Avascan is a blockchain explorer that enables users to browse blockchains, transactions, validators, delegators, assets, and smart contracts on Avalanche. The Avascan explorer is designed to be a one-stop-shop for users to browse, and developers to build applications on its APIs.
Staking Rewards uses the Avascan API to get reliable access to Avalanche network data. As part of our ongoing partnership, Avascan will start showcasing Staking Rewards Verified Providers on their staking page to help increase trust and transparency in the staking industry and to help investors make more confident decisions when choosing between thousands of staking Providers.
How will the Verified Provider Program help AVAX Stakers?
The Verified Provider Program (VPP) is an initiative to increase trust, transparency, and reliability in the staking industry by verifying that Providers meet a set of criteria relating to risk management, longevity, and security measures. Historically, the challenge of choosing a staking provider has been two-fold:
- It is difficult to determine which providers will be trustworthy in the future
- In most cases, it’s not transparent whether or not a given company follows industry best practices. It was also not possible for ordinary users to figure out if these companies were legitimate or not.
Currently there are over 1200 validators to choose from on Avalanche, where do stakers begin when choosing a validator? The VPP checkmark will help AVAX stakers to make confident decisions when doing their due diligence on Staking Providers. Staking Rewards only verifies Providers that meet the strict requirements of the program and are considered sufficiently trustworthy by Staking Rewards to provide reliable, secure staking services.
“Investors who stake with unreliable staking providers risk missing out on rewards or even losing their funds. We have launched the Verified Provider Program to help investors make smarter decisions by verifying that providers meet certain criteria before staking their funds. Don’t trust, verify!”
Mirko Schmiedl, CEO at Staking Rewards
What Checks does Staking Rewards do?
Due diligence is conducted on the following areas of the Provider’s operations:
Other areas of consideration include decentralisation Ethos, Value Added Services, Customer Service, and Governance Participation. These count toward a separate “Value-Added Score” but are not required for verification.
There is a 75% pass rate for validators to become verified. Read more about the details of the checks in the documentation here. You can also view the verification questionnaire here.
How can I find Verified Providers on Avascan?
Avascan tracks more than 1200 validators on their staking page, you can monitor various validator metrics like:
- Total Stake
- Staking yield
- Self bonded AVAX
- Total delegated stake to this validator
- Uptime performance
But what does this mean for a staker when you don’t know what their setup looks like? The VPP does the due diligence on your behalf, validators that pass the program can be identified with the VPP Official checkmark:
Follow the steps below to find Verified Staking Providers on Avascan:
- Go to Avascan’s home page
- Click on “Staking”
- Look for the Staking Rewards VP Checkmark
- Click on the validator that has VP Checkmark to see more information on that Provider on the Staking Rewards page
The Staking Rewards Verified Provider Program helps investors when choosing between thousands of staking Providers and brings new levels accountability to validators. To learn more about Avascan, view their Staking Rewards page!