- With a successful Round 4, the staking of 64% of the MIOTA tokens supply happened and 1 billion in ASMB tokens were distributed.
- IOTA has streamlined the staking process through its native Firefly wallet.
While some popular blockchain networks like Ethereum (ETH) are making important changes to their ecosystem, IOTA is catching up equally fast. The IOTA blockchain recently concluded the fourth round of staking for the Assembly Network’s native token ASMB.
This was the Round 4 of the ASMB token staking which started back on November 07, 2022 and lasted for a 90-day period. As per reports, a staggering 63.5 percent of the IOTA token supply has been staked and more than 1 billion ASMB tokens have been distributed in the form of rewards. The official Twitter handle of Assembly Network said that round five is around the corner. However, it didn’t mention when will it start.
Event ended! Round 4 of staking $MIOTA for $ASMB is officially over🎉.
A big thank you to our community for your participation 🙏. Nearly 63.5% of the @iota token supply was staked, and over 1 Billion #Assembly tokens rewarded🪙!
Stay tuned: round 5 is around the corner 👀! pic.twitter.com/Xcjh44mYBA
— Assembly (@assembly_net) February 5, 2023
The staking of ASMB tokens happens via IOTA’s most-trusted Firefly wallet. As per IOTA, each wallet that belongs to a user profile must be staked separately. When a user marks IOTA tokens for staking, a transaction is sent to them with attached metadata indicating that they wish to stake with the marked funds. “Any funds staked in a given wallet will be sent to an address on the same wallet, requiring tokens in every wallet to be individually marked for staking”.
IOTA and Staking
To expand the utility of the IOTA token, the IOTA Foundation introduced two main networks the Shimmer staging network and the Assembly trustless smart contract network. Both networks have their native tokens SMR and SMB respectively, available for staking.
As per the initial plan, IOTA will reward staking individuals 20% of Assembly tokens’ supply. The total supply of ASMB tokens is 100 billion. Thus, IOTA will distribute 20 billion as token rewards. So far, only 1 billion ASMB tokens have been distributed. This is just the beginning of a larger token rewards distribution in the IOTA ecosystem.
As said, the IOTA foundation has already implemented a built-in staking functionality in IOTA’s Firefly wallet. The IOTA Foundation explains:
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This rate has been set to
0,000004 ASMB tokens per 1 MIOTA per milestone. That means for every 1 MIOTA that you hold and stake in Firefly, you will receive 0,000004 ASMB tokens every 10 seconds (the interval of milestones issued in the IOTA tangle).
The IOTA technology takes care of the security of the Assembly Network. Also, the IOTA Tangle solves the interconnection and the exchange layer between different chains in the Assembly while offering a “secure anchor and immutable audit trail for state updates of IOTA smart contracts chains in Assembly”. After a successful Round 4, all eyes will be on the launch of Round 5 for the ASMB token staking.