Starting 11/11/22 revshare will be reduced to 10% for the rest of the year!

Frequently Asked Questions

General

How to get started

1. Do I need to set up an account with poktpool™?

Yes! poktpool.com is the best and only way to experience everything poktpool™ has to offer!

2. How do I set up a new account with poktpool™?

First, you must set up a POKT wallet which can be done here. Your personal POKT wallet address is part of your unique identifier as a staker in the pool. You will use this wallet address when creating your account and staking POKT in the pool. Visit here and select the “New User” tab.

3. How do I set up an account as an existing staked member with poktpool™?

Visit here here and select the “existing staked member” tab. Be sure to enter the email address and wallet address associated with your account. If you do not remember which email address or wallet address you had registered with poktpool™, use the Need Help? button on the website.

Managing your account

4. How do I send POKT to the pool?

Once you’ve created your poktpool account and verified your identity (KYC), you can start staking POKT in the pool. To send POKT to the pool you will first need to visit your POKT wallet , then send the amount of POKT you wish to stake to the address found on the staking page. Once complete, copy the transaction hash and paste it into the open field on the staking page. You must ONLY send POKT from your POKT wallet address that is associated with your poktpool account.

5. When can I send POKT to the pool?

Once you have completed the KYC process and been approved, you can send POKT tokens anytime. The transaction will be processed in the next available tranche, a tranche is when we compound all rewards earned and new POKT staked.

6. What happens to my POKT after it's staked in the pool?

Once you stake POKT in the pool your staked POKT earns rewards, you can check the analytics page to see the most recent earnings. We then take those rewards and roll them into the next staking tranche. poktpool™‘s default is to autocompound your stake, you may choose to sweep the rewards or unstake/withdraw at anytime by visiting the magage page.

7. How can I check my rewards?

You can see your rewards, balance, and more on your personal Dashboard page.

8. How do I sweep my POKT rewards from the pool?

You can manage your sweep settings by selecting the “Sweep” tab. Any unswept tokens will be automatically compounded into your total stake, helping you earn even more tokens.

9. How do I withdraw/unstake my POKT tokens from the pool?

You can withdraw your staked tokens from the pool in 25% increments by going to the Manage page and selecting the “Unstake” tab. Once your request has been processed, it will begin a 21-day cooldown period to complete the unstaking process, as this is hardcoded in Pocket’s protocol. The amount you're unstaking will not earn rewards during the 21 day cooldown. If you were an early staker in the pool before you were able to create an account on the website and wish to unstake without going through the KYC process vist this document.

Trading POKT

10. Where can I trade POKT?

You can visit CoinGecko or CoinMarketCap to view the exchanges that offer POKT for trade.

Other Questions

11. What node service providers does the pool use?

We work with several providers in the space to test for optimization across a number of scenarios. We are consistently reviewing performance on the full fleet of nodes and each provider to ensure the pool is in a healthy state. Since we work with several different node running services this enables poktpool™ to have a distributed offering that reduces volatility with any one provider.

12. How much does staking with poktpool™ cost?

Currently, poktpool™ charges a flat fee of $1 per 15,000 staked POKT per day, plus a variable amount of 25% of the remaining rewards after the infrastructure fees are taken. We only take these fees out of the rewards that are earned, meaning you do not pay out-of-pocket, and we will never take your staked tokens as fees. We are constantly monitoring our costs to keep them as some of the lowest in the community.

13. How are my rewards determined and how much will I make?

POKT rewards depend on the number of relays being serviced and the number of nodes across the network. Nodes are chosen pseudorandomly to service relays, so when you pool your POKT together to spin up nodes, you're increasing your chances of servicing relays. This is why poktpool™ can offer a “smoother” rewards experience that is often in line with the network average, or slightly above, on a daily basis, as opposed to running your own node that can be much more volatile. Make sure to read up on the Pocket Network economics to get a better understanding of relays and rewards.

14. Infrastructure costs take up a lot of rewards when POKT price is low. What will happen if POKT rewards are less than infra fees?

Infrastructure fees are what the pool uses to pay third party node runners. When the price is low, in a bear market, a higher percentage of rewards must go to cover the cost of infrastructure. Conversely, when the price is high, in a bull market, a much smaller percentage of rewards goes towards infrastructure costs.

If rewards drop to the point that infrastructure costs are higher than rewards, the pool will cover any shortfall. The pool will NOT take from user's principal staked amounts, but instead use treasury funds to cover the deficit.

Community

15. What are the various platforms I can use to interact with the poktpool™ community?

We can be found on Discord, with over 8,000 members and growing, as well as Telegram.

16. I want to understand more about Pocket the project and POKT the token, where should I go?

There is some really great info that can be found in our very own Discord, starting with the TL:DR channel. Additionally, you can visit the Pocket website and take a deep dive into the protocol, economics, and the forum.

17. Some of the DAO proposals might impact my rewards in the pool. How can I participate and voice my opinions?

You can create an account on the Pocket Forum and comment on any proposals. If you'd like to earn a vote in the DAO, there are multiple paths to do so. These paths are based on showing your knowledge of the project and/or contributing to the project in a tangible way - there's no “buying a vote.” You can check out some ways to claim your vote here.

poktpool™ Staking Transaction Statuses

When you submit a transaction hash to be staked it must be checked against the POKT blockchain to ensure that it is valid. Multiple data elements are verified in order to validate the transaction:

  • Sender wallet address - the address from which the transaction originated must match the wallet registered on your account
  • Destination wallet address - the address to which the transaction was sent must be the staking wallet for the pool
  • Uniqueness - transaction hashes may only be submitted once

Transaction Awaiting Validation

We have not yet attempted to validate the transaction against the blockchain.

Transaction Does Not Exist on Blockchain

Transactions are not immediately available on the blockchain. They become available at the close of a block, which may be 15 minutes or more from the time it was submitted. This status indicates that we attempted to validate the transaction but it was not yet found. We will reattempt to validate for up to 24 hours. Once the transaction is found, the status will change.

Transaction Verified - Pending Stake

Once a transaction has been successfully verified, the amount will be updated and you will see the status change. Transactions do not become fully staked until the next tranche opens.

Transaction Staked

Upon the tranche opening, all verified transactions which had not yet been staked become staked.

Verification Failed - Insufficient Funds

If you did not have enough POKT in your wallet to complete the transaction when the block closed, you may receive this error. This indicates that the transaction could not be completed because the blockchain could not remove the amount of POKT specified.

Verification Failed - User Wallet Mismatch

The sender wallet from which the transaction originated did not match the wallet on your account.

Verification Failed - Destination Wallet Mismatch

The recipient wallet to which the transaction was sent did not match the poktpool™ wallet for staking.

Verification Failed - Not Found After 24 Hours

The transaction has been searched in the blockchain for 24 hours and has not appeared. This usually occurs because a transaction hash from a different blockchain was entered.

KYC

Identity photo verification

Why am I being asked to complete this process?

As a company operating in the United States, we are required to identify users that are interacting with our services on our platform. Identity verification ensures we remain in compliance with Know Your Customer and Anti-Money Laundering laws in the jurisdictions in which we operate, so that we can continue to offer our services to our members. For more details on what information we collect and how we securely store and protect these records, please refer to our Privacy Policy.

How do I complete this process?

  • I. Navigate to “My Account”.
  • II. Click “Verify Your Identity”.
  • III. Click “Start” verification to begin the document upload process.
  • IV. Select the Identity Document type that you want to upload. (Passport, Driver's License, Identity Card).
  • V. Flash will need to be enabled to complete the upload process. If you encounter a pop-up asking you to grant access to your webcam and microphone, click “Allow”.
  • VI. Use your webcam, or phone camera, to scan your Identification Document.
  • VII. Use your webcam, or phone camera, to take a photo of your face.
  • VIII. Once you have uploaded all documents visit “My Account” and allow 2-3 minutes for the verification process to complete. (90% of the cases are accepted by Jumio within that time frame. It can take up to 24 hours)

Identity document verification troubleshooting

I clicked on the KYC button and nothing happens

This could be a pop-up blocker. Try another browser or disable your pop-up blocker. Chrome is the preferred browser.

KYC has been “pending” for a long time

It can take up to 48 hours for Jumio to clear a KYC transaction.

Additional Tips/Suggestions

When uploading pictures of ID, always take a colored photo of the document, even when uploading the ID. A scan or digital copy of the document is not accepted.

In addition, do NOT edit the pictures in any way - no covering, no trimming. All of this would prompt Jumio to give “Manipulated copy” or “photocopy” errors. Also, make sure to have a plain background and not a lot of light coming from behind or above you.

If using a passport, make sure that a signature is visible.

If using mobile device, set it up on a table (or something stationery) during face scanning to avoid shakes.

Do not have other people on camera with you during face scan.

Suggestion for US customers: Please make sure that your personal information is entered exactly as it appears on your government issued ID. It’s important your personal information matches on your ID and poktpool™ account.