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什么是委托人（delegator）？

无法或不想运行验证者节点的人，仍然可以作为委托人参与质押过程。实际上，验证者的选出并不取决于其自我委托的质押数量，而是取决于其总质押量；总质押量等于其自我委托质押与其他人委托给它的质押之和。这一点非常重要，因为它使委托人成为约束验证者不良行为的一道保障。如果某个验证者行为不当，其委托人会将自己的 Atom 从该验证者处转走，从而降低其质押量。最终，如果某个验证者的质押量跌出质押量最高的前 180 个地址，它就会退出验证者集合。 委托人会分享其验证者的收益，但也会共同承担风险。 在收益方面，验证者与委托人的区别在于：验证者可以先从应分配给委托人的收益中收取一部分佣金，再进行分配。该佣金比例会提前向委托人公开，并且只能在预定义约束下变更（见下方章节）。在风险方面，如果验证者行为不当，委托人的 Atom 可能会被罚没。更多信息请参见风险部分。 要成为委托人，Atom 持有者需要发送一笔“委托交易”，指定希望绑定的 Atom 数量以及委托给哪个验证者。Cosmos Hub 浏览器会展示一份验证者候选列表。之后，如果委托人希望解除部分或全部质押，需要发送一笔“解绑交易”（Unbond transaction）。从那时起，委托人需要等待 3 周才能取回自己的 Atom。委托人也可以发送一笔“重新绑定交易”（Rebond Transaction），将委托从一个验证者切换到另一个验证者，而无需经历这 3 周等待期。 如需查看如何成为委托人的实操指南，请点击这里。

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选择验证者

为了选择验证者，委托人可以直接在 Mintscan 或其他 Cosmos 区块浏览器中获取一系列信息。
  • 验证者名称（moniker）：验证者候选人的名称。
  • 验证者描述：验证者运营者提供的描述信息。
  • 验证者网站：指向验证者网站的链接。
  • 初始佣金率：验证者向任何委托人收取的收益佣金比例（详见下文）。
  • 佣金最大变更率：验证者佣金的单日最大上调幅度。该参数不能由验证者运营者更改。
  • 最大佣金率：该验证者候选人可收取的最高佣金比例。该参数不能由验证者运营者更改。
  • 验证者自绑定数量：自我委托 Atom 数量较高的验证者，相比自我委托数量较低的验证者，有更高的自身利益绑定。

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委托人的行动准则

成为委托人并不是一项被动工作。以下是委托人的主要行动准则：
  • 在委托前，对验证者进行充分且审慎的尽职调查。 如果验证者行为不当，其总质押的一部分可能会被罚没，而这其中也包括委托人的质押。因此，委托人应认真选择自己认为会正确履职的验证者。
  • 在完成委托后，持续主动监控验证者。 委托人应确保其委托的验证者行为正常，包括保持良好在线率、不进行双重签名、不被攻破，并积极参与治理。同时也应关注其适用的佣金比例。如果委托人对某个验证者不满意，可以解绑或切换到其他验证者（注意：委托人切换验证者时无需等待解绑期，重新绑定会立即生效）。
  • 参与治理。 委托人可以且应当积极参与治理。委托人的投票权与其已绑定质押规模成正比。如果委托人不投票，他们将继承其验证者的投票结果；如果委托人投票，则会覆盖其验证者的投票结果。因此，委托人能够对验证者形成制衡。

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收益

验证者和委托人会因其提供的服务而获得收益。收益主要以三种形式发放：
  • 区块增发（Atoms）：收益以新创建的 Atom 发放。设置区块增发是为了激励 Atom 持有者参与质押。年化通胀率的设计目标是使已绑定质押占比达到 2/3。如果全网总绑定质押低于 Atom 总供应量的 2/3，通胀率会持续上升，直至达到 20%；如果全网总绑定质押高于 Atom 总供应量的 2/3，通胀率会持续下降，直至达到 7%。这意味着，如果总绑定质押长期低于 Atom 总供应量的 2/3，未参与质押的 Atom 持有者可以预期其 Atom 价值每年按复利计算缩水 20%。
  • 交易手续费（多种代币）：Cosmos Hub 上的每笔转账都会附带交易手续费。这些手续费可以使用任何已被 Hub 治理列入白名单的货币支付。手续费会按质押比例分配给已绑定的 Atom 持有者。上线时首个白名单代币是 ATOM。

