I’m wondering if there is any risk in staking IOTX tokens. For example, what happens if my delegate goes offline forever, can I redelegate?
I believe that tokens are transferred out of my wallet since the balance is affected. There is any way of losing tokens by any events at staking or it is totally safe? Can anybody explain briefly the actual process?
To know more about staking and how it works, kindly visit this link:
I did. There is only information about how to operate, not about what I’m asking for (risks, how it works, etc). Thanks for your answer.
There’s no need to be worried about a delegate going offline forever since you can change delegates at anytime. Simply open your iopay wallet, choose stake, go to My stake, choose the staking bucket you want, click on edit and select change delegate.
The tokens that are staked will be returned to the wallet after you unstake once the staking duration is over and after waiting for three days.
As for the risk, the only one I see is that you won’t be able to access your tokens temporarily while they are staked. You need to wait for the duration to finish plus three days. The risk here also is the factor that the price of the token can change while they are staked. If you staked the tokens while they are worth $0.08 and after the staking duration is over the market might have changed ang the token price is lower at $0.06.
Also you need to keep attention to stake lock because I see a LOT of people complaining they are unable to unstake even when the duration is over not realizing that they have stake-lock ON.
for more info on staking here’s an updated blog post: Staking Your IOTX [What’s New + a Guide]
for info on delegate apr in case you want to change: https://iotex.smartstake.io/
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