How to Stake/UnStake STX(Stacks) on Hex Safe
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What is Stacks?
Stacks is a Bitcoin Layer 2 network that enables smart contracts and DeFi applications. It uses a unique consensus mechanism called Proof of Transfer (PoX) to anchor to Bitcoin, allowing apps and assets to interact with the Bitcoin network. The native asset of the Stacks network is STX, which can be stacked to earn BTC rewards.
Who can I Stack (stake/delegate) to on Hex Safe?
You can stack your STX on Hex Safe with the following staking partners:
Chorus One
Kiln
Can I lose my STX due to slashing when stacking?
No, your STX is never at risk of slashing when stacking. The Stacks network does not penalize users by reducing their principal.
What is the average reward rate for Stacking STX?
The average reward rate for stacking STX typically fluctuates and is influenced by several factors, including but not limited to:
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The price of BTC (Bitcoin)
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The price of STX
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The total BTC committed by miners
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The total amount of STX stacked across the network
You can check out the average reward rates for all stakable assets on Hex Safe here.
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How are rewards generated in Stacks?
- Stackers must stake before a cycle begins to be eligible for rewards
- Miners commit BTC for the chance to write Stacks blocks
- Miners receive STX rewards and fees
- BTC committed by miners is distributed to eligible STX stackers as rewards
How are rewards distributed?
- Rewards are paid directly in BTC
- Distributed at the end of every month
- Sent to the same Hex Safe Vault that performed the transaction
Can I have multiple STX Stacking positions from the same vault?
No, only one active staking position per vault is allowed. If you wish to stake multiple positions, you must use separate vaults.
How can I create a new vault to Stack again?
Please contact your relationship manager or clients@hextrust.com and our team will assist you in setting up a new vault.