With so many validators vying for a spot on the leaderboard, it can be tough to determine which ones are truly at the top of their game. In this article, we'll take a closer look at the top 10 Mina Protocol validators in June 2023.
Mina Staking & Validators
A brief look at the Mina protocol will help us better engage with its staking mechanism and validators.
Mina Protocol aims to tackle one of the major challenges in the industry: scalability. Its native token, also called Mina (MINA), serves multiple purposes within the network.
As part of the network's PoS consensus mechanism, MINA holders can stake their MINA to help secure the network, validate transactions, and earn staking rewards.
By delegating their tokens to a validator of their choice, MINA holders can participate in the staking process without technical expertise or running their own validator node. Delegators receive a portion of the staking rewards earned by the validator they delegate to.
When staking MINA, there is usually a lock-up period during which the tokens cannot be moved or sold. If you decide to unstake your MINA, there is usually a waiting period before the tokens become transferable again.
How to Choose a Validator for Staking Mina Protocol (MINA)
Staking taste varies among delegators, typically depending upon personal goals. So there is no one-size-fits-all standard. However, you can consider the following tips to choose a validator for staking Mina Protocol.
- Self-bonded ratio: Self-bonded ratio refers to the validator's staking balance. A higher self-bonded ratio generally signifies a stronger commitment and a greater stake in the network's proper functioning.
- Rewards: Higher rewards are often desirable, but it's important to consider the risk factors associated with slashing. Eventually, you will want to opt for trustworthy validators rather than ones offering high rewards but low credibility.
- Diverse approach: If possible, you should achieve a balanced approach by delegating MINA to multiple validators. Split your staking balance into multiple portions and prioritize validators actively participating in the network's growth.
- Centralization: For overall network development, it's suggested to avoid centralized entities that do not contribute to network growth and support growth-oriented validators.
Gain more insights into Mina staking and rewards here.
Top 10 Mina Validators - June 2023
The best APY offer comes from the system itself. You get 12% APY for staking MINA within the initial 23 months since launch. In addition, staking MINA can offer up to 24% supercharged rewards in the first 14 months after the mainnet launch.
As mentioned above, you're completely free to select other validators if you want to avoid centralization.
Considering these factors, here are the top 10 Mina Protocol validators for June 2023.
- Validator fee: The percentage of staking rewards that a delegator pays his validator as a commission for the service. Validators contribute to the security and operation of a blockchain network by validating transactions and creating new blocks. In return, they earn staking rewards.
- Staking balance: The total amount of MINA that the validator and his delegators have staked.
- Delegations: This metric indicates how many individuals have chosen to delegate their tokens to a particular validator within the Mina staking ecosystem.
- Blocks produced: The number of blocks successfully created by a validator within the last 30 days. Validators with a higher number of blocks produced may demonstrate consistent participation and contribute to the network's overall efficiency and security.
Mina Protocol Updates: What is New?
According to the project's latest updates, Mina's upcoming hard fork is the project's current focus. Preparations for the impending hard fork will commence shortly, ensuring a seamless transition. Block producers staking on Mina's mainnet are particularly involved. Stay tuned for forthcoming updates on this track.
Apart from the major milestone, here's a glimpse of other important updates:
- zkApp End-to-End (E2E) Testing: Track 1, focused on developing zkApps across 9 specific areas, has triumphantly concluded. Immense appreciation to the skilled zkApp developers who contributed their expertise, enhancing Mina's capabilities for recursion, smart contract deployment, and call stack composability.
- External Security Auditing: Track 2, centered around identifying and addressing network vulnerabilities, has concluded successfully. The Mina blockchain is now more secure and robust. Stay tuned for the comprehensive report and audit findings, set to be released in the coming weeks.
- Protocol & Performance Testing: Mina's Protocol and Performance Testing track is set to launch soon, spanning approximately 2 months. It equips node operators with essential resources to actively participate in Testworld Mission 2.0.
Popular Tags : Mina Protocol validators, Mina Staking & Validators, Mina Protocol, Mina Validators, Mina Protocol Updates