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ML coin staking options
There are two choices when staking your ML coins. You can choose between running your own pool or choosing a pool to delegate your coins to.
Open the blockexplorer to view pools and exact APY%.
Run a pool
For maximum returns and control, manage your own ML staking pool. This choice provides the highest APY and involves you directly in network operations, requiring a minimum of 40,000 ML and to run node 24/7 — perfect for those keen on deep network engagement and governance.
Delegate
Choose to delegate your ML coins to an existing pool for a hassle-free staking experience. Enjoy competitive APY without managing a node, starting from just 1 ML. Ideal for those seeking a passive way to earn rewards and support the network with minimal technical involvement.
Node GUI
To be able to run a node and get the full wallet you need to download the Node GUI. This wallet validates the whole chain, it offers the maximum security and supports both creating and running a staking pool or delegating ML to other pools.
Mojito Browser Extension
Is the light wallet for those just looking to delegate coins to a pool. It can support receiving and sending ML coins and delegating to a pool operated by a node operator.
Step-by-step staking guide
Step 1: Purchase ML Coins
Get ML on:
Important Notice
Gate.io is the currently the only exchange with Mainnet integration, allowing direct withdrawals of Mainnet ML to your Mojito wallet. Other exchanges are working on Mainnet support and will offer it soon. For ERC20 ML token holders, use the Migration portal to convert them into Mintlayer Mainnet coins.
Step 2: Download Mojito Wallet Browser Extension
Download the Mojito Wallet browser extension. Once installed, select “Add Wallet” then proceed to creating/restoring your “ML” wallet address.
Download MojitoStep 3: Migrate your ML coins
Staking is only possible on the Mintlayer mainnet. If you hold the ERC-20 version of ML tokens on the Ethereum network, you must first migrate your tokens to the Mintlayer Mainnet (Note: If you already have Mainnet coins skip this step).
Head to Mintlayer Migration Portal and follow the simple instructions on the site.
Open Migration PortalStep 4: Staking Your Mintlayer Coins by delegating to a pool
Visit the Mintlayer Blockexplorer and choose the pool you''d like to delegate into by clicking on the “Stake” button to the right of the pool.
Once you have clicked the “Stake” button the Mojito Wallet browser extension will pop up (Note: Must have Mojito Wallet browser extension installed). The “Pool id” will automatically populate on the browser extension. You will need to follow the steps on screen first by confirming the fees then reentering your password and deciding on how many ML coins to stake.
Be sure to watch our video guide above or here on our Youtube.
Open Blockexplorer
Still need help?
Get support on these channels.
FAQ
Can I stake the ERC-20 version of my ML token?
No. ERC-20 staking has ended. All staking has now moved to the Mintlayer Mainnet and require the mainnet version of $ML
How do I migrate my tokens from ERC-20 to Mintlayer Mainnet?
The migration process is easy just head over to the Mintlayer Migration Portal and follow the directions on the site. Additionally you can withdraw directly to mainnet from any of the supported exchanges.
Why is the APY different from one pool to another when delegating?
APY, when delegating coins from one pool to another, is influenced by several factors. On one side, there are the pool operator fees, which include the 'Cost per Block' and 'Reward Ratio.' On the other side, the Effective Balance is calculated in such a way that the more a pool is unbalanced or close to saturation, the smaller the Effective Balance becomes in comparison to the Nominal Balance.
If I delegate now, will I start earning ML immediately?
Yes. Rewards are generated each time a new block is signed by the staking pool you're delegated into. You will see your delegation balance increase with each new block the staking pool signs
What is Cost Per Block?
Both the Cost Per Block and Margin Ratio are “fees” charged by the staking pool operator. The Cost Per Block is subtracted from the block reward, before the Margin Ratio is applied.
What is the Margin Ratio?
Both the Margin Ratio and Cost Per Block are “fees” charged by the staking pool operator. The Margin Ratio is a percentage fee of the rewards earned, and is applied after the Cost Per Block has been subtracted.
Can a pool operator change their staking pool fee?
No. The staking pool fees are set during the creation of the staking pool. If a pool operator wants to change them, they must decommission their existing pool and start a new one.
What happens to my stake if a pool is decommissioned?
If you are the pool operator and you decommission the pool, your pledge will be sent to the address you specify. This amount is locked for 7,200 blocks, approximately 10 days. If you are a delegator, you must withdraw your funds from the delegation to an address of your choice. These funds are also subject to a lock of 7,200 blocks.
What is the effective balance?
The effective balance is the balance of a pool that is used to calculate its probability to guess a block. It is calculated from the nominal balance and the proportion between pledge value and delegations, its goal is to prevent centralization, the maximum possible value of the effective balance is 600.000.
Is there any slashing?
Currently, no slashing is applied on the network. However, if you keep your staking pool offline, you will not receive any rewards, and your delegators will likely search for a better-performing pool, which could also affect your effective balance.
Can the pool operator run away with my delegated ML?
No. The pool operator never has any access to your funds. Delegation is done by broadcasting a transaction on the network: you never hand over control of your funds.
Can I use a cold wallet to run my pool?
Yes. A cold wallet can be used to run a staking pool.
How secure is it to run a staking pool online 24/7?
Running a staking pool online 24/7 is highly secure as long as you follow standard security practices and keep up to date with latest software updates. The inherent design of blockchain and staking protocols also enhances security by distributing network operations across many participants.
Can I close my wallet after delegating?
Yes, you can close your wallet after delegating your tokens to a pool of your choice.
