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Mintlayer ML Staking

Wednesday, May 24, 2023

We’re excited to share details about the Mintlayer staking program. This program is primarily designed to bolster the security and functionality of the Mintlayer network.

By staking their tokens, users can earn testnet ML tokens (TML). These tokens enable participants to engage with our upcoming incentivized testnet, supporting the core infrastructure and development.

Engaging with the Testnet

Staking participants will accumulate TML tokens for use in the upcoming testnet. It’s essential to understand the following about TML tokens and the testnet:

  • TML Token Value: TML tokens have no intrinsic or monetary value. They are designed solely for use within the testnet environment.

  • Experimental Nature: The testnet is experimental software. It can be terminated, fail, or face unforeseen issues at any moment.

  • Potential Loss: Participants should be aware that they can lose all their TML tokens at any time due to the experimental nature of the testnet.

For those interested in the technical aspects of staking TML tokens on the testnet, you can refer to our technical guide.

Securing the Network

Mintlayer will utilize a proof-of-stake consensus mechanism to secure the network. Our block requirements are configured to be inclusive, allowing even an average desktop CPU to run a node.

Our goal is to have a community ready for the testnet, familiar with our various Dapps and support systems. The staking platform is one of the ways we’re preparing our community for this.

When?

The Mintlayer staking dashboard is set to go live at the end of July. Stay tuned for the exact dates.

Where?

We will update this post with the address to the staking dashboard once it’s live.

Only profiled users will have access to staking. If you haven’t completed KYC, you’ll be prompted to do so when you sign in or create an account. Ensure you use the same email address you provided for KYC.

How to Stake

  1. Sign in or sign up using the email you provided during KYC.
  2. Navigate to the staking dashboard and select “connect wallet”.
  3. Approve the dashboard’s connection in your Metamask wallet.
  4. Choose the “Stake” option on the dashboard.
  5. Confirm the transaction in your Metamask wallet.

Once staked, you can view your tokens in the staking dashboard.

Engagement, Not Investment

The staking program is not an investment opportunity. It’s a way for users to engage with the Mintlayer network, supporting its development and security. Always consult with legal and financial advisors before participating in any program.