FAQs
Staking
What is a validator stake?
Stakers are rewarded for helping to validate the ledger. They do this by delegating their stake to validator nodes. Those validators do the legwork of replaying the ledger and sending votes to a per-node vote account to which stakers can delegate their stakes.
Is staking profitable?
The primary benefit of staking is that you earn more crypto, and interest rates can be very generous. In some cases, you can earn more than 10% or 20% per year. It's potentially a very profitable way to invest your money. And, the only thing you need is crypto that uses the PoS model.
To become a validator, you need to stake BONE tokens with stake manager contracts on L1. Rewards are distributed to all stakers proportional to their stake at every checkpoint with an exception being the proposer getting an additional bonus.
Validators are the key actors in maintaining the Shibarium network. Validators run a full node and secure the network by staking BONE to produce blocks, validate and participate in PoS consensus.
Validator performance is critical for the stability and security of Shibarium. In order to ensure the network is in secure hands, in the early stages validator selection will be a manual process requiring an application and interview for consideration.
To begin staking Shibarium (BONE), you will need to have BONE and ETH on the L1 chain in your MetaMask wallet.
What is the minimum stake amount?
1 BONE is the minimum stake amount.
Why do validators need staking?
In order to participate in securing the network and to be rewarded for doing this, validators are required to put up collateral “stake” which can be forfeited (i.e. “slashed”) programmatically if their actions break the programmatic rules that define the blockchain protocol which they secure.
Why does my transaction take so long?
All staking transactions of Shibarium happen on Ethereum for security reasons.
The time it takes to complete a transaction depends on the gas fees you have allowed, as well as the amount of congestion on Ethereum at the time. When you use the "Speed Up" option, you can increase the gas fee to expedite the transaction.
Delegate
What are delegators?
Delegators are individual users or an entity that participate in a consensus mechanism by delegating their voting rights to a validator. Delegators can choose to vote for a validator of their choice and delegate their voting power to that validator. The validator, in turn, uses the combined voting power of all delegators to help secure the network and validate transactions. This allows for a more efficient and scalable consensus mechanism compared to PoW.
Delegators are people who own BONE and choose to support the network by staking their tokens into validator nodes instead of running one themselves. They play an important role in the system by selecting which validator nodes will be responsible for validating transactions. Delegators choose to lend their tokens to validator nodes, and as a result, they are entitled to a portion of the rewards earned by those validators.
On the other hand, this also implies that they are exposed to the same risks as validators. For example, if a validator fails to comply with the protocol, the delegators may lose a part of their tokens in relation to the amount they had delegated to that validator.
I have completed my delegation, where can I check the details?
You can check the details by clicking on My Account.
Where can I check my rewards?
You can check the details by clicking on My Account.
Which wallets are currently supported?
Just MetaMask at the time being.
Are hardware wallets supported?
No, hardware wallets are not supported as of now.
Do I need ETH to pay for Gas fees?
Yes, gas fees must be paid in ETH, the Ethereum network's native cryptocurrency.
Do I need to deposit Bone tokens to the Shibarium Testnet network for staking?
No. All your funds need to be on the Ethereum Network.
When I try to do the transaction my Confirm button is disabled.
This might be because you have an insufficient amount of the native token necessary to pay for the transaction.
When do rewards get distributed?
Rewards are paid out after every checkpoint is submitted.
Why do rewards keep getting decreased every checkpoint?
Rewards earned will depend on the amount of locked supply in the network at each checkpoint. It is expected that this will vary significantly as the number of BONE tokens locked in staking contracts increases. The rewards will start out higher, and then decrease as the locked supply percentage rises. The checkpoints capture this change in locked supply, which is then used to calculate rewards.
How can I claim my rewards?
Once the unbounding period is complete, the Claim Stake button will be enabled and you can then claim your staked tokens. The tokens will be transferred to your account.
What is the Unbounding period?
The unbounding period on Shibarium is set to 1 checkpoint, which takes about 1 hour to be submitted. This period applies to the originally delegated amount and re-delegated amounts - it does not apply to any rewards that were not re-delegated.
Will I keep receiving rewards after I unbound?
No. Once you unbound you stop receiving rewards.
How many transactions does the delegation require?
Delegation requires 2 transactions one after the other - one to approve and another one to deposit.
What does Redelegate Rewards mean?
Redelegating your rewards simply means that you want to increase your stake by restaking the rewards you have accumulated.
Can I stake to any validator?
Yes.
