Staking 2.0 Guide — Claim And Unstake Process
In this guide, we explain to you how to claim your monthly staking rewards and how to unstake.
Active stakers in the COTI network need to claim their staking rewards through their COTI Pay wallet, every month. The option to claim opens every last week of every month.
Rewards are distributed once a month (on the first day of the next staking cycle).
COTI guarantees a minimum level of income (see the main Staking 2.0 article) for advanced and community MainNet stakers per annum, on a monthly basis. If the received income from the processed transactions does not meet the ensured return, COTI covers the deficit.
- The staking reward claim is a monthly process and is mandatory in order to receive the staking reward for the current staking cycle.
- Failing to claim it will result in the fact you will not receive your staking reward for the staking cycle the claim referred to. Your reward will be distributed equally between all the stakers from your group who claimed.
- If you do not claim for three consecutive months, you will be automatically unstaked.
How to claim
- On the last week of the month, the claim option becomes available in your COTI Pay wallet. Go to the staking section and click “Claim your reward”
- Once you claimed the reward, the claim button shows “Claimed” and all you have to do is wait for the staking reward distribution to be processed on the first day of the next staking cycle (generally the 1st day of the next month).
- For the rest of the staking cycle, the claim option is not available. You can see a timer showing you when the claim option will be open.
*Please note that if you don’t claim your rewards within the claim window (the last week of the month) your rewards will be reset and you won’t be able to claim them for that month. If you are a part of a community node, the remaining rewards will be split between those who have claimed their rewards.
Conditions to receiving your stake rewards:
- The node you’re staking in should have at least 95% uptime. In the case your node doesn’t meet the minimum uptime, you will only be eligible for fees collected during your uptime but not for the guaranteed node return.
- You must have a registered COTI Pay wallet.
- You have completed the KYC process.
- You must stake your coins for the entire payment cycle to be eligible for rewards.
Active stakers in the COTI network are able to unstake at any moment through their COTI Pay wallet.
Although you may unstake your coins at any given moment, note that the coins will be actually unstaked at the end of each staking cycle, as appears in your wallet.
*Important: as a MainNet node operator, of any kind, unstaking makes you ineligible to run a node.
How to unstake
- Login to your COTI Pay wallet and go to the staking section
- Click Unstake:
- A message stating that you will be unstaked in the next payment cycle appears. You can choose to cancel the unstake request or to confirm it.
- Once you have unstaked, you can not stake again and you will have to send an email to email@example.com if you wish to stake again.
To find out more about COTI’s Staking model and rewards, check out the following articles:
Staking 2.0 Onboarding is Now Open!
We are thrilled to announce the official opening of the main registration to COTI Staking 2.0!
For all of our updates and to join the conversation, be sure to check out our channels:
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf