Stake OKX with Kiln, enterprise-grade staking
What are OKC and OKX?
OKC is a Cosmos-based blockchain built for trading, favoring a high transaction throughput for low transaction fees without compromising on security.
OKX is a cryptocurrency exchange offering financial services based on OKC blockchain technology. The platform provides all kinds of trading products, such as margins and perpetual contracts, as well as crypto-specific investments product like DeFi or staking.
How is OKX Delegated Proof-of-Stake implemented?
Anyone can delegate some OKT (the OKC chain token) to a validator that participates to the consensus of the OKC blockchain. The more stake assigned to the validator, the more often it is chosen to write new transactions, and therefore the more it earns rewards.
What is staking?
Proof-of-Stake (PoS) relies on validators to propose new blocks or attest other validator’s blocks. This is done through locking up native tokens to earn a reward for securing the chain. PoS has taken over as the most popular consensus algorithm from mining in newer blockchain systems.
By locking a protocol’s native tokens (ie OKT) to give “validators” the right to secure a chain. Validators propose new blocks or attest other validators’ blocks, gaining rewards for doing so.
Why should you stake your assets?
Staking is a great way to earn rewards while benefiting the protocol you choose to stake on. It derives its value from the natural inflation rate of the blockchain’s native currency and is therefore a built-in form of reward that is easily calculated in advance.
By staking OKT you are earning rewards while helping to secure the network and keep it decentralized. Conversely, by not staking your OKT you are suffering from network inflation without benefiting the system nor making returns on your holdings.
- Put your treasury to work
- Diversify and earn, while contributing to blockchains decentralization
- Bring new opportunities to generate safe yields to your users
How to stake OKT with Kiln?
You can start staking with 100 OKT. To stake OKT, you’ll only need to access Kiln dashboard to stake your OKT in a few clicks. Select the Account you want to stake on and the amount of OKT and connect your wallet:
- Login to the Kiln dashboard
- Initiate Stake by selecting your Account and the amount of OKT
- Connect your OKT wallet: Metamask, Ledger, Fireblocks, etc. supports multiple wallets as well as WalletConnect
- Confirm the staking transaction
- After the bonding period (~5.5 days) you will start earning rewards
To unstake, you simply need to undelegate into OKT transaction, after a 2 weeks unbonding period you will receive your original stake back in your wallet as well as accumulated rewards from delegation.
What are the rewards associated with staking OKT?
As an incentive for helping to safeguard the network, you can earn up to 3% APR from each OKC validator you stake on Kiln.
Why should you stake your OKT with Kiln?
Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake OKT, and to whitelabel OKT staking functionality into their offering. Our platform is API-first and enables fully automated validators, rewards, data and commission management.
We are serving thousands of businesses worldwide so that everyone can securely and seamlessly. Our clients can stake their coins from our dashboard, a hardware wallet, a browser wallet, a B2B custodian, a crypto exchange or just their favorite investment app. Kiln makes staking OKX easy, secure, and accessible to everyone.
- Stake OKT in 1 click
- 99% rewards guarantee
- Manage all your OKT stakes and rewards from a single dashboard
- Non-custodial, work with your existing custodians Solutions e.g.Fireblocks
- SOC 2 certified and Industry leading SLAs (0 penalties recorded and 99.95% effective uptime)
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Stake OKX FAQ
What does Proof-of Stake mean?
Proof-of-Stake (PoS) is a type of consensus mechanism used to validate cryptocurrency transactions. Through PoS, validators can contribute to the block production of a chain while keeping environmental concerns to a minimum, which is becoming an increasingly large issue in Proof-of-Work, the consensus algorithm used in Bitcoin.
By staking capital rather than energy, validators risk losing a portion of their value and future potential for staking by misbehaving while creating blocks. This incentivizes collaboration and minimizes malicious activity in the consensus process.
What is the difference between PoS and dPoS?
Both are consensus algorithms, helping to democratize participation in securing a blockchain. DPoS is an iteration of PoS combining real-time voting with a system based on reputation to reach consensus across the blockchain. Voting power is still determined by how many tokens they have however.
When will I receive OKT rewards?
OKT rewards are issued every block in the same OKX address you are staking with.
Does interest compound when staking OKX?
OKT rewards are not compounded. You have to claim rewards and add them to your stake to compound OKT tokens.
What are the risks associated with staking OKX?
OKT implements a slashing mechanism. This includes downtime for validators and their delegators and for nodes that attempt to vote on two separate attestations at the same time. Slashed validators will add bonded tokens to the staking pool.
Slashing also occurs if OKC’s Proof-of-Stake generates an invalid hash.
The main risk on the OKC blockchain as of today is downtime. To prevent this risk, you can outsource your blockchain services to a dedicated infrastructure provider such as Kiln, which has a 99.95% effective uptime. You can now focus on your business while our experts take care of the infrastructure.
Is there a minimum and maximum amount to stake for OKX?
You can start staking OKT with 0.0001 OKT and there is no maximum stake.
Do I maintain custody of my OKT tokens? Is OKT staking non-custodial?
While you may maintain self-custody of your staked OKT (ideally using a Ledger hardware wallet), you may also choose a third-party custodian to control the withdrawal of your staked OKT (i.e. Fireblocks).
What is the lockup period to stake OKT? When can I unstake and withdraw my OKT?
The unbonding period for OKT is 2 weeks. There is no delay to stake or switch from one validator to another.
How do rewards and penalties work?
For every slot, the validator is expected to sign attestations. If submitted attestations are good, the validator receives rewards, otherwise it receives penalties. In case the validator is offline it will also receive penalties.
What is the average block time on OKC?
The average block time on OKC is 4 seconds.