Step 1 - Click the "Stake" button at bottom left of the voting menu
Step 2 - Apply the amount of ICX you would like to stake via the slider then submit
Step 3 - Staked ICX can be used to vote for P-Reps
Step 4 - Select your favorite P-Rep candidate on the list and click the "+" button
Step 5 - Adjust voting power for the selected P-Rep using the slider then vote
Aug 12, 2019
ICX Staking FAQs (Frequently Asked Questions)
What is staking?
Staking is a mechanism by which a Proof-of-Stake (PoS) cryptocurrency holder locks
their cryptocurrency for a period of time to validate
transactions. Users can delegate their cryptocurrency
to teams that operate validating nodes. These validation nodes then use the cryptocurrency that is delegated to them to vote and
validate transactions. In return, those who choose to stake are typically rewarded
with cryptocurrency rewards at a specified percentage
What is a P-Rep?
P-Rep is short for Public Representative on the ICON network.
P Reps propose and vote on ICON policies, Governing the
ICON network. Equally important, P-Reps also run nodes to validate transactions
and produce blocks on the ICON network.
When does ICX staking start?
Staking on ICON Network takes place in 2 phases:
1The first phase begins on August 26th. This phase
consists of a pre-voting period, in which ICONists
can stake their ICX through the ICONex wallet and
vote for P-Rep candidates. During this period, a pool of ~3 million ICX will be
released by ICON Foundation for pre-voting rewards (actual rewards are based on
the percentage of the total supply of ICX that is staked).
The second phase begins a Month later, on September 26th.
This phase marks the decentralization of the ICON network as the top 22 P-Reps
(in terms of votes) with take their positions as block producing P-Reps. These
P-Reps will be elected on-chain and will run ICON nodes and participate in ICON
Governance. These top 22 P-Reps must have a minimum of 0.2% of the total supply
of ICX in votes in order to be elected. If there are not 22 P-Reps who meet
this criteria, then decentralization of the network will wait until this
criteria is met.
What is reward for
Voters will receive annual rewards of 6% to 36%, depending on
the total amount of ICX that is staked in the network. The less icon staked to
the network, the greater the rate of reward, and vice versa. Staking rewards
are paid in I-Score, which can be immediately converted from the Public
Treasury to ICX.
(NOTE: EEP and DApp delegation
processes are still in work and expected to go live in late 2019 or early 2020.
Once these delegation processes are completed, ICONists
will need to delegate to P-Reps, EEPs, and DApps in
parallel to receive the full 6% to 36% rewards, as each category will provide
2% to 12% in annual rewards).
What is the estimated
ROI for staking?
The estimated ROI is 15.7% annual return, based on a 30%
delegation rate of total supply (roughly 240M ICX). This is equivalent to about
50% of the circulating supply of ICX staked.
What is minimum amount
No minimum amount for staking.
How long is my ICX
locked while staking?
Your ICX is locked for a period of 5 to 20 days, variable
depending on how much ICX is staked on the network. The higher the percentage
of the network staked, the fewer the days you need to un-stake.
If I want to stake to
another P-Rep team, how long do I have to wait?
You can change who you stake with at any time, even if your
ICX is in the locked period.
What is the unstaking period?
Between 5 to 20 days, depending on % of ICON Network staked.
The higher the % of ICON Network is staked the fewer days you need to wait to unstake.
If I will stake I will
still have control to my ICX?
Yes, however, your ICX can incur a 6% burn penalty if the
P-Rep you are staking with receives a penalty. These penalties are rare, but
can happen if the P-Rep is not active and paying attention. P-Reps will incur
this penalty if their total block production rate drops below 85%. This is an
extreme case, but can occur if the P-Rep is malicious or negligent.
Additionally, P-Reps can be penalized for disruptive and malicious behavior.
Thus it is important to ensure you stake with P-Reps with good backgrounds.
Why should I stake?
You will receive rewards for staking.
You get to vote for P-Reps to govern the ICON network.
You support the ICON network through delegation of your ICX to
How can I stake?
You can use ICONex wallet (available
via mobile iOS or Android, Chrome Extension, and also
accessible through Ledger Nano S hardware wallet).
Are there any risks to
Yes, if the P-Rep(s) you vote for incur a penalty, then the
result is a 6% token burn. Penalties are rare, however, and if you vote for
good P-Reps, then your ICX should be safe. Penalties are for block production
rate dropping below 85% or malicious behavior by the P-Rep.
ICON’s penalty system has a token burning component. There
are 3 types of penalties outlined in the IISS paper: Validation Penalty, Low
Productivity Penalty, and Disqualification Penalty.
If a P-Rep suffers a Low Productivity Penalty or a
Disqualification Penalty, 6% of the delegation toward such a P-Rep will be
burned. This makes it extremely important for ICONists
to delegate towards reliable and quality P-Reps.
Can I stake for
Yes. We recommend voting / staking for multiple P-Reps in
order to support multiple teams with different skillsets and in different
regions. A diversified group of 22 P-Reps will help lead to longterm
How can I mitigate ICON
burn penalty risks?
We encourage ICONists
to delegate across multiple P-Reps to diversify the risk of having their tokens
burned. If staking equally with 10 P-Reps, then if one goes down, the penalty
would be 6% on 10% of holding, resulting in a 0.6% total penalty.
You can choose a specific P-Rep based on many reasons. You
should choose the P-Reps you think will help ICON the most. Some reasons to
vote for P-Reps can include: community involvement, using rewards to improve
icon network / applications, involvement in ICON projects, node security and
configuration, team makeup and team background, TestNet
1 & TestNet 2 Participation, and own stake size.
What’s happen if a
P-Rep node you have chosen is down?
If the node you have chosen is down then you will not receive
rewards during that time as that P-Rep will not be active and 6% of the
delegation toward that node will be burned if the total downtime drops below
85% (over the total lifetime of the P-Rep node).