IOTA Staking Start: Firefly Wallet added Staking Feature

Today there was an early Christmas present for all IOTA fans: The start of the IOTA Staking. Since December 21, 15:00 CET, it is possible to participate in the so-called Pre Staking.

IOTA (Pre) Staking Start

The IOTA community is completely excited, because shortly before Christmas joyful news were made public. Since the announcement, of the SHIMMER network and the related details like the staking, the community was feverishly waiting for this day.

Now the pre staking started, all you need to do is download the latest version of the Firefly Wallet which has the staking feature included. If you hold your IOTA token (MIOTA) on an exchange, you need to send it from there to your Firefly wallet address. Recently, exchanges like Bitpanda or Binance have taken several days to do this.

Then you will be ready to stake. Or should I say pre-stake.

What does that mean?

Pre-Staking

Pre-Staking means, that you now have seven days time (starting today) to stake your MIOTA. Then the actual staking will happen, and you will receive 1 $SMR (SHIMMER Token) for each MIOTA Token. And this every 10 seconds for 90 days. So at the end of the staking period you will most likely sit on a big pile of Shimmer token.

Additionally, you will receive 0.000004 $ASMB (Assembly Token, read more here) every 10 seconds.

How does the staking process work?

Well I made some screenshots for a small step by step guide. But basically it’s quite simple.

Just one little information upfront, I faked the amount / money, the UI doesn’t look that shitty there 😉

First of all you move to the staking area on the left side of the Firefly Wallet:

There you will already see that the pre-staking period is open and that there is a button “Stake funds”.

After clicking you’ll see the following prompt:

Last but not least comes a confirmation and reward overview:

That’s it. Now you only have to wait until the seven days are over and you will be able to earn rewards in form of the Assembly and Shimmer token.

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Header Image Source: QuoteInspektor.com, Lizenz

About Post Author

Fabian Schmidt

Fabian Schmidt is working as Head of Software Engineering in Manufacturing at SICK AG. He has an extensive IT background and has a faible for lean and agile organizations.

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