May the rewards be with you: IOTA starts Shimmer and Assembly staking

  • The IOTA Foundation has announced the beginning of IOTA staking rewards for the Shimmer and Assembly network tokens.
  • Token holders have a seven-day pre-staking period and will start to receive their staking rewards on December 28 for 90 days onwards.

The day is finally here! The IOTA Foundation has announced the official start of IOTA staking. IOTA holders can now start staking their tokens in exchange for SMR or ASMB, the native tokens of the Shimmer and Assembly networks respectively.

The Foundation has declared a seven-day pre-staking period that starts today, Tuesday, December 21 at 3:00 pm CET. This provides a generous timeframe in which all interested participants can purchase or move their tokens to the IOTA Firefly wallet. Staking on this wallet was enabled with the release of Firefly 1.3.0.

In this seven-day period, participants will be able to move their IOTA tokens from their exchanges or other supported wallets to Firefly and mark them for staking. The staking rewards will start to be distributed from December 28, 3:00 pm CET, exactly seven days from today and continue for the following 90 days.

In a statement shared with CNF, the IOTA Foundation indicated that “there are no lockups or penalties and token rewards are readily available within the Firefly wallet.” Further, in a blog post, the Foundation revealed that the token stakers can choose if they want the staking rewards in ASMB or SMR tokens, or both at the same time “with no lockups, additional cost or penalties.”

Once the Assembly and Shimmer networks launch in 2022, the staking rewards, be it SMR or ASMB, will become transferrable and tradable.

Related: IOTA to launch Shimmer; a staging network to incentivize network upgrades

How to get rewarded in ASMB and/or SMR tokens

As the native token for the staging network Shimmer, SMR will be the network’s economic foundation and will facilitate transactions and add to its security. It will enable the upcoming DAOs, DeFi and NFTs on the Shimmer network once it’s up and running in the new year.

As per the blog post:

Every staked MIOTA will generate 1 SMR for its staker every 10 seconds for up to 90 days and each staked wallet must reach a minimum amount of 10,000,000 SMR for the airdrop to be received.

ASMB, on the other hand, is the native token of Assembly, a decentralized smart contract network. It will underpin the network’s governance mechanism once the network launches and also ensure its security. Its entire supply of 100 billion tokens will be distributed over the course of five years. 20 percent of this supply will go to IOTA stakers over a two-year period, effectively making them the largest shareholders in the ecosystem.

 For each MIOTA staked, IOTA stakers will receive 0.000004 ASMB every 10 seconds (or four microASMB) for up to 90 days. Each staked wallet must reach a minimum amount of 1.0 ASMB (1,000,000 microASMB) for the airdrop to be received.

In the first 90 days, up to 8 percent of the ASMB supply will be distributed to the stakers. The rest will be distributed once the Smart Contract and Tokenization upgrades are implemented.

Staking will only be done on the Firefly wallet and is not available on any third parties. To participate, users must download the latest version of the wallet which has been updated to include a brand new staking tab. Once the staking is done (or pre-staking if done between today and December 28), users can view on the dashboard their total rewards.

Related: IOTA announces new decentralized smart contract network Assembly for Web 3 and Metaverse

About Author

Steve has been a blockchain writer for four years, and a crypto enthusiast for even longer. He is most excited by the application of blockchain to solve the challenges facing developing nations.

Comments are closed.