Staking System Update: Confirm your Delegate by March 3rd to Continue Receiving Rewards

Staking System Update: Confirm your Delegate by March 3rd to Continue Receiving Rewards

We have pushed an update to our staking system that implements several improvements. These changes have resulted in an update to the provider list - for this reason, stakers must visit the staking page and ensure they are delegated to a valid provider by 11:59PM CET 2nd March, 2024 to continue receiving rewards.

You can begin redelegating now.

Reasons for the Update

The delegation mechanic added in 2023 was an important step towards future governance, but updates were required to make the staking interface more reactive to changing network conditions. These changes can arise for a few reasons:  

  • An existing provider’s public key is updated during network upgrades.
  • New providers are added as the network becomes more decentralized.
  • Providers leave or are removed from the network.

As of the update, the provider list is now populated by reading the Directory Chain in real time. This ensures that the list of available delegates is always up to date.

Redelegation Process

  • Visit and delegate to the provider of your choosing by March 3rd. As of now, the list will only display ‘up to date’ providers.
  • All stakers who were reward eligible before the update will continue receiving them until March 3rd.
  • As of March 3rd, anyone who is not delegated to a valid provider will enter ‘undelegated’ status and must complete the process to continue receiving rewards. 

If a provider is leaving or being removed from the network in the future, we will give advance notice to the community through our official channels. This will allow stakers to change their delegate, if necessary.

Thank You for Your Continued Participation

We appreciate your patience and cooperation. These updates are important to building a solid foundation for future governance. If you need assistance with the delegation process, please reach out on our official Telegram channel or our Discord server

About Chromia
Modern society runs on data and every online service you’re using is built upon underlying databases - ranging from your online bank to music streaming and gaming. Chromia is a relational blockchain - a combination of a relational database and a blockchain - making it easy to develop user-friendly decentralized apps for almost any industry, including DeFi, NFTs, gaming, and more.

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