staking

Phonetic: /ˈsteɪkɪŋ/

Part of Speech: verb

Category: To be determined

On the Ethereum Proof of Stake network, those wishing to participate in consensus must first lock up, or ‘stake’, 32 ETH into a smart contract; this ETH may be ‘slashed’ (taken from them and ‘burned’, put out of circulation) in the event that their validator behaves maliciously or does not meet performance requirements. Similar Proof of Stake mechanisms are in operation on other networks, as well. Although this is the canonical meaning of the word, similar actions taken at the level of a decentralized exchange (DEX) or another dapp are often called ‘staking’, though it would probably be more accurate and descriptive to just call this ‘locking up tokens’.

Definition source: Consensys Software Inc., A Blockchain Glossary for Beginners

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This word came from... the ether

Date first recorded: Unknown

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