Staking HUB with Oracles
The Minter Hub cross-chain bridge was launched in mid-April 2021. It is a separate blockchain validated by so-called oracles. For that, oracles receive up to 1% on the transfer volume as a fee. Some of them have initiated HUB token staking programs.
How It Works
For users to be able to take part in the staking of HUB, oracles offer them to delegate their tokens. Under initial delegation, prospective delegators sent their HUBs to addresses specified by oracles. Those tokens were then transferred to the Minter Hub blockchain and staked in the node. This was needed to pay a single fee and stake all collected HUBs at once.
After that, oracles distributed receipt tokens among their stakers on Minter at the 1:1 ratio. Receipt tokens confirm that HUBs have been staked on the Minter Hub blockchain. Once cross-chain transfers at up-to-1-per-cent fees have been opened, oracles have started getting rewards from each transaction and further distributing them among addresses that hold receipt tokens on their balance.
Ranking of oracles and their receipt tokens can be found at chainik.io/hub.
If users want to get a share of fees charged for cross-chain transfers, they can simply buy one of the oracle's receipt tokens. To do that, they just need to select an oracle, find its receipt token, verify terms and conditions of reward distribution, and make a purchase through any liquidity pool with that token.
Please reach out directly to oracles in order to find out detailed info about HUB delegation, reward accruals, unbonding procedures, etc. It is oracles who are responsible for HUB staking and Minter Hub's proper operation.
This material serves educational purposes only. The information contained herewithin does not constitute an investment, financial, legal, or tax advice, and it is not an offer or solicitation to purchase or sell any financial instrument.