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New ANKR Token Staking: How To Get Started


Staking to full nodes running on 18+ blockchains for the first time ever. A deep dive into how it works, why it matters, and how you can start winning Web3 with the Ankr Network.

 

TL;DR

  • On Thursday (8/11), ANKR Token holders will be able to stake their tokens via the Ankr Network to earn rewards
  • Stakers supporting Ankr Network will earn a portion of rewards from all Ankr RPC node usage (7.2 B daily RPC requests)
  • Ankr token stakers will earn up to 9% APY for the first iteration of ANKR staking, with more earning potential in the future

In the Ankr 2.0 whitepaper, we introduced the vision for Ankr Network as a decentralized system where independent node operators work alongside Ankr nodes to power the growth and development of Web3, with a subsidy from the additional services and features provided to developers by Ankr ecosystem contributors and partners. The first step to making this vision a reality is the introduction of a market mechanism (staking) that will bring developers, node providers, and Ankr ecosystem supporters together to solidify the foundational building blocks of Ankr Network’s decentralized node marketplace. After all, to build a truly decentralized Web3 protocol, “tokens must be more valuable to network participants than they are to purely financial holders.”

Our product team is releasing a reimagined vision of Ankr Network — our global network of nodes running on 18+ different blockchains. This vision for Ankr Network 2.0 brings together our ecosystem of developers, node providers (Node Pros), and stakers (Ankr Bankrs) in a way that will offer everyone involved with Ankr a more rewarding experience — with ANKR token utility at its very heart.

Ankr operates the infrastructure that allows Web3 applications to connect to blockchains, and we serve several billion requests to chains every day. As an increasing number of dApps, NFT projects, games, companies, metaverses, and other parties use Ankr, it is important that they reach the most decentralized node infrastructure possible. To accomplish this, Ankr is welcoming many more independent node providers to serve blockchain requests coming to the Network.

Ankr 2.0 is our novel implementation of staking to independently run full nodes (on networks like Ethereum, Binance Smart Chain, Polygon, and many more) that enables decentralization and provides incentives to a broader base of users.

Why ANKR Staking?

  1. Staking ANKR tokens has held the title of most wanted feature from our incredible community for some time now. Thanks to their insight, we realized that we needed to overhaul our token utility. We believe listening to the community is paramount, and this is reflected in every part of Ankr 2.0 with staking, Ankr DAO, and more.
  2. ANKR staking brings together every service that Ankr provides to drive revenue through the Ankr Network. Our different services like our Advanced APIs, Staking SDKs, and Multi-Chain Block Explorer all use Ankr Network to make requests for blockchain data, along with the thousands of developers and dApp customers who use our infrastructure. So whenever anyone uses these services, ANKR staking ensures that all independent node providers (coming soon) and stakers are rewarded every time a request is served.

What Is ANKR Token Staking?

ANKR token staking is similar to the idea of staking to help secure PoS networks. However, instead of delegating ANKR to validator nodes, ANKR token staking introduces the ability for anyone to stake to full nodes for the first time ever. Now, anyone can earn ANKR rewards and become an “Ankr Bankr” by staking their tokens with the independent full nodes running on our new decentralized Network.

What Role Does the ANKR Token Play In Ankr Network?

Ankr, as you may know, is not a blockchain or Proof-of-Stake blockchain at all. Rather, Ankr supports all major PoS blockchains as a Network that operates a vast network of nodes on both the development layer (full nodes) and the consensus layer (validator nodes).

On the development side, Ankr’s full nodes (RPC nodes) serve nearly 7 billion requests for blockchain data daily. These requests come from developers, DeFi Networks, crypto games, and dApps of all kinds. This traffic coming to Ankr Network is growing every week, and to help serve it and decentralize the network, Ankr is welcoming more independent node providers to begin serving requests in return for ANKR token rewards.

On the new decentralized version of Ankr Network, the ANKR token plays a central role in all operations:

  • Developers pay for access to on-chain data (RPC requests) in ANKR,
  • A mix of Ankr-run nodes and Independent node providers (coming soon) serve blockchain requests to earn ANKR,
  • Stakers contribute ANKR to nodes to secure the network and share in the rewards.

As you can see above, Ankr Network creates a decentralized infrastructure marketplace that brings all of our community members together: developers, node providers, and now token holders (stakers). Staking is essential in keeping this Network running smoothly as it ensures independent node providers keep within performance standards, which in turn ensures that developers receive extremely fast and reliable returns for all RPC requests made. ↓

Why Is ANKR Token Staking Needed?

The Ankr Network depends on reliable, high-quality node providers to serve RPC requests on supported blockchains. As such, the system requires a significant deposit of ANKR backing each node provider. This includes ANKR deposits each node provider contributes (the self-stake) that is subject to slashing in the event of malicious acts or poor performance by the node provider.