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验证者佣金

每个验证者都会根据其总质押量获得收益。在将收益分配给委托人之前，验证者可以先收取佣金。换句话说，委托人需要就其获得的收益向验证者支付佣金。下面看一个具体示例： 假设某个验证者的质押量（即自我委托质押 + 被委托质押）占所有验证者总质押量的 10%。该验证者有 20% 的自我委托质押，并收取 10% 的佣金。现在再假设某个区块产生如下收益：
  • 990 Atoms 的区块增发
  • 10 Atoms 的交易手续费。
这意味着共有 1000 Atoms 和 100 Photons 需要在所有质押池之间分配。 该验证者的质押池占总质押量的 10%，因此该池将获得 100 Atoms 和 10 Photons。现在来看收益在池内的分配方式：
  • 佣金 = 10% * 80% * 100 Atoms = 8 Atoms
  • 验证者收益 = 20% * 100 Atoms + 佣金 = 28 Atoms
  • 委托人总收益 = 80% * 100 Atoms - 佣金 = 72 Atoms
随后，质押池中的每个委托人都可以领取自己在委托人总收益中的份额。

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流动性质押

Liquid Staking 模块通过一套安全框架及相关治理可控参数，来规范流动性质押的采用。 LSM 通过将可进行流动性质押的 ATOM 总量限制为全部已质押 ATOM 的一定百分比，以降低流动性质押带来的风险。作为额外的风险缓解机制，LSM 还要求验证者必须自绑定一定数量的 ATOM，才有资格接受流动性质押提供方的委托，或有资格铸造 LSM 代币。该机制称为“validator bond”，在技术上与当前的 self-bond 机制不同，但作用方式相似。 与此同时，LSM 引入了让已质押 ATOM 立即进入流动性质押的能力，而无需等待解绑期结束。 LSM 使用户能够立即将自己已质押的 ATOM 转为流动性质押，而无需等待 21 天解绑期。这一点非常重要，因为当前 ATOM 供应中有相当大的一部分已经处于质押状态。将已质押的 ATOM 转为流动性质押，原本需要承担三周内放弃质押收益的切换成本。LSM 消除了这一切换成本。 用户可以访问任何已集成 LSM 的流动性质押提供方，只需点击一个按钮，就能将自己已质押的 ATOM 转换为流动性质押 ATOM。这会像对未质押 ATOM 进行流动性质押一样简单。 从技术上讲，这是通过一种称为“LSM share”的机制实现的。借助 liquid staking 模块，用户可以将自己已质押的 ATOM 进行代币化，并将其转化为 LSM shares。LSM shares 可以兑换回底层已质押代币，并且可转移。已质押的 ATOM 在完成代币化后，可以立即转移给流动性质押提供方，以换取流动性质押代币，而无需等待解绑期结束。

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切换份额代币化能力

目前，liquid staking 模块支持将已质押资产立即转换为流动性质押代币。尽管这一能力带来了很多好处，但它也会在无意中削弱传统质押提供的一种保护措施：当钱包被攻破时，账户可以通过将代币质押来使其失去流动性（攻击者必须先解绑，然后才能将代币转出）。 代币化会使这种潜在的恢复措施失效，因为攻击者可以将已质押代币代币化后立即转移到另一个钱包。因此，作为附加保护措施，staking 模块允许账户通过 DisableTokenizeShares 消息有选择地禁用其质押的代币化功能。 DisableTokenizeShares 消息由 staking 模块提供，可按如下方式执行： 
gaiad tx staking disable-tokenize-shares --from mykey
当代币化被禁用后，账户上会加上一把锁，从而有效阻止任何委托被代币化。重新启用代币化会启动移除该锁的流程，但这一过程不是立即完成的。锁的移除会进入队列，而该锁本身会在整个解绑期内持续存在。解绑期结束后，这把锁才会被完全移除，账户的代币化能力也会恢复。对于支持启用该锁的流动性质押协议而言，这种延迟能让底层网络在发生漏洞利用事件时更好地协调恢复工作。

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风险

质押 Atom 并非没有风险。首先，已质押的 Atom 会被锁定，取回它们需要经历一个为期 3 周的等待期，即解绑期。此外，如果验证者行为不当，其总质押中的一部分可能会被罚没（即被销毁），其中也包括委托人的质押。 主要有一种罚没条件：
  • 双重签名（Double signing）：如果有人举报某个验证者在同一链 ID、同一区块高度上对两个不同区块进行了签名，该验证者将被罚没。
这就是为什么 Atom 持有者在委托前应对验证者进行充分且审慎的尽职调查。同样，委托人积极监控其验证者的活动也非常重要。如果某个验证者表现可疑或过于频繁离线，委托人可以选择解除委托或切换到其他验证者。委托人还可以通过将质押分散到多个验证者来降低风险。

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What is a delegator?

