A new reward plan has been added to the well-known inflation pool system at Stellar called the Community Staking Marathon. In addition to the payouts generated by the inflation mechanism, a time-based staking algorithm has been implemented into the Stellar Ledger.
Stellar, an open source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies, first made this proposal in 2018 when the cryptocurrency market started a rapid decline.
Community members approached the Stellar Foundation Board with a strategy focused on keeping and enlarging the user base while rewarding old and new users with Lumens reserved initially for other purposes.
The board made a commitment to launch a Staking Marathon – a time-limited reward plan for individual users. A manual process has been added to the Ledger in such a way as to distribute Lumens directly to Community members’ accounts.
The Stellar Community Staking Marathon can be accessed with the Account Viewer Tool, starting June 25th, 2020. Users have the option to claim as much as 25 per cent more Lumens based on current account balances. The Stellar ledger records the account balance, estimates a reward percentage, and distributes Lumens automatically. The bonus cannot be used again to claim more Lumens, as mention is applied in the Ledger, limiting abuse and ensuring each user’s stake.
For the Staking Marathon, a total of 2 billion XLM have been moved from the Stellar Development Foundation inflation accounts. As the program is limited to a 30-day period, if the reserve is not met at the end of the 30 days, all remaining Lumens will be redirected back to the Foundation’s reserve accounts.
Join the Community Staking Marathon
For compatibility and security reasons we recommend using a Ledger hardware wallet.
- Access Stellar Account Viewer
- The dashboard will provide a staking balance and options
- Activate the staking option
The estimated XLM will be immediately sent to your Stellar account.
Also published on Medium.
Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China’s first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
