By
Burnt Team
On
March 21st
Category
  • Xion
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Generalized Abstraction Testnet: Staking Dashboard

XION's Staking Dashboard allows anyone, regardless of crypto knowledge, to participate in the security, decentralization and integrity of the network.

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Today, we’re excited to unveil the easiest Staking Dashboard you’ve ever used. XION is the first blockchain to make staking accessible to all users, truly enhancing the decentralization, security, and integrity of the network.

Intro

One of the key features of a Proof of Stake chain is the ability for users to participate in the network's security and governance. However, due to common crypto user complexities, this ability has often been reserved for only the highly technical. XION's Staking Dashboard leverages the full spectrum of Generalized Abstraction's capabilities to offer a seamless user experience, regardless of a user’s crypto knowledge.

What is staking?

XION is a Proof of Stake (PoS) network, meaning network participants lock up a portion of their assets — they stake them — as a form of security deposit and to participate in its governance. An active set of validators are responsible for creating new blocks and validating transactions, and they are chosen based on the amount of tokens they stake and have delegated to them by others. This incentivizes them to act in the network's best interest to avoid “slashing” penalties, and receive network rewards.

For token holders, staking is an opportunity to support the network's integrity, as well as participate in its governance. Holders can delegate their tokens to validators, essentially choosing nodes they trust to maintain the network securely. Staked tokens contribute to the overall security and efficiency of the network, as validators with more stake are seen as more trustworthy. When governance proposals are put forth, stakers can decide to vote themselves, or delegate their vote to the validators they have staked to.

How can you try staking on XION’s testnet?

  • First, head over to testnet.staking.burnt.com to claim $XION from the testnet faucet.

    • (These are testnet tokens, they have no value.)

  • Next, select any validator of your choice, and stake your $XION tokens.

  • Once your tokens are staked, you can claim accumulated staking rewards, or decide to undelegate them from your selected validator.

  • Lastly, you can head over to https://xion.bonusblock.io to claim your commemorative staker badge once you’ve staked 0.5 $XION tokens to 3 separate validators.

Continuously Increasing Security & Decentralization

XION is the first blockchain purpose-built for mainstream adoption, and as it continues to grow rapidly, the security and decentralization of the network is of utmost importance. Through the combination of XION's Meta Accounts and parameterized fee layer, its Staking Dashboard has been designed to eliminate the typical friction points currently found in other ecosystems. In enabling a wider user base to participate in its security and governance, XION is leading the way towards becoming one of the most decentralized and secure networks.