People who cannot or do not want to operate validator nodes can still participate in the staking process as delegators. Indeed, validators are not chosen based on their self-delegated stake but based on their total stake, which is the sum of their self-delegated stake and of the stake that is delegated to them. This is an important property, as it makes delegators a safeguard against validators that exhibit bad behavior. If a validator misbehaves, their delegators will move their Atoms away from them, thereby reducing their stake. Eventually, if a validator’s stake falls under the top 180 addresses with highest stake, they will exit the validator set. Delegators share the revenue of their validators, but they also share the risks. In terms of revenue, validators and delegators differ in that validators can apply a commission on the revenue that goes to their delegator before it is distributed. This commission is known to delegators beforehand and can only change according to predefined constraints (see section below). In terms of risk, delegators’ Atoms can be slashed if their validator misbehaves. For more, see Risks section. To become delegators, Atom holders need to send a “Delegate transaction” where they specify how many Atoms they want to bond and to which validator. A list of validator candidates will be displayed in Cosmos Hub explorers. Later, if a delegator wants to unbond part or all of their stake, they need to send an “Unbond transaction”. From there, the delegator will have to wait 3 weeks to retrieve their Atoms. Delegators can also send a “Rebond Transaction” to switch from one validator to another, without having to go through the 3 weeks waiting period. For a practical guide on how to become a delegator, click here.

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Choosing a validator

In order to choose their validators, delegators have access to a range of information directly in Mintscan or other Cosmos block explorers.
  • Validator’s moniker: Name of the validator candidate.
  • Validator’s description: Description provided by the validator operator.
  • Validator’s website: Link to the validator’s website.
  • Initial commission rate: The commission rate on revenue charged to any delegator by the validator (see below for more detail).
  • Commission max change rate: The maximum daily increase of the validator’s commission. This parameter cannot be changed by the validator operator.
  • Maximum commission: The maximum commission rate this validator candidate can charge. This parameter cannot be changed by the validator operator.
  • Validator self-bond amount: A validator with a high amount of self-delegated Atoms has more skin-in-the-game than a validator with a low amount.

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Directives of delegators

Being a delegator is not a passive task. Here are the main directives of a delegator:
  • Perform careful due diligence on validators before delegating. If a validator misbehaves, part of their total stake, which includes the stake of their delegators, can be slashed. Delegators should therefore carefully select validators they think will behave correctly.
  • Actively monitor their validator after having delegated. Delegators should ensure that the validators they delegate to behave correctly, meaning that they have good uptime, do not double sign or get compromised, and participate in governance. They should also monitor the commission rate that is applied. If a delegator is not satisfied with its validator, they can unbond or switch to another validator (Note: Delegators do not have to wait for the unbonding period to switch validators. Rebonding takes effect immediately).
  • Participate in governance. Delegators can and are expected to actively participate in governance. A delegator’s voting power is proportional to the size of their bonded stake. If a delegator does not vote, they will inherit the vote of their validator(s). If they do vote, they override the vote of their validator(s). Delegators therefore act as a counterbalance to their validators.

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Revenue

Validators and delegators earn revenue in exchange for their services. This revenue is given in three forms:
  • Block provisions (Atoms): They are paid in newly created Atoms. Block provisions exist to incentivize Atom holders to stake. The yearly inflation rate is calculated to target 2/3 bonded stake. If the total bonded stake in the network is less than 2/3 of the total Atom supply, inflation increases until it reaches 20%. If the total bonded stake is more than 2/3 of the Atom supply, inflation decreases until it reaches 7%. This means that if total bonded stake stays less than 2/3 of the total Atom supply for a prolonged period of time, unbonded Atom holders can expect their Atom value to deflate by 20% (compounded) per year.
  • Transaction fees (various tokens): Each transfer on the Cosmos Hub comes with transactions fees. These fees can be paid in any currency that is whitelisted by the Hub’s governance. Fees are distributed to bonded Atom holders in proportion to their stake. The first whitelisted token at launch is the ATOM.

