Unbond

From Minter Wiki
Unbond.png

Unbond coins from delegation is an operation of returning coins previously delegated to a validator.

Withdrawal can be voluntary (as the request from the delegator) or forced (when "knocking out" stake or a fine imposed by the system on the validator).

When a stake is knocked out and an engineered coin is used, the funds will be immediately credited to the participant's account. In case of standard and forced recall, the rewards will not be credited immediately, but the funds will be credited to the participant's account after about 30 days (more precisely, through 518,400 blocks). This term is set to protect the network from attacks, as well as for a more responsible attitude of delegates to the choice of validator, because the absence of awards for the delegation of stake within thirty days - a significant financial loss, in August 2019 it is not earned more than 20% of rewards.

Standard Unbond

The standard unbond is made only from Minter console, menu tab "Delegation", section "Unbond coin from the MASTERNOD". 
Снимок экрана 2019-09-26 в 21.17.56.png

You need to specify the validator public key from which you want to unbond your stake, select the coin you want to revoke, enter the number of revoiced coins in the "STAKE" field (you can unbond the entire stake or only part of it). By default, the commission for revocation is charged in the base coin of the Minter network BIP and is 0.2 BIP, but you can pay the commission with any other coin that is in your wallet. To do this, click on the "Advanced Mode" link and in the "Coin to pay the fee" field, select the option you need.

You can use Explorer Minter to specify the public key of the validator and the size of your stake at the validator. To do so, in the console with the "wallet" menu item selected, click the "EVENT ALL TRANSITIONS" button at the bottom.

In the window that opens, select the "STAKES" tab

Stakes.png

You'll see your stakes at different validators. Copy the validator public address and the amount you want to withdraw. Remember that the sums of stakes in this table are estimated. You can see the exact amount if you point the mouse at the estimated value of the stake in the Amount column. Write down the numbers you see or take a screenshot. If you try to withdraw the entire stake and enter a rounded value, the transaction will not pass and you will receive a message that the funds are not enough to make the transaction. If the stake is partially unbonded, there is no problem with this.

After successful execution of the operation, the award for delegation will stop being credited immediately, and the funds will be credited to your account After 30 Days.

The standard withdrawal can also be made through the Unbond transaction sent to the masternode from a third-party wallet.

Stake beating

The stake will be recalled from the validator and will be immediately credited to the participant's account when the stake is knocked out. Each Minter network validator has only 1000 stake slots. If all slots are full, the minimum stake becomes the threshold for new delegates to enter.

Min stake.png

If your stake is minimal, the next delegate who sends a larger stake to the validator will "beat" your stake out of the node.

Check your wallet regularly and you will see that your account balance has increased and no incoming transactions appear. This means that the funds have been withdrawn or, more often than not, the stake has been "knocked out" from the delegation.

Check the minimum validator's stake in advance and refill your stake if you want to avoid it "knocking out".

The "knockout" of the stake is not displayed in transactions.

Knocking out the stake through partial unbond

If you want to withdraw your deposit urgently and not wait for the entire amount of thirty days, a partial withdrawal of the stake may help to some cases.

The point is to make your stake as small as possible with this validator, then the next delegate who sends the coins to this node will beat your contribution as the smallest one.

The prerequisite for this is that the entire thousands of validator slots are "full".

To use this technique, specify on one of websites the size of the minimum stake in the masternode from which you want to withdraw your coins. If, for example, the minimum stake is 500 BIP, and your deposit is 800 BIP, it is enough to withdraw 301 coins to remain slightly less than the minimum and the next delegate has knocked out your balance in 499 BIP.

In this case, the 499 BIP you will get quickly when someone sends 500 BIPs and more to this validator, and the 301 coin will have to wait 30 days.

Unbond coins

In order to avoid a thirty-day loss of awards when withdrawing the stake from the delegation, the so-called unbond-coins are used. These one-time coins are created in even numbers (2, or 4, or 10, etc.) with CRR=10% and a reserve of the amount you are going to delegate. The cost of creating a coin with a ticker of 7 or more characters is 100 BIP.

Then HALF of the coins is delegated in one or more nodes. The second half of the coins should be on your wallet until revoked.

When you decide to revoke your stakes, simply sell the unbond coins you left behind through the console (Conversion menu item). Since the CRR=10% coin, selling 50% of the issue will refund your entire reserve and the coin will be destroyed.

Please note that the use of an unbond coins, in addition to the convenience of recall, brings additional risk - if the validator to which you have delegated the stake in such coins is fined, your stake can be seriously damaged - if the validator is fined 5%, you will lose 22% of the stake, this is also due to the peculiarities of selling coins with CRR=10%.

Forced Unbond

Forced recall of all validator stakes in the Minter network occurs when a 5% fine is imposed on the master node for double sign blocks trying.

Delegates, in addition to direct losses from the fine, also receive indirect losses due to a 30-day blocking of their stake.

To avoid this, be careful when choosing a validator.

Coin recall tracking

You can track the withdrawal of coins using a bot in Telegram @MinterUnbondBot from the development team 4U:Team

All you have to do is send the bot the address of the wallet and he'll tell you:

  • The node from which it is displayed
  • Coin ticker and amount of funds to be withdrawn
  • The date on which the funds are credited to the account. The date is indicative, as the receipt is by block.