Which browser is compatible with Staking Dashboard?
All the browsers compatible with MetaMask.
My Metamask is stuck at confirming, what can I do?
You may try the next solutions.
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Restart your browser, or force close the mobile app and reopen.
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Restart your computer or mobile device.
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Lock and unlock MetaMask.
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If your problem relates to a specific transaction, check the relevant block explorer for the network you're using, such as Etherscan.
How do I send funds from Binance or other exchanges to Shibarium wallet?
First, you must withdraw your funds from Binance or any other exchange to your Ethereum address on Metamask.
I have earned rewards while delegating. What happens if I add additional funds to the same validator node?
If you have not re-delegated your rewards before delegating additional funds to the same validator node, your rewards will be withdrawn automatically.
In case you don't want that to happen, re-delegate your rewards before delegating additional funds.
I have delegated my tokens via MetaMask on the Staking dashboard. Do I need to keep my system or device on?
No. Once your Delegation transactions are confirmed, and you can see your tokens reflected in the Total Stake and New Reward cards/sections, then you are done. There is no need to keep your system or device on.
I have unbounded, how long will it take to unbound?
The unbounding period is currently set to 1 checkpoint. Every checkpoint takes approximately 45 minutes to 1 hour.
I have unbounded and I see the Claim Stake button, but it is disabled.
The Claim stake button will only be enabled when your unbounding period is complete. The unbounding period is currently set at 1 checkpoint.
How do I switch my delegation from Foundation Nodes to External nodes?
You can switch your Delegation using the Move Stake option on the Staking UI. This will switch your Delegation from the Foundation node to any other external node of your choice.
Will there be any unbounding period when I switch delegation from foundation nodes to external nodes?
You will not experience an unbounding period when switching delegation between a foundation and external nodes. It will be a direct switch without any delays. However, if you are unbounding from a foundation node or an external node there will be an unbounding period for that.
Are there any specifics to choose an external node during switch delegation?
No. You can choose any node.
What happens to my accrued rewards if I switch delegation from a foundation to external node?
If you haven't already claimed your rewards before switching delegation, then upon successful switch of your delegation from Foundation to External the Rewards that were accumulated till then will be transferred back to your account.
Will delegation on the external nodes work the same as foundation nodes?
Yes, it will work the same as foundation nodes.
Will I still get rewards after delegating to an external Node?
Yes, rewards will be distributed the same as earlier with the foundation nodes. Every successful submission of a checkpoint will yield rewards. Rewards will be distributed and calculated at every checkpoint relative to the stake ratio, as currently implemented.
Will there be any unbounding period if I unbound from an external node?
Yes, the unbounding period will stay the same as the currently implemented 1 checkpoint.
Will there be any locking period after I switch my delegation from a foundation to an external node?
No. There won't be any locking period after you switch your delegation.
Can I partially switch my delegation from foundation to external nodes?
Yes, you will have the option to partially move your stake from a foundation node to an external node. The remaining partial stake will remain on the foundation node. You can then move that to another node of your choice or the same node.
Can I switch delegation from an external node to another external node?
No, the Move Stake option is only available on the foundation nodes. If you want to switch your delegation from an external node to another external node, you will have to unbound first and then delegate to another external node.
How many transactions do I need to pay for Gas when I do a Move Stake?
The Move Stake is a single transaction only. All transactions would be on the Ethereum Blockchain so you would need to spend some ETH while doing the Move Stake transaction.
Validators
How does a validator work?
A 'Validator' on a Blockchain is like a banker who verifies every incoming transaction. A transaction will only be completed on the blockchain when it has been verified by the validator. Validators are assigned the duty to verify transactions to whether or not they are legal and accurate.
What are commissions for validators?
In exchange for their role and service, validators receive rewards proportional to their stake. The rewards are divided among all participants based on the amount of tokens they have staked. The user's reward balance is recorded in a contract, which is used to determine the rewards that can be claimed.
To become a delegator users need to stake a certain amount and approve the request after that they will be added to the delegator list.
ShibTorch: the Burn Mechanism
Community Engagement and Education
How does the ShibTorch align with the overall vision and goals of the Shiba Inu project?
ShibTorch aligns with the Shiba Inu decentralized project vision by enabling the community to participate in Shib token burns, contributing to the reduction of SHIB supply, enhancing its value, whilst maintaining network security and integrity.
How is the community encouraged to participate in the burn process?
