SXP Staking FAQ

How to stake?

Launch Solar Desktop Wallet and open your wallet. Then go to the 'Delegates' tab, click on the delegate of your choice and vote for it.

How do I find a good Delegate?

First of all you have to choose a public delegate, public delegates are all those who publish their proposal on http://delegates.solar.org and have a check mark ✅ at "Shares reward". Here you can see how much a delegate pays out, how often a delegate pays out (e.g. once a day, every 3 days or once a week) and most important what he does for the Solar community.

Delegates have different roles, there are delegates who support the community and provide a large reach, others develop scripts, tools, create videos or podcasts, do marketing or search for security holes and others have a higher payout. Most delegates are a mix of the three factors. So use the information to choose a delegate that fits your vision and support the future of Solar.

Does the delegate with the highest payout% pay me the most?

No, it's not that the Delegate with the highest payout% pays you the most. There are other points to consider like rank and number of votes. So that you don't have to deal with that as well, you should just use the calculator on https://rewards.dpos.info

How do I use the calculator correctly?

If you don't vote for a delegate yet, just enter the amount of your SXP. Try if it's worth to split your balance into several wallets, e.g. 2x 3000 instead of 1x 6000. If you are already voting for a delegate, make sure to enter your address, otherwise the calculator will calculate wrong and the rewards for the delegate you are voting for will be displayed too low.

What is the fee for voting?

The fee is only for the vote transaction. You can set it as low as possible, otherwise you will spend too much. So set it to the minimum (0,02SXP).

Do I have to vote again when I add new SXP to my wallet?

No, you always vote with your whole balance. The amount you staked with will be automatically increased when you add new SXP to your wallet. You also don't have to unvote if you want to send your SXP away.

Can I vote for only one delegate?

You can only vote for one delegate per wallet, if you want to vote for different delegates, which is recommended depending on the size of your wallet, you can simply split your SXP between different wallets.

Can I vote for a new delegate at any time?

Yes you can, you can vote for a new delegate immediately and the old one will be unvoted automatically. You do not need to unvote first.

How often should I change my delegate?

It doesn't make sense to constantly vote for another delegate just because he has a slightly higher payout according to the calculator. It changes all the time anyway and since you have to pay a fee every time and your vote only counts in the next forging round, it doesn't help that much. Of course you should reconsider your choice from time to time.

Does the delegate have access to my SXP and can scam me?

No, he does not have access to your SXP, they stay in your wallet. The only thing he could do is to keep your rewards, but the risk is very small, because it happens very rarely and most delegates pay out every 24 hours and it would be noticed very quickly.

Why do my rewards fall and rise so much according to the calculator?

Because the delegates on the lower places get more rewards (dynamic rewards) just like their voters. Because of this there is a constant voting/unvoting and the distances between the delegates ranks is very small, that a 1000 SXP vote can cause a difference of 10 places. But all this is calculated for you by the calculator.

Are the SXP locked in period?

No, not at all. You have full access to your SXP at all times.

What is the APY?

When the majority of the SXP are swapped into the new Layer-1 Mainnet, the APY will be around 10-15% per year, currently it is much higher.

What does minimum payout or votecap mean?

Minimum Payout: It is only paid out when you have staked e.g. 0,1SXP. However, nothing expires, but is only paid out after the minimum is reached.

Votecap: Limitation to e.g. 25.000 SXP, if you would vote here with 30.000 SXP, your vote would only count with 25.000.

What does vote hopping mean?

Changing your vote very often, several times per minute, in order to get a higher payout. In the meantime every script has a vote hopping protection and in the end you only get less rewards.

Does my computer have to be running during the staking or do I have to request the rewards somewhere?

No, just vote and the delegate takes care of the rest.

I get the error message "Vote could not be registered" when I try to vote.

You are connected to a "bad node", you can easily change your node by clicking on the cloud at the bottom left of the Solar Desktop Wallet, there you will see the IP of the node, just click on the refresh button on the right and then restart the Desktop Wallet.

Written by Delegate Balu, last edited on 20.04.2022

If you have any questions or suggestions about my FAQ, feel free to contact me.