30th December 2022 > > IOTA staking update.

tl;dr

IOTA staking update – time to claim SMR (Shimmer) and make a decision.

Market Snap

Market Wrap

A touch of weakness just a couple of hours ago but nothing that changes the year end narrative of low volatility and low correlation to all other risk assets. But don’t get over excited about that as this scenario seems so unlikely to me it cannot last for long.

Curious Cryptos’ Commentary — IOTA Staking

In October 2021 the CCC alerted holders of IOTA of two staking opportunities, one to earn SMR (Shimmer) and one to earn ASMB (Assembly). These are two of the platforms being built on top of the IOTA ecosystem.

Since then staking for ASMB has been repeated three more times – the latest one is still in progress so if you are an IOTA holder and you have not yet participated in the latest round, open your Firefly wallet, and get involved. Detailed instructions have already been provided in previous CCCs, but if you have any questions please do not hesitate to get in touch.

SMR has now gone live. You can claim your SMR rewards earnt from staking IOTA using the Firefly Shimmer wallet available for download here:

https://github.com/iotaledger/firefly/releases/tag/desktop-2.0.1

If you hold your cryptos using Ledger, head on over to Ledger Live, switch on developer mode in settings, and download the Shimmer app. Connect to the Firefly Shimmer wallet and follow the easy on-screen instructions to claim your rewards.

If you hold your cryptos outside of Ledger, you will need to input your private key to the Firefly Shimmer wallet, a process that I would be a little concerned about. If you feel the same way, then move your IOTA stash to a new wallet first, which is a bit of a pain. Just one more reason why Ledger Nano is the go-to self-custodial solution of choice.

There are currently only two centralised cryptocurrency exchanges quoting markets in SMR - Bitfinex and BitForex. I know nothing of these companies, but the names are remarkably similar sounding.

Regardless, the value of your SMR holdings will be just shy of 30% of the value of your IOTA holdings (no need to thank me, I just like to help), which is a nice little kicker anyway which way you look at it.

My normal rule is to sell hard forks, airdrops, and non-native staking rewards as soon as I can to convert back into the coin that was the source of these freebies and/or either BTC or ETH. I have never used Bitfinex nor BitForex, and I am a touch busy right now to go through the whole set-up and KYC process for a new exchange, but I will do it soon. Alternatively you could hang onto SMR in the hope that it outperforms. It’s up to you.