Strategies to encourage community participation include making the burn process accessible through ShibTorch and providing clear instructions for initiating burns. Community-led initiatives and campaigns may also be planned to promote engagement.
User Experience: Dashboard and Interface
What are the design considerations and features of the Shibarium Burn Portal dashboard, concerning user needs or behaviors?
The design of the ShibTorch dashboard prioritizes user needs and behaviors by providing a straightforward process for initiating burns and confirming transactions. The user interface enables participation and transparency into all stages of the burn, any user can trigger each of the phases, including initiating the final stage burn when the supply of Shib is removed from circulation.
Are there any specific features on the dashboard that are unique to the ShibTorch?
ShibTorch's ability to enable Community participation in the burn and initiate the automated burn process is particularly innovative, ensuring the inclusion of the Shib community in reducing Shib token supply.
Are there any plans to add new features to the dashboard, such as real-time burn rate tracking or personalized burn statistics?
Plans to add new features to the dashboard, such as real-time burn rate tracking or more personalized burn statistics, may be considered to enhance user experience.
Technical Aspects: Burn Mechanism
Explain the technical implementation of the burn mechanism mentioning how the contract ensures the secure and verifiable burning of SHIB tokens on Shibarium and Ethereum?
The burn mechanism involves locking the base fee from user transactions in a contract on Shibarium, where typically 70%, subject to adjustment by admins, of this fee is burned, and the remaining percentage (typically 30%) is allocated for network maintenance. When a predetermined amount of BONE is accumulated (the threshold can vary and is set by admins), users can initiate the burn process using ShibTorch. The accumulated BONE is then transferred to Ethereum's L1, where it is exchanged for SHIB tokens. These SHIB tokens are subsequently burned, leading to a reduction in the total supply of SHIB. This process operates similarly to a withdrawal transaction on Shibarium but instead involves the burning of tokens rather than their distribution to users.
How can you prevent potential vulnerabilities or exploits in the burn process?
Measures to prevent vulnerabilities include the locking of base fees on the contract and the requirement for user confirmation of transactions to complete the burn process. The automated swap and burn process also ensures secure handling of the tokens.
How does the system handle the conversion of BONE to SHIB during the burn?
The system handles the conversion of BONE to SHIB during the burn process through an automated swap on Ethereum's L1. Price stability is maintained by only allowing burns when a specific amount of BONE (set by admins) is accumulated, preventing excessive conversions at any given time.
Are my tokens being burned?
Tokens burned are from a cumulative pool of transactions on Shibarium, they are not taken from your personal wallet SHIB or BONE supply.
Scalability and Performance
How is the burn portal designed to scale as Shibarium usage grows?
ShibTorch is designed to scale with Shibarium usage by allowing anyone to initiate burns once the required amount of BONE is accumulated. This decentralized approach ensures scalability without bottlenecks.
What impact does the burn process have on Shibarium's overall performance and transaction throughput?
The burn process does not significantly impact Shibarium's overall performance and transaction throughput. By using the automated swap mechanism on Ethereum's L1, the burn process is efficient and does not overburden the Shibarium network.
Security and Auditing
Has the burn portal undergone any third-party security audits?
ShibTorch's design incorporates secure transaction confirmation and automated processes to ensure burn integrity.
What ongoing security measures and monitoring systems are in place to protect the burn portal from potential threats?
Ongoing security measures include monitoring of the burn contract and user transaction confirmations to protect ShibTorch from potential threats.
Future Developments and Roadmap
How does the team envision the ShibTorch evolving as the Shibarium ecosystem expands?
As the Shibarium ecosystem expands, the team envisions ShibTorch evolving with it, setting long-term goals and milestones to align with overall project growth.
Education and Support
What educational resources or tutorials are available for users who are new to the burn portal?
Educational resources include detailed explanations of the burn process, how to initiate a burn, and its benefits. Ensuring users understand the process is a key focus.
Current documentation: https://docs.shib.io/docs/shibarium/architecture/burns
What support channels are in place to assist users who encounter issues or have questions about the burning process?
Customer support channels and documentation to assist users who encounter issues or have questions about the burning process.
Transparency and Community Involvement
How is the team ensuring transparency in the burn process?
Transparency in the burn process is ensured by providing clear information about accumulation, ‘in progress’ burn statuses and completed burn stats displayed on the ShibTorch dashboard.
Synchronous updates regarding the status of community-triggered burns are available on ShibTorch. For example, when a Burn is initiated, the portal notifies other users that a burn has been triggered by another community member.