Half of Staking Program Algos Still Up for Grabs!

We are excited to be nearing the halfway point of the 200 Million Algo Staking Rewards Program

As of today (August 19, 2019), 98 million Algos have been staked, with 102 million Algos remaining. This means participants stand to receive 2.04X Algos for every 1 Algo staked. 

Don’t miss out on this opportunity! Check out the FAQ below, and stay up to date on the remaining amount of Algos by viewing the Algo Explorer

Register Today:

  • Place a minimum of 25 Algos in your Algo wallet.
  • Register your wallet by submitting a micro transaction of 0.000001 of Algo to address:  ZGP25YTZL3NF43SQZREMH5BRBTJEXHWPL6TSQDCGJWPEN4XJTIHVOZSOLA no later than block number 1618450, which is expected to happen between August 31 and September 1, 2019. 

Complete details can be found at https://algorand.foundation/stakingrewards.

FAQ: Staking Rewards Program 

To be eligible for this program, should I wait till August 31 to register or I can register now? 

Yes you can register now. In fact you should register as soon as you have decided to participate, as the program is on a first come first serve basis for the first 200 million Algos in registered wallets. 

What happens if I add 20,000 Algos tomorrow to a registered wallet and then remove 20,000 Algos from that wallet two days later and put them back on the last day?

When you withdraw 20,000 out of the registered wallet, it frees up 20,000 in the program. When you add them back in later, they’re behind anything that is come in the meantime.

Can I register an account with fewer than 25 Algos and then use it later?

Yes, however, the account must have 25 or more Algos in it by block 1618450 to be eligible for the staking program, provided that the program has not reached the 200 million limit. 

If fewer than 200 million Algos are staked in registered wallets before the deadline, will the 200 million staking reward Algos drop?

Yes, the full 200M will be allocated during the course of the program. This means that if only 100 million Algos stake in registered wallets, program participants start with a guarantee of 2 Algos from the staking rewards program for every 1 Algos they put into the program.

If people withdraw their balance during the 2 year staking period, will the surplus be allocated to other accounts?

Yes, all rewards for that period are divided among eligible participants. This means that if 100 million Algos are staked in registered wallets at the beginning, and 40 million are disqualified over the program period, there would still be 200 million Algos being distributed on a stake weighted basis to the 60 million qualifying Algos staked in registered wallets. 

If I decided to withdraw Algos from my registered wallet after the first 6 months, will I receive the first period (6 month) rewards?

Rewards are paid out at the end of each 6 month period. Please maintain the original balance of your registered wallet through reward distribution to ensure you receive the reward.  If you disqualify by withdrawing your Algos (or dropping your registered wallet below the original amount you entered the program with) prior to the distribution for that period, you will not receive the reward.  

I have my Algos on an exchange.  Will I qualify for the staking program? Or do I need to download a Algo wallet? 

Having tokens on an exchange account may not enable you immediately to participate in the 200M staking rewards program. Sending a micro-transaction to ZGP25YTZL3NF43SQZREMH5BRBTJEXHWPL6TSQDCGJWPEN4XJTIHVOZSOLA  will in most cases register the account holding all the algos of the customers of the exchange, rather than your personal account on the exchange.

We would hope that all exchanges who register for this program would share the rewards with their users.  We recommend asking the particular exchange where you are holding your Algos. If they will be participating, maintaining the minimal amount, and passing the full reward onto their users.   You can remove this uncertainty by using the Algorand Wallet.

The original wallet balance will be captured by snapshot at block number "1618450".

Yes, the minimum wallet balance used to determine staking rewards the first period is the balance as captured by snapshot at block number 1618450, which is expected to occur on August 31, 2019.  Registered wallets will be monitored regularly. As soon as a registered wallet drops below its initial balance, it will be disqualified. After each staking rewards distribution (at the end of each period), the minimum balance will increase to include the staking rewards that will then be in that wallet. 

How does the first come first serve basis work? Let’s suppose I register an account with 25 Algos today and then I add 200M Algos to that registered wallet on Aug 31. Will anybody registering after me not get any staking reward because of that?

Algos are counted towards the 200M cap in the order in which they are added to registered eligible wallets. If you register today with 25 Algos and then add 200M on Aug 31, your 200M Algos will be behind any other Algos that have been deposited to eligible wallets between now and Aug 31.

Does the account balance include participation rewards?

No, the account balance as counted during the snapshot at block number 1618450 does not include participation rewards for that account. It only includes rewards that were already added to the account balance before that round.

How do you determine the eligible balance of a registered wallet?  Is it the snapshot on September 1st or is it the balance when registering a wallet via the micro transaction?

By snapshot at block number 1618450 (which is estimated to occur on August 31). You can add Algos to your registered balance before block 1618450. However, you need to maintain the balance at snapshot to stay qualified for the rewards. 

What are the specifics for the first 200 million Algos that enter the program in registered wallets? How are they tracked and what happens if amounts are moved prior to the block deadline?

Algos are entered the staking rewards program on a first come, first served basis through qualifying and registered wallets. 

If 200 million or less than 200 million Algos are registered through qualified wallets: 

  • The staking rewards will be allocated on a stake weighted basis to those participants over the course of the program. 
  • The balance that is in a participant's qualified and registered wallet at block number 1618450 (which is expected to happen around August 31st, 2019) will serve as the minimum balance for the first period of the program. After staking rewards are distributed for any period the minimum balance will become the original wallet balance + staking reward from all prior periods.

If more than 200 million Algos attempt to register through qualified wallets:

  • Algos are confirmed to the program in the order that they are committed.  
  • Algos are committed either when a wallet registers for the first time or Algos are added to a previously registered wallet.
  • Once a total of 200 million Algos is committed, any additional committed Algos will be placed on a waitlist (in the order in which they were committed).
  • If Algos become uncommitted (by either a wallet not qualifying or Algos transferring out of a registered wallet before the deadline): Algos on the waitlist are then allowed to be committed.
  • If a participant removes Algos and then returns them to his/her wallet prior to the block deadline, the returned amount will go to the end of the waitlist.

Note that Algos may also leave the program after the deadline, if a registered account drops below its minimum balance. In that case no other Algos will be committed to the program, and the rewards will be distributed proportionally to the remaining Algos.