Hello everyone, Kate from LUMI here with excellent news for you! Let’s get started without preludes: TON Crystal staking is now available in LUMI! Hurray! Hurray! Hurray! 

What is staking?

The term “staking” implies reaching a consensus on the state of the blockchain using the Proof-of-Stake algorithm. To do this, any user can send their TON Crystal to a stake and will begin to receive income for participating in maintaining the network.

Free TON offers 2 main roles.

Validators – support the operation of the virtual server and have a significant amount of TON crystals. The community hosts contests with an award for the most responsible nodes (one of the largest is Magister Ludi). Validators are responsible for computing and signing blocks, must have technical knowledge, and provide round-the-clock uptime of their data centers.

Nominators – transfer their TON Crystal to be under the control of the validator. In return, they automatically receive a share of the reward in proportion to their stake. This is a simple method available to every user, and it only requires a wallet with an address in order to stake your TON crystals. Drawing an analogy with the Proof-of-Work Bitcoin algorithm: validators are managers of mining pools, and nominators are individual miners, which easily connect to the pool and use it to increase income, for a small commission.

There are other roles, but to make it easier to understand how the network works, we have highlighted the main ones. If you want to know more, you can visit the official website of Free TON.

How does staking work on the Free TON network?

Staking is available to the community on the light version (without the possibility to choose a DePool).

You give some of your crystals to a DePool. Then they are used in the process of creating new blocks in the blockchain. Simply put, you get a reward because your portion of crystals is used for computing power that provides the operation of the Free TON network. The lock-up period lasts 54 hours (2-3 days), after which the received reward is divided among all the stakeholders in your DePool.

There are several important points:

  1. The size of the reward depends on the size of the TON Crystal stakes you have entered;
  2. Each DePool has an owner who takes a part of the reward from each user’s reward.
  3. Any actions within the Free TON network have a small commission: staking, withdrawing, voting, etс.
  4. It is impossible to withdraw the reward back to your wallet instantly. It also takes 54 hours because all the coins must return to circulation.

How does Free Ton Staking work in Lumi Wallet?

Free Ton Staking Guide


How to stake Free TON Crystal? Staking Guide by LUMI Wallet

  1. Open the LUMI Wallet app
  2. Choose the “Crystal” card
  3. In the panel at the top, select the “invest” tab
  4. Choose the amount of TON Crystal you want to stake
  5. When you are sure that everything is filled out correctly, click the “Confirm” button.

Important notes:

  • The minimum amount for staking is 100 TON
  • The commission taken is slightly higher than the stated one (0.5 TON) because the network congestion is mobile and to ensure 100% success of the transaction, it is necessary to increase the fee slightly. The actual fee is around 0.02-0.03 TON after the transaction, the fee that has not been used will be returned to your wallet. Do not worry about it. You will see this as a separate transaction in the wallet
  • Staking TON Crystal provides an average of 5% growth in assets per year (this indicator can vary +/- 1%)
  • Your reward depends on the number of assets contributed to staking TON Crystal
  • Each DePool owner takes a % of the reward for using the network. So far, only one DePool is available in LUMI Wallet and its commission is 8%.

Free TON Withdraw (unstake) Guide

How to stake Free TON Crystal? Staking Guide by LUMI Wallet
  1. Open the LUMI Wallet app
  2. Select the “Crystal” card
  3. In manage wallets, choose DePool ” Brown Surf”
  4. If you want to Withdraw your reward click the “Withdraw” button (if you want to add more to your stake, press the button “Deposit more”).
  5. When you are sure that everything is filled out correctly, click the “Confirm” button.

Important information:

  • Instant Withdraw is not possible due to constant network activity. You will receive your funds within 2-3 days when the lock-up period ends.
  • Automatic restaking is possible. This is when your reward is automatically sent back to staking. What does this mean? A certain amount of Crystal TON is added to your stake, which increases the number of staked assets. This means that in the next lock-up period, you will receive even more rewards.
  • To withdraw on the Free TON network, a commission is also taken, like for any other action (exchange, send, deploy, etc.)

We hope you figure it out, and if not, we will soon release training videos that will clearly demonstrate how staking works.

About the future and what’s next?

LUMI Wallet cares about the community and aims to get more familiar with TON technology and innovations. Free TON brings new concepts into various industries, from serving government systems to financial and IT projects.

Although only one DePool is available in LUMI Wallet – “Brown Surf” – our wallet will support all DePools of the Free TON network in the future. Thanks to this, you will be able to choose the best offer for commission and minimum rate. We will also introduce the possibility of voting within the FreeTON network through LUMI wallet.

Conclusion

LUMI wallet is always thinking about prospects and looking for the best solutions for our users. Therefore, we are trying to facilitate an easier entry into the crypto market: we create a simple and convenient interface for each user. Our mission has always been to develop a transparent, non-custodial crypto wallet software that allows users to generate private keys for different coins securely and privately. LUMI core is open-source software available on the public Github.

We, the LUMI team, are in touch with you 24/7. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, Reddit, TikTok, and LinkedIn. Let’s learn the cryptocurrency market together step by step!