Nimiq Proof of Stake is Now Live!

Today marks a historic milestone for Nimiq: the successful migration to Proof of Stake (PoS). This upgrade represents a major step forward, making the Nimiq blockchain more energy-efficient, faster and capable of higher performance, all-the-while not compromising on decentralization! With Proof of Stake now live, Nimiq is more equipped than ever to deliver on its vision of making self-custodial blockchain payments accessible for everyone.

To experience the new Proof of Stake network firsthand, you can explore its features through the Nimiq Wallet. The wallet provides an intuitive, self-custodial platform where you can stake your NIM, track rewards, and manage your funds in NIM, BTC and USDC or USDT on Polygon. And as native web app it is App Store censorship resistant accessible from anywhere, anytime with nothing more than a browser. Additionally, the community-built NimiqHub offers detailed insights into block generation, rewards, and validator activity.

With the Proof of Stake upgrade now live, the Nimiq community can actively participate in securing the network through staking. This new feature not only enhances decentralization but also rewards users for supporting the Nimiq Network. If you’re wondering how to begin staking or what to expect, here’s basic information to get you started. You can find more details in the Staking FAQ.

How NIM Staking Works

Staking is now live, and anyone can participate with as little as 100 NIM. When you delegate your NIM to a validator or staking pool, your funds help secure the network. Validators earn rewards for their work and, in case of a staking pool, these rewards can then also be shared with stakers. If you’re wondering how much you can earn, check out Nimiq’s staking calculator to estimate your potential rewards. Remember, your staked funds always remain under your ownership and can be redelegated if needed.

When selecting a Staking Pool, consider the following factors to make an informed decision:

Pool Fee: Pools charge a fee for maintaining and operating the validator infrastructure. Compare the fees of different pools to find one that aligns with your preferences.

Decentralization: A well-distributed stake ensures a healthy and secure Proof of Stake network. Each pool is assigned a score, indicating how staking with them contributes to the overall balance of the network.

Pool-Specific Features: Explore the unique features offered by each pool. Some pools may provide benefits like automatic re-staking, dynamic fees, or additional services. Check their websites or connect with their community on Nimiq’s Discord to learn more.

Ensuring Network Integrity

The Proof of Stake protocol incentivizes good behavior among validators through a system of rewards and penalties. Validators are rewarded for producing blocks and following consensus rules. However, misbehaving validators can face penalties, such as temporary “jailing” for up to four days, during which they cannot participate or earn rewards. This system ensures the security and reliability of the network.

If a validator you’re staking with goes offline, you won’t lose your funds, but you may temporarily stop earning rewards. In such cases, you can redelegate your NIM to another validator to continue earning rewards.

Important Information

While the migration unlocks exciting opportunities, some key updates are important to note during this transition period:

Ledger Support

A new version of the Ledger Nimiq app has been released, now supporting Nimiq Proof of Stake and Ledger’s latest devices, the Ledger Stax and Flex. This updated app allows you to send and receive NIM on the Nimiq Proof of Stake blockchain. However, staking and un-staking are not yet supported. Stay tuned—these features will be available in a future update!

Updates for Trust Wallet Users

Trust Wallet is supporting the Proof of Stake migration and will resume NIM transactions within the next few hours. This ensures that users relying on Trust Wallet can continue managing their NIM without disruption.

Nimiq Pay

Updates to the Nimiq Pay app require approval from Google and Apple stores, which may take a few days to complete. Bitcoin Lightning payments in Nimiq Pay are paused until the updated app version becomes available.

Exchanges and Third-Party Services

Exchanges supporting NIM, as well as exchange aggregators like Stealthex, Swapzone, and others, have paused deposits and withdrawals during the migration. These services will resume as soon as the Proof of Stake network stabilizes. Be sure to follow Nimiq’s X account for updates on the status of exchanges and other third-party services.

Pre-Staking Rewards and Giveaways

The migration marks the end of the pre-staking phase. Rewards from this program, along with giveaways, will be processed once the network is stable and exchanges are operational. Distribution may take up to three months to complete, so stay tuned for updates.

The Journey Ahead

The migration to Proof of Stake is just the beginning of an exciting new chapter for Nimiq. This upgrade unlocks huge possibilities, from broader adoption to new marketing and product initiatives. Stay connected with Nimiq on X for updates on upcoming features, and exciting developments. 

Before we conclude, we want to express our deepest gratitude to all Nimiq supporters. A special thank you goes out to the incredible community developers running validators—your dedication and hard work have made this historic milestone possible. 

Welcome to the future of blockchain payments—Nimiq Proof of Stake is here!

Pura Vida
Team Nimiq