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Validator Commission

Each validator receives revenue based on their total stake. Before this revenue is distributed to delegators, the validator can apply a commission. In other words, delegators have to pay a commission to their validators on the revenue they earn. Let us look at a concrete example: We consider a validator whose stake (i.e. self-delegated stake + delegated stake) is 10% of the total stake of all validators. This validator has 20% self-delegated stake and applies a commission of 10%. Now let us consider a block with the following revenue:
  • 990 Atoms in block provisions
  • 10 Atoms in transaction fees.
This amounts to a total of 1000 Atoms and 100 Photons to be distributed among all staking pools. Our validator’s staking pool represents 10% of the total stake, which means the pool obtains 100 Atoms and 10 Photons. Now let us look at the internal distribution of revenue:
  • Commission = 10% * 80% * 100 Atoms = 8 Atoms
  • Validator’s revenue = 20% * 100 Atoms + Commission = 28 Atoms
  • Delegators’ total revenue = 80% * 100 Atoms - Commission = 72 Atoms
Then, each delegator in the staking pool can claim their portion of the delegators’ total revenue.

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Liquid Staking

The Liquid Staking module enacts a safety framework and associated governance-controlled parameters to regulate the adoption of liquid staking. The LSM mitigates liquid staking risks by limiting the total amount of ATOM that can be liquid staked to a percentage of all staked ATOM. As an additional risk-mitigation feature, the LSM introduces a requirement that validators self-bond ATOM to be eligible for delegations from liquid staking providers or to be eligible to mint LSM tokens. This mechanism is called the “validator bond”, and is technically distinct from the current self-bond mechanism, but functions similarly. At the same time, the LSM introduces the ability for staked ATOM to be instantly liquid staked, without having to wait for the unbonding period. The LSM enables users to instantly liquid stake their staked ATOM, without having to wait the twenty-one day unbonding period. This is important, because a very large portion of the ATOM supply is currently staked. Liquid staking ATOM that is already staked incurs a switching cost in the form of three weeks’ forfeited staking rewards. The LSM eliminates this switching cost. A user would be able to visit any liquid staking provider that has integrated with the LSM and click a button to convert her staked ATOM to liquid staked ATOM. It would be as easy as liquid staking unstaked ATOM. Technically speaking, this is accomplished by using something called an “LSM share.” Using the liquid staking module, a user can tokenize their staked ATOM and turn it into LSM shares. LSM shares can be redeemed for underlying staked tokens and are transferable. After staked ATOM is tokenized it can be immediately transferred to a liquid staking provider in exchange for liquid staking tokens - without having to wait for the unbonding period.

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Toggling the ability to tokenize shares

Currently the liquid staking module facilitates the immediate conversion of staked assets into liquid staked tokens. Despite the many benefits that come with this capability, it does inadvertently negate a protective measure available via traditional staking, where an account can stake their tokens to render them illiquid in the event that their wallet is compromised (the attacker would first need to unbond, then transfer out the tokens). Tokenization obviates this potential recovery measure, as an attacker could tokenize and immediately transfer staked tokens to another wallet. So, as an additional protective measure, the staking module permit accounts to selectively disable the tokenization of their stake with the DisableTokenizeShares message. The DisableTokenizeShares message is exposed by the staking module and can be executed as follows: 
gaiad tx staking disable-tokenize-shares --from mykey
When tokenization is disabled, a lock is placed on the account, effectively preventing the tokenization of any delegations. Re-enabling tokenization would initiate the removal of the lock, but the process is not immediate. The lock removal is queued, with the lock itself persisting throughout the unbonding period. Following the completion of the unbonding period, the lock would be completely removed, restoring the account’s ability to tokenize. For liquid staking protocols that enable the lock, this delay better positions the base layer to coordinate a recovery in the event of an exploit.

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Risks

Staking Atoms is not free of risk. First, staked Atoms are locked up, and retrieving them requires a 3 week waiting period called unbonding period. Additionally, if a validator misbehaves, a portion of their total stake can be slashed (i.e. destroyed). This includes the stake of their delegators. There is one main slashing condition:
  • Double signing: If someone reports on that a validator signed two different blocks with the same chain ID at the same height, this validator will get slashed.
This is why Atom holders should perform careful due diligence on validators before delegating. It is also important that delegators actively monitor the activity of their validators. If a validator behaves suspiciously or is too often offline, delegators can choose to unbond from them or switch to another validator. Delegators can also mitigate risk by distributing their stake across multiple validators.