Mina is an “ultra-light” blockchain that reduces the amount of data that is usually required for a blockchain network to securely operate. Mina utilizes technology known as zero-knowledge proofs (ZK-proofs), which are data-reducing mathematical arguments that also privatize transactions. ZK-proofs reduce data footprints by demonstrating that a transaction occurred merely by seeing specific proofs, which are tiny in size relative to the full transaction. In other words, instead of perpetuating a 1:1 carbon copy of the entire chain from the beginning of time, Mina’s nodes only store a small proof as opposed to the entire chain, which results in the blockchain maintaining a consistent size of ~22kb even as it scales. Mina’s light data footprint is grounds for the argument that it is the world’s lightest blockchain.
*Stated Annual Percentage Reward (APR) is estimated based on reported network data. APR stated is not guaranteed and may fluctuate overtime. The lock-up period, payout frequency, and minimum tokens needed are all set by the blockchain protocol.
**There is a 2-4 week delay from the time you stake to when you start earning staking rewards.
Learn More About Mina
What is Mina (MINA), and what is it used for?
MINA is the native token used for maintaining and executing transactions on Mina’s Proof-of-Stake network. MINA is required to participate in block production through staking and purchasing of zk-SNARK proofs via Mina’s “Snarketplace”.
What are Mina's staking rewards?
Staking rewards in the form of native blockchain tokens (MINA) are distributed to validators for locking up their cryptocurrencies to a blockchain network to support validator node’s participation in the consensus mechanism and securing the network for a period of time. Refer to the data above for the latest Mina staking reward figures.
What are the costs of staking Mina?
StakeSeeker charges a small percentage-based fee (stated above) allocated towards the administerial 24/7 maintenance and monitoring of our staking infrastructure required to operate our validators effectively and securely. The rewards distributed to our community will be a net of the validator fee charged.
Is staking Mina secure?
When MINA is staked, it’s actually being delegated to a validator. In our case, StakeSeeker provides the ministerial role of validating. Similar to staking tokens on any other protocol, staking MINA comes with certain risks. If any downtime is experienced, or if a validator misses another part of the necessary requirements, then a percentage of the staked MINA can be lost as a penalty (known as “slashing”). StakeSeeker monitors its nodes 24/7 and has an excellent track record that minimizes these risks.
What are the current use cases of Mina?
Some of the main use cases for Mina include private voting for payments and Decentralized Autonomous Organizations (DAOs), verified crypto trading history for wealth advisors, and secure document sharing between Know-Your-Customer (KYC’d) verified third parties.
How long does it take to unstake Mina?
Mina does not have an unbonding period. Unstaking MINA is instant.
What is the minimum amount of Mina to stake?
You can stake as little as 1 MINA, but remember to keep some MINA token unstaked in your wallet to pay for any potential future transaction fees.
What are the risks of staking Mina?
Like many blockchain protocols, the consensus mechanism used by Mina includes a slashing mechanism whereby any validator that misses too many blocks or double signs a block is penalized by the network, slashing the staked amount on that validator. StakeSeeker is run by Nasdaq listed BTCS Inc. which has its own tokens staked on the same validator nodes, so we are highly incentivized to minimize these risks and maximize our staking reward. However, delegators should be cognizant of these risks.
How do I get started staking Mina?
To begin staking Mina, click the “Start Staking” button at the top right, create an account with StakeSeeker and gain access to the platform’s crypto portfolio insights. Then, you can begin staking with our validator nodes by delegating your tokens. Within the platform, there are instructions and tutorials on how to link your crypto exchange accounts and digital wallets and how to navigate the platform’s tools. You can view our supported blockchain networks for staking on our homepage.
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