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Staking Ontology (ONT) FAQs
Staking Ontology (ONT) FAQs

Exodus Ontology wallet staking: What are Ontology staking rewards? How to generate Ontology Gas (ONG) by staking Ontology (ONT) in Exodus.

Updated over a week ago

Everything you need to know about Ontology (ONT) staking in Exodus.

Download Exodus to stake your ONT and generate Ontology Gas (ONG).


In this article:


What is Ontology (ONT)?

ONT is the primary asset for the Ontology blockchain and is used for mainchain services. Staking allows you to earn ONG rewards, which can be claimed from your Exodus wallet.

ONT started out as a NEO NEP-5 token on the NEO blockchain. On June 30, 2018, the Ontology mainnet went live and a token swap was issued to swap NEP-5 ONT tokens to mainnet ONT.

Like NEO, ONT is indivisible, so it can only be transacted in whole numbers.

You can create, deploy, and run smart contracts on the Ontology blockchain.

ONT uses a dual token model. ONT transactions pay for fees, also known as gas, with Ontology Gas (ONG).


Tutorial video: How to stake Ontology


What is Ontology Gas (ONG)?

ONG is the secondary token on the Ontology blockchain, and it is the utility token used for main chain operations.

Unlike ONT, ONG is divisible and thus does not need to be a whole number. When performing any transaction of ONT, ONG, or when claiming your ONG rewards, the transaction fee is 0.05 ONG.


What is Ontology staking?

Staking Ontology means you agree to lock up an amount of your ONT that you choose for a certain period of time, during which you can't send or swap it. However, you can unstake your ONT whenever you choose.

By staking ONT, you allocate resources to the Ontology network and contribute to its stability. In return for your support, you earn ONG as a reward.


How does staking work?

When you decide to stake your ONT, you must stake a minimum of 1 ONT. Beyond the minimum, you can choose any amount to stake as long as it is a whole number (i.e. 1, 2, 3, etc.).

After you have staked ONT, the amount you are staking can be seen inside the Earn Rewards section as Staked. You will need to wait up to 60,000 blocks to confirm on-chain to be able to claim your ONG rewards.

While your ONT is staked, you will only be able to perform transactions with the unstaked amount of ONT in your wallet.


How does unstaking work?

When you decide to unstake your ONT, you can choose the amount you want to unstake in whole numbers.

Initially after unstaking, the amount you chose to unstake is seen inside the Earn Rewards section as Unstaking. You will need to wait for 2 consensus rounds to finish (up to 120,000 blocks) to be able to transact that ONT again.

Unstaking ONT requires two transactions. One transaction to unstake ONT, then after the unstaking period has ended, another transaction to claim the ONT.

This means you need 0.05 ONG to unstake, and an additional 0.05 ONG to claim your ONT.


Which node will I be staking my funds to?

When you stake your ONT in Exodus, you will be supporting one of the ONT foundation consensus nodes.


How much can I earn from staking ONT?

You can see the current approximate Annual Percentage Yield (APY) in your Ontology wallet. To find out more about APY, please visit: What is APY?

You can also find the latest yield here: Ontology staking rewards.

At the end of each staking round, which is approximately 4 to 6 weeks long, it is possible to earn more ONG as an extra reward. The staking node earns a portion of the transaction fees it processes, and will distribute a share to everyone who staked with the node.


Does Exodus charge a fee to stake ONT?

No, Exodus does not charge a fee, but you will pay a few network transaction fees to the Ontology network.

The first is for sending the staking transaction when you stake your ONT. You will need to pay another transaction fee if you decide to stake some more ONT later on.

You'll pay a fee every time you claim your ONG rewards for staking ONT, and another is to withdraw the ONG to your usable ONG balance.


What is the minimum amount I need to start staking?

The minimum amount of ONT you need to start staking is 1 ONT.

The minimum amount of ONG recommended to start staking is 0.1 ONG (0.05 ONG to pay for the network fee to start staking, and another 0.05 ONG, which will be enough to claim your rewards at least once).


When will I start earning rewards?

When you stake your ONT you will start to earn rewards once the next consensus round begins. This could take up to 60,000 blocks.

Then, you will need to wait for another 60,000 blocks to confirm to claim your ONG rewards, because rewards are only paid after you have staked your ONT for a full consensus round. This is part of the Ontology staking model.

Each block takes 1-30 seconds to confirm and is subject to change due to network conditions. You can claim your rewards after each cycle of 60,000 blocks, as rewards paid out after every consensus round.

You can see how many blocks are left before your next reward in Exodus. Navigate to your ONT wallet and click the menu in the top right corner, then click Earn Rewards and look in the Remaining Blocks field.


Is staking ONT safe?

Staking your ONT is done in a self-custodial way in Exodus, so it's as safe as holding ONT in your wallet. You keep complete control over your ONT while it's staked, and you're free to unstake whenever you choose.


How do I check the current consensus round progress?

Each consensus round consists of 60,000 blocks and can last up to 21 days. If you would like to see the amount of time remaining in the current consensus round, you can visit the Ontology node page and look at the number of blocks left in the round to get an estimate of the time remaining.


How do I stake ONT in Exodus?

Mobile

  1. In Exodus Mobile, a) tap the Profile icon, then b) tap Staking.

  2. Tap Ontology.

  3. Tap Stake ONT.

  4. a) Enter the amount of ONT you want to stake, then b) tap Stake ONT.

    You need 0.05 ONG to pay the stake transaction fee.


Desktop

  1. In Exodus Desktop, click the Rewards app.

  2. Navigate to Ontology and click Start Earning.

  3. a) Enter the amount of ONT you want to stake, then b) click Stake ONT.

    You will need 0.05 ONG to pay the stake transaction fee.


How do I unstake ONT in Exodus?

Mobile

  1. In Exodus Mobile, a) tap the Profile icon, then b) tap Staking.

  2. Tap Ontology.

  3. Tap Unstake ONT.

  4. a) Enter the amount of ONT you want to unstake, then b) tap Unstake ONT.


Desktop

  1. In Exodus Desktop, click the Rewards app.

  2. Navigate to Ontology and click on Overview.

  3. a) Click the Unstake tab at the top, b) enter the amount of ONT you want to unstake, then c) click Unstake ONT.


How do I claim ONG rewards?

Mobile

  1. In Exodus Mobile, a) tap the Profile icon, then b) tap Staking.

  2. Tap Ontology.

  3. Tap Claim Reward.

    Claiming rewards will incur a network transaction fee.

  4. Finally, Tap Claim.


Desktop

  1. In Exodus Desktop, click the Rewards app.

  2. Navigate to Ontology and click on Overview.

  3. a) Click the Claim Reward tab at the top. b) You can see the amount of available ONG rewards. c) Click Claim Reward to claim them.

    Claiming rewards will incur a network transaction fee.

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