Who else staked CRO on the mobile DeFi Wallet and had no other option but to stake to an predefined validator with 10–15% commission?
Turns out you are not alone, plenty of us did it and this led to giving a single entity almost 90% of the stake but there is a better way!
The protocol actually allows people to move their stake from a validator to another instantly without unstaking, right now this function is not implemented in the mobile wallet but can be done through the Desktop Wallet so here is how to do it:
- Download the Desktop Wallet from the official Cryto.com GitHub account: https://github.com/crypto-com/chain-desktop-wallet/releases
2. Install the wallet and import the mnemonic phrase from your DeFi Wallet(the one bellow is a dummy one for example, use your own):
3. In Home -> Delegations click on “Redelegate Stake”
4. Input the validator to which you want to redelegate your stake to. We will choose the Icy Road validator which is offering a 0% commission so in the “Destination validator” field put this validator address: crocncl1kw6sagm3cnycse85y0dzp3zvwg4p8z5fkg4507
NOTE: You need to have a little CRO available in the wallet in order to pay for the transaction fee
Redelegating from the the biggest validators to smaller ones like Icy Road is really good for decentralization and desired, right now the biggest 9 validators all belong to crypto.org and they have almost 90% of the stake combined. While it’s understandable that they have the highest trust right now, having a single entity controlling 90% of the blockchain is really bad and hopefully this will change with your help.
The commission is an essential part of the cryptoeconomics but 10–15% is wayy too high in order to make things work. The load on the blockchain right now is low so the costs of infrastructure are also low, this big commission does not make sense. The Icy Road validator is offering a 0% commission promotion on staking while these costs are low.
BTW, if you want to be part of the Icy Road community you can follow us on these channels:
See you there!