What is the Staking Rewards Verified Provider Program?
Bringing the staking industry forward, together.
The Verified Provider Program is an initiative to increase trust and transparency in the staking industry by verifying that Providers meet a set of criteria, including but not limited to, risk management, longevity, and security measures.
An increasing number of protocols are incentivizing delegators to support network security via staking rewards. The process of selecting a staking provider presents a unique set of challenges for delegators.
- 1.It can be challenging to predict which providers will exhibit a high level of trustworthiness and reliability in the future.
- 2.It can be difficult to determine whether or not a given provider adheres to industry best practices and standards.
These challenges underscore the importance of a comprehensive and transparent framework for evaluating and verifying staking providers.
The latest Staking Rewards Ecosystem Report highlights trust as the key consideration for delegators when selecting a staking provider. Without a layer of trust, delegators are left to navigate a complex and opaque validator set, which often times does not show the providers off-chain setup. The report's findings further underscore the need for industry-wide initiatives, such as the Verified Provider Program, that promote trust and transparency within the staking ecosystem.
The Verified Provider Program represents a significant step forward in fostering trust and transparency within the staking industry. In an unregulated and rapidly evolving market, the program serves as a vital mechanism for ensuring the integrity and reliability of staking providers. By implementing rigorous verification protocols and promoting adherence to industry best practices, the program empowers delegators to make more informed and confident decisions when selecting from the vast array of available providers. Additionally, the program serves as a catalyst for the standardization of industry practices, promoting greater consistency and fairness across the staking ecosystem. Overall, the Verified Provider Program represents a critical component in the ongoing development and maturation of the staking industry.
Follow our handy guides to get started on the basics as quickly as possible:
What are the criteria for verification: