What is FIO protocol
FIO is the native cryptocurrency of the FIO Protocol, an open-source, decentralized layer solution running on a Delegated Proof-of-Stake blockchain.
The FIO protocol seeks to solve one of the biggest problems the crypto industry has faced throughout the years: improving the user experience to make the process of sending transactions and interacting with decentralized applications easier.
To achieve this, the FIO Protocol enables a new way of sending cryptocurrencies – instead of complex and hard-to-remember wallet addresses users can register their FIO domains and use human-readable handles like yourname@yourdomain to initiate transactions.
To some extent, the idea is similar to the .eth names offered by Ethereum Name Service, or Unstoppable Domains’ .crypto, .wallet, or .blockchain addresses, however, with FIO, the network has put a strong focus on user privacy and interoperability between different blockchains.
According to the technical overview, the FIO protocol offers the ability to encrypt all sensitive counterparty information, including public addresses and metadata. It also works with any blockchain and cryptocurrency without any integration to those chains – once integrated into a wallet, the FIO Protocol can be used to interact with the respective networks.
The project is run by the Foundation for Interwallet Operability (FIO) protocol, a consortium of wallets, exchanges, and crypto payment processors supporting the FIO Protocol. In 2019, it raised $5.7 million in a Series A led by Binance Labs.
Commenting on the addition of FIO staking to Edge, Luke Stokes, Managing Director at FIO, said:
“Paul Puey and the Edge team have been leading the way within the FIO consortium of wallets and exchanges that care deeply about improving the cryptocurrency user experience. We’re very excited to have them as one of the first products to support FIO Token staking to close the loop on the FIO Protocol decentralized business model where the FIO chain economically supports, via fee distribution, those who secure the chain as validators, voters, foundational coordinators, and integrators.”
Prior to today, users could already create their FIO addresses for free inside of Edge. No registration fee is required.
By adding support for FIO staking, Edge offers a new way to interact with the protocol and contribute to further adoption of crypto.
FIO Staking details
The FIO Staking mainnet went live on January 18.
FIO holders can choose to stake any amount of tokens they hold in their account.
When a FIO token is staked, it immediately begins to accrue rewards and stays locked until revoked. Tokens can’t be spent while being staked, and will remain locked for 7 days after they have been unstaked.
FIO staking rewards come from the network’s Staking Rewards Pool, a protected rewards fund which accumulates 25% of all fees paid on the FIO chain. If the total daily amount of the network’s fees redirected to the pool is less than 25,000 FIO, new tokens are minted and sent to Staking Rewards Pool.
As FIO detailed in a blog post, users can stake and unstake their tokens at any time, however, during the initial stage, rewards are only available for redemption after the Staking Activation phase commences on February 22, 2022.
If a user unstakes their tokens prior to Staking Activation, they will not receive any accrued rewards.
For full technical details of FIO staking please refer to the project’s GitHub page.
Stake your FIO in a matter of seconds
Staking FIO in Edge is just a few taps away on any mobile device:
1. On the Wallets screen in Edge, select your FIO wallet
2. Tap the Stake button
3. Tap Stake More Funds
4. Enter the amount you’d like to stake
5. Slide to confirm to send the staking transaction
Similarly, unstaking your FIO can be done in a few simple taps:
- Tap the Stake button
2. Tap Unstake
3. Enter the amount you’d like to unstake
4. Slide to confirm to send the unstaking transaction
Want to stake your FIO coins? Try Edge today!
Edge has always prioritized the user experience surrounding wallet creation and smooth interaction with blockchain protocols. FIO helps to dramatically reduce the friction of interacting with alphanumeric blockchain addresses, and the integration of FIO staking in Edge helps to give users an easy way to interact further with this protocol.
Thanks to robust infrastructure and readily available exchange integrations, all inside of an easy to use self-custody application, Edge has now introduced another way to be a part of the FIO network.
Edge was designed to be easy enough for the everyday user, while including functionality even advanced enthusiasts appreciate. We’re excited to be supporting FIO as the network is entering a new phase of its evolution.
For those interested in using the FIO protocol in Edge, click here. To stay up to date with Edge company announcements and the latest developments in the crypto space, be sure to sign up for our newsletter below.