Staking digital assets allows you to earn passive income while contributing to network security and operations. This guide explains the process of receiving gas fee rewards on the OKTC network by staking OKT and participating in its proof-of-stake consensus mechanism. By delegating your tokens to validator nodes, you can earn a share of the network rewards generated through transaction fees and block production.
Understanding how to interact with the staking smart contracts is essential for any user looking to maximize their returns. The following sections provide a detailed, step-by-step breakdown of the entire process, from generating the necessary transaction messages to broadcasting them on the chain.
Core Concepts of Staking on OKTC
OKTC utilizes a delegated proof-of-stake (DPoS) model where users can stake their OKT tokens to obtain voting rights. These voting rights are then used to elect validator nodes responsible for maintaining the network. In return for staking and voting, participants receive rewards distributed from gas fees and block production.
The entire staking mechanism is governed by a set of smart contracts that handle deposit, voting, reward distribution, and withdrawal operations. These contracts ensure that all processes are transparent, secure, and automated without requiring continuous manual intervention from the user.
Rewards are distributed based on the amount staked and the performance of the chosen validator nodes. It is important to choose reliable validators to maximize returns and support network health.
Step-by-Step Staking Process
To participate in staking and start earning rewards, you need to follow a specific sequence of interactions with the OKTC smart contracts. The process involves generating transaction parameters, invoking system contracts, and broadcasting transactions.
Required Smart Contracts
Several smart contracts facilitate staking operations on OKTC. Below is a summary of their roles:
- StakingMSGHelper Proxy: Generates parameter messages based on user input for various staking actions.
- SystemContract: Provides a public interface to invoke staking transactions after assembling the necessary data.
- StakingMSGHelper: Contains the actual code implementation for message generation.
- ProxyAdmin: Manages the administrative functions of the proxy contracts.
These contracts work together to ensure that your staking transactions are processed correctly and efficiently.
Generating and Broadcasting Transactions
The operational workflow for executing a staking transaction consists of four primary steps:
- Select the desired staking action (e.g., deposit, vote, withdraw) and use the corresponding method in the StakingMSGHelper proxy contract to generate the necessary parameters.
- Call the
invokemethod on the SystemContract using the parameters generated in the first step. This assembles an EVM-formatted transaction. - Sign the assembled transaction securely using your private key.
- Broadcast the signed transaction to the OKTC network.
After broadcasting, you can verify the transaction’s success and check your updated staking balance and rewards using a block explorer or your connected wallet. This transparent process ensures you can always track your assets and earnings.
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Available Staking Functions and Interfaces
The staking system on OKTC offers several functions for managing your staked assets and rewards. Each function corresponds to a specific action and has defined parameters.
Deposit OKT to Obtain Voting Rights
The genDepositMsg() function is used to stake OKT and obtain voting rights. This is the first step for participating in network validation and earning rewards.
- A minimum deposit of 0.0001 OKT is required.
- If you have existing votes, any unclaimed rewards from previous epochs will be automatically claimed and distributed to your account when you execute this transaction.
This function is the gateway to the OKTC staking ecosystem, enabling you to start earning passive income.
Vote for Validator Nodes
Once you have voting rights from your staked OKT, you can use the genAddSharesMsg() function to delegate those votes to one or more validator nodes.
- You can vote for between 1 and 30 different validators.
- The addresses of active validators can be found on the network's block explorer.
- Choosing validators with a high uptime and a favorable reward distribution rate can maximize your returns.
- Similar to depositing, executing a vote transaction will also automatically claim any pending rewards.
Delegating to multiple validators can help diversify risk and increase reward stability.
Withdraw Staked OKT
The genWithdrawMsg() function allows you to initiate a withdrawal of your staked OKT.
- A minimum withdrawal of 0.0001 OKT is required.
- Withdrawn OKT is subject to a 14-day unlocking period.
- Initiating a new withdrawal during this period will reset the unlocking timer to 14 days from the most recent request.
- Any unclaimed rewards are automatically distributed to your account when this transaction is executed.
Planning your withdrawals is crucial to avoid unnecessary locking period extensions.
Claim All Staking Rewards
To manually claim all accumulated rewards without altering your stake, you can use the genWithdrawAllRewardsMsg() function.
- This function does not require any parameters.
- All available rewards from your staking and voting activities are immediately distributed to your account.
This is useful for users who want to regularly harvest their earnings without changing their stake or vote delegation.
Developer Resources and Sample Code
To help developers and advanced users integrate staking functionality into their applications, OKTC provides sample code in multiple programming languages. These examples demonstrate how to interact with the staking contracts programmatically.
The code samples cover all major staking operations, including depositing, voting, withdrawing, and claiming rewards. You can adapt these examples by inserting your own private key, wallet address, and specific transaction parameters.
Available code repositories include JavaScript, Go, and Java implementations. These resources significantly reduce the development time required to build on the OKTC network.
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Frequently Asked Questions
What is the minimum amount of OKT I need to start staking?
You need a minimum of 0.0001 OKT to initiate a staking deposit. This amount is required both for depositing to obtain voting rights and for initiating a withdrawal from your staked balance.
How do I choose the best validator nodes to vote for?
Select validators with a proven track record of high uptime and a fair reward distribution policy. You can research validator performance and history using the OKTC block explorer to make an informed decision that maximizes your returns.
What happens to my rewards if I don’t claim them?
Unclaimed rewards are not lost. They are automatically distributed to your account whenever you execute another staking-related transaction, such as depositing more OKT, changing your votes, or initiating a withdrawal.
Can I withdraw my staked OKT at any time?
Yes, you can initiate a withdrawal at any time. However, be aware that your tokens will be locked for a 14-day unbonding period before they are returned to your available balance. Initiating a new withdrawal during this period will reset the lock-up timer.
Is there a risk of slashing on OKTC?
Slashing is a mechanism to penalize validators for malicious behavior or downtime. As a delegator, your staked assets could be partially slashed if the validator you voted for is penalized. Choosing reliable validators is the best way to mitigate this risk.
Do I need technical knowledge to stake on OKTC?
While using basic staking functions through a wallet interface may not require deep technical knowledge, interacting directly with the smart contracts does require an understanding of EVM transactions and wallet management. The provided code samples can help developers get started.