Connecting decentralized applications with off-chain information is a critical layer of the blockchain ecosystem. Band Protocol will play a key role in pushing blockchain products towards mainstream adoption. Read more about our support for Band Protocol here.
Frequently Asked Questions
Here are answers to some of the questions our community has asked us. Get in touch if there’s more you would like to know.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Band Protocol launched in June 2020. To learn more, please see their whitepaper.
New blocks on Band Protocol are proposed by validators. To enable Band Protocol to run seamlessly, validators need the technical capabilities to offer a secure, always on infrastructure.
Not everyone is able to do this. Some token holders participate indirectly by delegating the tokens they have to a validator. Validators are running a service for delegators. They typically charge a fee to cover their operational costs.
By delegating BAND, you help secure the network. You get part of the rewards provided by the protocol for this assistance. If you are planning to hold on to BAND for some time, delegating will help you accumulate more BAND while contributing to the health of the network.
You are not giving away ownership of BAND by delegating. As a validator, stakefish will never have the ability to move your BAND.
Band Protocol penalizes any validator that misses too many blocks or double signs a block by slashing the staked amount on that validator. We have our own capital on the line, so we are fully incentivized to do our best to prevent such events. However, delegators must be aware that this slashing risk will always exist.
We charge 10% from the block rewards received by our delegators. For example, if a delegator receives 100 BAND as a reward, stakefish will receive 10 BAND while the delegator will get 90 BAND.
Undelegating (also called unbonding or unstaking) can be done anytime. However, it takes approximately 3 weeks for your BAND to undelegate and become transferable.
If you have any questions about staking or our validator services, please do not hesitate to reach out to us. We are happy to talk with anyone and help navigate community members through this exciting new ecosystem.Get in Touch