Node Staking is Live! Earn Daily Rewards with ANY Amount of POWER
It’s official. Node Staking is live on Powerloom Mainnet.
Now you can contribute to the Powerloom network and earn rewards with any amount of POWER. Even if you don’t have enough to mint a new node.
👉 Start here: https://mint.powerloom.network/staking
We’re building an ecosystem where anyone can contribute to the future of onchain data access, not just as consumers but also as operators.
Node Staking is a step in this direction — the first of its kind.
It doesn’t matter if your POWER balance is low. You can start with as little as 1 POWER and earn a share of the Daily Rewards in proportion to your contribution.
How Node Staking Works
The NodeStaking contract lets users deposit POWER into an onchain pool.
It automatically mints one node whenever available staked tokens in the pool match the node mint price — 10,000 POWER at the time of writing this. These minted nodes are run on an infrastructure operated by the Powerloom Foundation.
Participating in the pool entitles you to a share of the Daily Rewards earned by the minted nodes, based on the amount of tokens you stake.
Your rewards are distributed once every 720 epochs approx. (~24 hours), similar to Snapshotters running their nodes on Mainnet.
Rewards Calculation & Fees
Node Staking rewards are based on the following parameters:
- Total staked POWER in the pool
- Your contribution — i.e., how much POWER you staked
- Performance of minted nodes and their eligibility for Daily Rewards
- The current rate of Daily Rewards for the specific data market on a given day
Example: Suppose you and two of your friends are the only participants in the pool, and you’ve deposited 1000, 5000, and 7000 POWER, respectively. Thus, the pool has 13,000 staked POWER, and your contribution is ~7.6% of the total amount. Now, on a day when the total reward is, say, 15,000, you’ll get 7.6% of 15,000 = 1,140 POWER. On this day, your friends will get 5,760 POWER and 8,070 POWER, respectively.
Fee on rewards: You’ll pay a fee on the rewards earned through Node Staking (30% at the time of writing), which is deducted automatically while claiming.
❗Claimable Rewards = Earned Rewards - Current Fees
The fees will incentivize node operations while supporting the growth and stability of the Daily Rewards pool. It will also ensure that the system remains fair towards existing Snapshotters, and running your own node will continue to be more profitable overall.
How to Stake & Start Earning Rewards
First, visit https://mint.powerloom.network/staking
You can check your POWER Balance after connecting the wallet. If you don’t have any, click ‘Get POWER’ to acquire some. Skip this step if you’re already a POWER holder.
Enter your desired amount and click ‘Stake’. This’ll initiate the process and prompt you to sign a transaction on the connected wallet.
The confirmation takes a few seconds, and you’re done.
Your Staked Balance will reflect immediately, while your accumulated rewards will show up in the $POWER Earned section. The latter might take a day or two.
Claiming Rewards
Click ‘Claim’ to redeem your earned rewards. Here you have two options:
- Claim & Stake — The claimed amount will be automatically re-staked in a single transaction. We recommend this as it gives you the benefits of compounding on your staking rewards.
- Claim — If, however, you only wish to claim, toggle the ‘Stake’ option and click ‘Claim’. This will deposit the claimed tokens into your connected wallet.
Unstaking & Withdrawal
If you wish to stop participating in Node Staking at any point, you can withdraw your deposited POWER by clicking ‘Unstake’.
Then enter the amount you want to withdraw and click ‘Start Withdrawal’. Sign the transaction in your wallet to confirm.
Your withdrawn tokens will be available for claiming once the network cooldown period (7 days at the time of writing) expires.
This is necessary for the contract to properly unwind node positions. It also prevents attacks and ensures network security.
Click ‘Finish Claim’ after the cooldown to receive POWER in your wallet.
Maximizing Returns on Node Operations
We’re dedicated to maximizing benefits for our community.
That’s why we have features like Claim & Stake, which provides a risk-minimized way to keep growing your initial stake without additional capital requirements.
If you’re looking for a super low-cost entry into Powerloom’s distributed data economy, Node Staking is perfect for you.
🔗 👉 Start TODAY! Join our mission of making accurate and affordable onchain data accessible to everyone in Web3 💪 🚀
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📖 To know more about minting and running YOUR OWN nodes on Powerloom Mainnet, read this blog post or check out our in-depth docs.