Staking guide

This is an introduction to what staking is, and how to get started.
Staking is not yet officially supported on the mainnet or testnet.
An official guide to staking will be out in Q2 2023. You may have trouble following this guide until then.

What is staking?

Mel is considered a "proof-of-stake" blockchain because people can "stake" their money (SYM) on staker nodes.

What do staker nodes do?

Staker nodes directly participate in Mel's consensus process, or deciding what data goes onto the blockchain. These nodes are the ultimate guardians of Mel's security.
Staker nodes accrue SYM, which is locked up on-chain, in exchange for a proportional amount of voting power. Once 2/3 of the on-chain votes agree on the same block, a quorum is reached, and a block is then confirmed and officially added to the blockchain.

Why should I stake?

  • You will be contributing to the security of the network by validating blocks
  • 💰
    You will accrue rewards for staking

Getting started with staking

There are 2 main ways to stake your SYM:
  1. 1.
    Run your own staker node. This is a non-expensive way to directly contribute to the network's decentralization and security. This is also the best way to avoid your funds getting slashed, since you can trust your own node to do the behave properly!
  2. 2.
    If running your own node is not an option, you always have the option to stake your funds on someone else's staker node. You will still be rewarded for staking funds on the network, but you will have to place your trust in the node operator, which is always a potential risk!