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Last updated
Last updated
In Q4 2023, 70,000 ALGO have been allocated from Folks Finance’s Targeted DeFi Rewards to incentivize participation in Algorand consensus. The rewards will be distributed solely based on how many blocks users produce.
Participating in Algorand consensus means properly staking ALGO through a node. The ALGO will then be eligible to propose the creation of blocks or vote on the approval status of blocks.
Read the details about eligibility in our Medium article.
Here are the steps to join Consensus and start receiving rewards through Folks Finance
Mint gALGO
Users must be committed to Liquid Governance by minting gALGO. The opportunity to mint gALGO is only available during the first two weeks of each quarter, coinciding with the opening of a new Algorand governance period. If users do not currently have any minted gALGO, they will not be able to earn consensus rewards through Folks Finance until they get another chance to mint gALGO.
Click on “◻ Consensus”
In the corner of the "Your Commitment" box, users should see the word "Consensus" next to an icon of a cube. Users can click on this to open the modal where they will enter the necessary information to join consensus. It is important to ensure that the wallet used to mint gALGO is connected to the Folks app.
Folks Finance does not promote these community-built solutions and recommends that individuals do research before initiating use.
Navigate to https://github.com/AustP/austs-one-click-node.
Read the README.md text.
Navigate to the releases page and download the version compatible with your operating system.
.exe = Windows
.deb = Linux
.dmg = MacOS
Open and install the downloaded file.
Open the Austs’ One-Click Node application.
Allow node to sync.
This may take some time. Do not close the application or shut down your operating system while the node is syncing.
Open on the consensus modal on Folks Finance and copy the Escrow Address.
Click the blue wallet button on Austs’ One-Click Node.
Click “Add” next to “Watch”.
Paste the escrow wallet you copied from Folks Finance.
Click “Add” again.
Click “Generate Keys” and wait a few minutes for the generation to complete.
Copy and paste the following from Austs’ One-Click Node into the modal on Folks Finance:
Vote Key
Selection Key
State Proof Key
Vote First Round (copy the number)
Vote Last Round (copy the number)
Vote Key Dilution (copy the number)
13. Click “Register” on Folks Finance’s Consensus Modal.
Your node should show online status within 60 seconds. After about 300 rounds, which means 300 blocks, you will begin to see your “Blocks Proposed” and “Blocks Voted” metrics go up. With block times currently about 3.4 seconds, going online should take about 15–20 minutes. “Blocks Proposed” and “Blocks Voted” will only go up if enough ALGO is staked.
Low amounts of ALGO may only vote a handful of times and may not propose a block. Click here to check Metrika.co, which will show the minimum required stake to propose a block.
Important information:
When using Austs’ One-Click Node, the app MUST STAY ON AT ALL TIMES to continue running the node. Quitting the app, closing, or turning off your computer will interrupt the node’s connection. If your local instance of Austs’ One-Click Node is closed or goes offline, but your commitment is still registered online on Folks Finance, this is considered harmful action to the network and will disqualify you from earning any Consensus Rewards through Folks Finance during that quarter. Keep track of the “Vote Last Round”, and regenerate your keys before that round comes to pass. It’s recommended to regenerate keys at the start of each governance period.
Built by Vote Coin Founder Ludo Scholtz, A-Wallet is an Algorand wallet which offers the ability to directly connect to consensus. It’s compatible with Folks Finance consensus as well. To get started:
Check out the video: https://youtu.be/WP34oa2tVHk
Navigate to https://www.a-wallet.net/.
Click “New Wallet”.
Set a name and password for the wallet.
Click “New Account” in the top menu bar.
Click either “Create basic account”,“Import Account”, create multisignature account or import ledger account. The wallet you use will need to be the wallet through which you minted gALGO.
If you choose “Create Basic Account”, record and store your 25-word seed phrase somewhere safe.
Click “Start the Challenge” and complete it.
If you choose “Import Account”, import a 25-word seed phrase from a previously created wallet.
If you choose HW — Ledger account, you can use folks finance services with ledger or multisig account protected by ledgers
Create votekey, selection key and another key registration at one of the public Algorand nodes AlgorandPublicData/participation/mainnet-v1.0/public-participation-providers.json at main · scholtz/AlgorandPublicData (github.com) For example https://kmd.h2.a-wallet.net/swagger/index.html
Go to https://app.folks.finance/, authenticate using Wallet Connect 2 , enter your key registration parameters, and make your account online.
Important information:
Keep track of the “Vote Last Round”, and regenerate your keys before that round comes to pass. Make sure you watch and follow the video provided by Ludo Scholtz, linked above the instructions, to make sure you’re joining correctly.