Should we encourage people to stake Mina outside exchanges and how ?

Do you even believe that it could become an issue ? Do you have experience on how other PoS projects “fight” against this tendancy of people staking coins on exchanges ?

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It’s a good question. I think some people will always prefer to have their coins on an exchange, just because they perceive that to be less risky. Do you know if there is there a (simple) way to find out what % of people stake on exchanges V’s with node operators? Also where would you class someone like staketab or everstake?

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a step in this direction would be for Ledger to approve Mina on Ledger Live I would think…

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Do you know what their procedure is for adding compatibility for a cryptocurrency? Is it something we can encourage them to do or is it more from a technical level?

It’s an application-approve process. Mina dev (jspada) has submitted the application for months, but Ledger has been not been very respoonsive.

I wonder if they are responsive to community voices? I notice Ledger are having an event in Paris in Dec https://twitter.com/Ledger/status/1463553375702765572

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shall we barge in? :rofl:

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There is no way we can achieve it at the moment. The market keeps getting bigger. New blood keeps joining in. The majority of these groups heavily hold their holdings in exchanges. The way outside the exchanges is another custody service with a very simple streamlined process with extra benefits. This creates another centralized point so I don’t see it happening :slight_smile:

No, although Paris is lovely this time of year! :grinning: I just wondered if there is currently an active communication happening between Ledger and MF?

Hi Syd, I have no doubt there since, it is those who made wallets that help in delegating outside of exchanges that have helped mina to grow. Maybe we could gather with the community and press ledger as a group to make them accelerate the approval.

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Giving new users the possibility to own their coins themselves, aka using an easy, secure and user friendly wallet, will help the project succeed in the long term. The more people actually participate in the network the more benefits the entire community will have. TrustWallet integration will boost that even more, which is great. But having an official ledger app will give users more security as well

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I actually think that having a reason to hold them outside of the exchange would be the largest driver. An example of this is having SNAPPs which people want to use :slight_smile:

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One thing that make me mad everyday is when I see Binance wallet with all their users tokens and they don’t give any stake option.

I understand how important is to be on Binance, but is there any chance to ask them to make stake avaiable for their users? I have 99% on Auro just kept there 50 or so cause they put users a 0.5 mina fee on withdraw even when they make the tx wih 0.02, but they have millions of users tokens there earning lots of stake only for them

In my opinion, any project that cares about decentralization should promote non-custodian HODLing/staking.

MF delegation enforces hi-uptime and good behaviors on the validators’ side. And, there is also a rule that limits concentration.

Why not encourage holders to delegate to them…

Also, Polkdot enforces decentralization at the protocol level. I think that PoS blockchains need such a mechanism. There are proposals about it here: Long Term Decentralisation ideas? - #19 by TauLepton