Omnistake Now Offers Slashing Insurance for staking on Saga

At Omnistake, securing digital assets while maximizing returns for our delegators is paramount. That’s where Omnistake.com emerges as a beacon for token holders, offering robust validator and infrastructure services tailored for self-custody delegation. As a trusted partner in the staking community, Omnistake.com provides a secure and transparent platform that empowers users to delegate their tokens without relinquishing control of their assets. Our state-of-the-art infrastructure deployments ensure high uptime and optimal performance, making it an ideal choice for those looking to participate in blockchain governance and earn staking rewards confidently.

Saga is a protocol for automatically provisioning application-specific blockchains. We are building this by rearchitecting developer and end user interactions with blockchains. Using shared security, innovations in validator orchestration, and an automated deployment pipeline, Saga makes launching a dedicated blockchain, or Chainlet, as easy as deploying a smart contract.

What is Slashing?

As with most PoS blockchains, good behaviors are encouraged through rewards. Validators on the network who attest and propose blocks to the blockchain receive rewards as a percentage of their stake.On the other hand, bad actors on the network who are inactive or are dishonest validators are subject to a penalty referred to as slashing. To discourage malicious validator behavior, the following can be done:

• A predefined percentage of a validator’s stake can be lost.
• In addition, some protocols completely destroy (i.e. slash) the stake or remove the validator from the network for the current epoch, or permanently.

Recognizing the potential risks associated with staking, such as the possibility of slashing — where a portion of staked tokens might be lost due to faults or misbehavior by validators, Omnistake.com has introduced a new uptime and quality of service guarantee: slashing insurance for stakers on Saga. This new guarantee provides zero risk staking for Saga token holders.

What is slashing insurance?

Slashing insurance is designed to protect token holders from the financial penalties associated with validator errors or network breaches. Should any staked tokens be slashed due to these issues, Omnistake.com’s insurance policy will fully reimburse the affected stakers, thereby mitigating any potential losses. This initiative not only enhances the attractiveness of staking as a great yield source but also bolsters user confidence, encouraging more widespread participation in the Saga ecosystem.

The introduction of this slashing insurance by Omnistake.com underscores their commitment to providing a secure and profitable staking environment. By eliminating the risk of slashing, Omnistake.com is paving the way for safer, more resilient staking solutions that empower users to maximize their returns without fear of unexpected losses.

What do I need to do to get slashing insurance?

Slashing insurance is offered automatically to all token holders that have delegated their tokens to the Omnistake validator (link here). In case there is a slashing event, all loses due to slashing will be refunded.

What does this mean for Saga token holders?

For Saga token holders, this development is particularly impactful. It offers them an opportunity to engage more actively with the Saga network, benefiting from the rewards of staking while being shielded from its potential downsides. The insurance coverage ensures that their staked tokens are safe, regardless of the network’s operational status, making it an attractive proposition for both seasoned investors and newcomers to the crypto space.

How do I stake tokens on Saga?

Here is a blog post that covers this topic in detail: https://omnistake.medium.com/how-to-stake-saga-using-keplr-wallet-a-step-by-step-guide-6a60580fd64d

In conclusion, Omnistake.com’s introduction of slashing insurance for Saga stakers is a significant milestone in supporting the Saga Ecosystem. It not only secures the interests of token holders but also enhances the overall integrity and appeal of the Saga network. As more users recognize the benefits of insured staking, we can anticipate a stronger, more vibrant ecosystem thriving on participation and innovation.