Delegating or Staking PI
There are two different ways to use your PI to secure the network and get rewarded for doing so; delegating your PI to a Validator Candidate or staking your PI to your own Validator Node.
315 million PI tokens are reserved for PoS mining, distributed over 24 years:
80% will be allocated to Plian main chain. The remaining 20% will be distributed on Plian official subchains. The first 6 months will be dedicated to the official subchain 1 while the further distribution on the official subchains will be ultimately determined and announced by the Plian Foundation.
- 1.Validators incentive mechanisms:
- 1.The PoS mining reward of each block belongs to its proposal (the Validator who generates the block), your chance to be a proposal equals the weight of your staked tokens. Important: you need to be online for a maximum of blocks otherwise your chances will decline.
- 2.The PoS mining reward of each block is locked until the Epoch reaches 100% height. (An Epoch is ~30 days on mainnet, 48 hours on testnet, based on block generations between two election rounds)
- 3.After each Epoch reaches 100% height, the Plian reward system calculates the actual PoS mining reward of the Validators. Distribution is made every 12 Epochs.
When you are a Validator candidate and become a Validator successfully, your PoS mining reward is automatically shared with all your delegators based on the percentage of delegation.
Staking your PI to your own Validator Node is done in the process of submitting your vote as Validator Candidate. If you plan to stake your PI to your own node without it being a candidate, you need to have at least 100k PI in your node's address.
You can stake your PI to one or many candidate nodes, including your own node.
Plian has 12 epochs per year, and in each epoch, there are 4 phases:
If you do not want to run a node on Plian yourself, you can delegate PI to one or several Validator Candidate(s) with PIWallet (Light wallet) during the first phase.
Click the “Delegate” tab, you will see the Candidate list there. If you want to get more info about any Candidate, you can click “detail ”.
Please make sure which chain and Candidate you want to delegate to. Then click “Join”.
Fill in the delegate amount with at least 1,000 PI. Ensure there is at least 0.00021 PI left in your balance for paying the gas fee. The invite code is optional here, it’s designed for some programs (currently not released).
Enter the password and confirm the transaction info again.
You can check the delegation details here.
Clicking DETAIL: You can check the daily pos mining reward that you get.
Clicking APPEND: You can delegate more PI to this Candidate before 75% of the Epoch height. CANCEL: You can cancel delegation before 75% of the Epoch height.
“Delegate balance” is the amount you delegated to Candidate(s) who are mining blocks for reward as Validator(s) with your delegation. “Delegate to ** Candidate nodes” means the number of Candidate node(s) as Validator(s) who are mining blocks for reward with your delegation. “Total pos mining reward” is the reward amount you got before 23:59:59 yesterday (UTC+8) . “The annual return” = the daily reward/ the delegated amount *365*100%
You can cancel delegation before the current Epoch reaches 75%.
If your candidate is a validator in the current Epoch, the cancelation will be effective immediately. Your PI will be automatically unlocked to your balance when the current Epoch reaches 100%.
If your candidate is not a validator in the current Epoch, then the cancelation will take effect immediately and your PI will be automatically unlocked to your balance.
Choose the candidate that you want to cancel the delegation to from the list. The default amount shows the total amount that you delegate to this address. You can cancel the total delegation amount or you can define the amount that you want to decrease your delegation by. You must still ensure the delegate balance to this address is equal to or greater than 1,000 PI.
Noted: In general, the gas fee is about 0.00021 PI which will be directly paid from your balance.
- After Plian mainnet upgraded to V1.2.0, the mining reward need to be extracted by users ( Validator nodes/ delegators) instead of being released automatically.
- After each epoch ends, you can extract the 1/12 mining reward at any time.
- You can’t define the extract amount. The amount is the total reward on one chain you can extract at that moment.
Go to PIWallet “Delegate”. Please ensure the address that you want to extract the reward to. And then click “Extract Reward”.
Select the chain that you get the reward from.
Enter the password.