In addition, token holders will have the ability to signal support for individual node providers on the Ankr Network by staking ANKR to back their nodes. By delegating ANKR to node providers, community members play an active role in discerning which service providers are reputable, performant, and worthy of a reputational boost. In return, ANKR token stakers share in the rewards earned by the node providers they support, while assuming a portion of slashing risks. ANKR staking will also enable delegators to allocate voting power to node providers to decide, among other things, which independent node providers will be admitted in the near term to service traffic on Ankr Network.

Although the ANKR staking pool may eventually be capped in size, offering allotments to existing node providers, community members, and other active Ankr ecosystem members, the initial ANKR staking pool will not be capped in size, and we anticipate that the pool size will be expanded. This may cause the APY for the V1 of ANKR staking to be variable.

The Benefits of Staking ANKR

  • Experience a New Kind of Staking

For the first time, you can stake your tokens to full nodes (serving the development layer) instead of validator nodes (serving the consensus layer).

  • Earn ANKR for Enabling Web3 Development

Stakers help node providers operate on Ankr Network so they can serve the Web3 developers and applications depending on them for blockchain access.

  • Boost Web3 Integration and Adoption

Become part of a Network that provides developers faster and more reliable connections to blockchains so their decentralized applications can work more efficiently.

  • Own & Govern a Foundational Layer of Web3

Those who stake ANKR can participate in the Ankr DAO to make critical decisions affecting the Network’s future.

How to Stake Your ANKR Tokens (Starting Thursday, 8/11)

Step 1

Head to the Ankr Staking platform on our website at https://www.ankr.com/staking/stake/. From the list of options, choose ANKR token staking under “Delegate Staking.”

Step 2

Click the “Stake” button — -> Click “Grant Access” — -> Then select your desired wallet from the options (MetaMask, WalletConnect, Trust Wallet, etc.) Confirm permission for Ankr Staking to access your wallet when prompted.

Step 3

Wait for the ANKR staking interface to appear that allows you to choose an amount to stake. You will be able to see your wallet’s ANKR balance with the link to “Buy ANKR” if you have no funds available.

Step 4

Choose the amount of ANKR you would like to stake. *Note: In the first version of ANKR staking, the “node provider” is automatically selected as “Ankr.” However, in the future, stakers will be able to choose from a variety of providers that offer different APYs and risk profiles.

Step 5

Click “Approve” and then “Send” to finalize your stake. You will need to pay a small gas fee for the Ethereum blockchain to process this transaction. Once the transaction is processed, you will be earning rewards on your ANKR! You can see your staked amount and claimable rewards on your Ankr Staking dashboard at any time.

Notes:

Your staked ANKR will be locked for 90 days initially as you earn rewards. After this time, you are able to claim your accrued ANKR rewards or restake them.

What Is Next With ANKR Token Staking?

As Ankr continues to release more and more infrastructure solutions powered by Ankr Network, we will have a growing need for Ankr Bankrs to help secure the system. And as Web 3 grows and we add an ever-increasing number of chains to the protocol, Ankr will match the pace of Web3 adoption. Here’s what you can expect in the works:

V1: ANKR Staking (Starting Thursday, 8/11)

Ankr is seeking to become the decentralized node network that web3 needs, as our vision describes in the Ankr 2.0 Whitepaper. To get there, we need to incentivize independent node operators and ANKR Stakers (Ankr Bankrs) initially to join Ankr Network. To encourage more independent node operators and Ankr Bankrs to acquire ANKR and put it to use on the network, we introduce Ankr Staking V1, a minimum viable product we are launching to accelerate the decentralization process. Token holders can stake their ANKR to support the network and earn a share of rewards coming from developers using RPC services and the Ankr Treasury. This is a short and temporary bridge into staking being used to back independent node providers (below).

V2: Staking to Independent Node Providers (Est. Q3-Q4 2022)

Stakers can delegate tokens to individual node providers running full RPC nodes on Ankr Network — they can choose node providers based on their individual risk profiles and APY. Rewards that are being paid from the Ankr Treasury will be phased out as all rewards will be sourced from pay-as-you-go developer fees on the network and any future revenues that come through the network.

Have Other Questions?

If you have questions about ANKR token staking, you can head to our community channels and fire away. For now, you can head to our Discord Staking Chat to ask any questions that you may have ahead of the release. We may also be fielding questions with AMAs in the near future so keep your eyes peeled for those!

Follow Our Social Accounts for More Staking News

Website | Twitter | Telegram Announcements | Telegram English Chat | Discord | YouTube | Hashnode Tutorials| LinkedIn | Instagram | Ankr Staking

 

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Ankr Network
Ankr Network

Ankr makes infrastructure for deploying any blockchain node easy, accessible, affordable and instantly distributed across the globe. Telegram:- https://t.me/ankrnetwork Website:- www.ankr.com


Ankr Network- The Blockchain Cloud Infrastructure
Ankr Network- The Blockchain Cloud Infrastructure

Ankr makes infrastructure for deploying any blockchain node easy, accessible, affordable and instantly distributed across the globe. Website: https://ankr.com Telegram: https://t/me/ankrnetwork Node market: https://app.ankr.com Node support group: https://t/me/AnkrNodeSupport

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