Using Figment.io to Stake Cryptos – A Practical Web3 Guide

Crypto staking is the most straightforward approach to passively building your crypto holdings. It entails dedicating your digital assets to sustain a network and authenticate transactions. 

Instead of obligating blockchain nodes to use expensive computational machines, the Proof-of-Stake (PoS) protocols propose an eco-friendly approach. PoS demands you to stake (delegate) your digital assets and compensate you for doing so.

Figment.io (or, simply, “Figment”) is one of the platforms that created strong market traction in the staking field. What does Figment offer? What does the team wish to achieve? Let us learn more information on this platform in today’s guide.

About Figment

Figment’s goal is to boost the use of Proof of Stake (PoS) blockchains in the future generation of the internet. Investors may assist in protecting the blockchain and earning a return on their investments, thanks to the team’s efforts. 

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Using Figment’s protocols, token holders may study and monitor their tokens and make educated decisions. Figment aims to be a catalyst for Web3 innovation and growth. 

According to the founding team, Figment has earned the trust of more than 150 institutions. Some of these businesses include venture capitalists and asset managers. 

Staking Cryptocurrencies with Figment

Figment is one of the self-proclaimed market’s top suppliers in terms of blockchain infrastructure. As mentioned above, more than 150 organizations, including a wide range of major players, make up the company’s clientele. 

This list includes venture capital businesses, cryptocurrency wallets, exchanges, custodians, and wealth management organizations. 

App and service developers from various industries may use Figment’s platform to construct Web3 applications. 

The security of the staked assets of Figment’s clients has top priority in the architecture and deployment of the company’s infrastructure.

The system’s Prime dashboard enables comprehensive reporting of rewards and positions for different assets. This feature aims to make portfolio administration as simple as possible, including the ability to delegate tasks efficiently.

The Protocol Specialists at Figment have a close relationship with the networks the project helps to build. An essential goal of this group is to offer regular updates on network advancements, governance issues, and larger market trends. 

An in-depth understanding of the client’s aims and objectives is achievable using dedicated Client Success Representatives.

The Staking Infrastructure

Public and private sentry nodes connect to the project’s physical infrastructure. AWS, Google Cloud, OVHcloud, Digital Ocean, and other popular public cloud providers host the nodes. 

Figment pledges to restrict access to its physical validator nodes from the internet for the benefit of the general public. The Figment facilities also link to AWS GCP via direct connections with VPN backup and safe systems. 

A Tier 3 IDC with 2N power and cooling provides space for the project’s validator nodes. A+B power/network pathways, smart temperature management, and biometric access control are all included in the system.

Figment allows users to connect to other validators using a private peering network securely. Hardware Security Modules (HSM) let Figment protect private keys and prevent double signing. 

Figment also emphasized having redundant backups and redundancy for many on-premise and off-premise secure servers. In order to monitor how the system is behaving, the development staff works 24/7.

The Project’s Staking API

Slate, Figment’s “universal staking API,” is one of the latest announcements of this team. Traders can manage staking services with ease using Slate’s features. 

Why is an API necessary for a staking portal? The team outlined three main reasons why this functionality was necessary:

1. The time to market decreases by roughly 90% when we use APIs.
2. Scalability, one of the primary goals of any decentralized system, is at hand through the use of APIs.
3. APIs are cost-effective, which means that they reduce the expenses of engineering and maintenance operations.

The process of integrating and staking additional coins can be lengthy and costly. Because of the lack of engineering resources and protocol understanding, it is challenging to implement staking successfully. 

Over fifty different protocols are accessible using a single interface in Slate. Slate, according to Figment, allows companies to add staking to their list of capabilities in only a few days. 

In order to simplify the user experience, Slate reduces network-specific operations by translating protocol-specific material into a standard API. 

Slate accepts a standardized input for each transaction type and produces a protocol-specific transaction object. This output is ready for the user’s signature, which is necessary to enter a decentralized network. 

Sending, depositing, staking, un-staking, re-delegating tokens, and collecting rewards are possible operations with Slate.

Advanced Features – Figment Prime

Figment’s most valuable customers have access to the company’s Prime service. Access to an industry-leading portfolio management dashboard is the core of this professional package of tools. 

Figment Prime’s ultimate goal is to make asset management and decision-making more efficient and informed. According to the company, the Figment Prime creators imagined a product for VCs, Custodians, Hedge Funds, and other industry professionals.

The following is a partial list of the Figment Prime program features:

• Multi-address network management capability on one network.
• Multi-network portfolio tracking, even on multiple networks.
• You may delegate the selected networks with one click.
• Detailed reporting of staking rewards and validator performance.

The team wishes to add other features to this suite of tools, such as diligence reports on PoS networks. This list includes 24/7 private support, monthly analyst calls, and other premium features.

Supported Protocols

Figment dedicated a detailed page on its website to find all the supported protocols in this ecosystem. You can visit this page and browse the complete list of supported systems for staking your tokens.

Once you find the token you wish to stake, you can simply follow the instructions on the website to proceed.

Figment’s Governance

Over time, Figment has developed several services related to the governance matter. Many of the most complicated and dynamic blockchains require enormous time and effort in administration. 

By providing services and developing software, Figment makes it easy for many stakeholders to participate in blockchain governance.

Figment’s goal is to enhance blockchain governance, whether you’re seeking a personalized service or not.

Handling Crypto Custody

Figment’s goal is to make blockchains easier to use, construct, and administer for token holders, developers, and other network members. 

The project partnered with custodial service providers to ensure your tokens are safe and secure. These partners will act ethically and legally, as Figment promised.

Figment’s custodial partners plan to help you stay compliant with all the latest regulations in the crypto world. Blockchain regulation is rapidly evolving, and keeping up with all the requirements can be complex.

Educational Content

Figment’s team is sure that the knowledge you can acquire in the blockchain industry is limitless. In this context, the project has created a learning platform dedicated to the web3 world. 

The team frequently posts educational content, such as tutorials and videos. Most of the material targets inexperienced crypto enthusiasts. However, advanced traders can find helpful information here too.

Final Thoughts on Figment.io

Trusted by BitGo, Ledger, and Fireblocks, Figment is one of the major suppliers of blockchain-based services. The project’s goal is to enable investors and developers to construct Web3, the next generation of the digital world.

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Figment’s official website and blog are available for anyone wishing to learn more about this company.