Staked ICX PriceSICXInactive

What is Staked ICX (SICX)?

Staked ICX (SICX) is a representation of staked ICX that allows holders to continue earning native staking rewards without locking their tokens. It operates on the ICON platform and is categorized as an asset-backed token and an interest-earning asset. In the ICON DeFi ecosystem, ICX holders can deposit their ICX into Balanced, where it is converted to sICX. This allows users to keep earning staking rewards while retaining the ability to use sICX as collateral for additional yield strategies. Its contract address on ICON is cx2609b924e33ef00b648a409245c7ea394c467824. A BSC address is also available at 0x323d267fc100fa6c1af2480e8a20d7bf5dad959a.

Key Specifications & Tokenomics

• Name: Staked ICX
• Symbol / Ticker: SICX
• Platform / Blockchain: ICON
• Consensus Mechanism: Delegated Proof-of-Stake (DPoS) via ICON network
• Contract Address (ICON): cx2609b924e33ef00b648a409245c7ea394c467824
• BSC Address (BEP20): 0x323d267fc100fa6c1af2480e8a20d7bf5dad959a
• Categories: Asset-backed Tokens, Interest Earning
• Total Supply (sICX): 0 sICX per the CoinMarketCap static snapshot; no maximum supply is specified.
• Explorer: https://tracker.icon.community/token/cx2609b924e33ef00b648a409245c7ea394c467824
• Audits: no audit report is referenced in available sources.

Who created Staked ICX?

Staked ICX is a derivative token within the ICON ecosystem, and its creation is tied to the ICON network and its DeFi protocols such as Balanced. The ICON project was founded in 2017 and released by the ICON Foundation, an organization based in South Korea. Min Kim is a co-founder of ICON Network. He is the former chief strategy officer of DAYLI Financial Group, Korea's largest fintech holding company, and the former chief operating officer at Tapas Media, a U.S. digital content distribution platform. He is an alumnus of the Haas School of Business at the University of California in Berkeley. Min Kim incubated ICONLOOP, ICON's technical partner. Detailed public information about a separate dedicated team for Staked ICX itself is currently limited.

How does Staked ICX work?

Staked ICX functions as a liquid staking representation. sICX is issued through the Omm liquid staking protocol, which converts ICX into sICX and claims and stakes rewards daily; sICX can then be used as collateral on Balanced. This process allows users to continue earning the native staking rewards of ICON without requiring they lock their tokens. sICX also supports instant unstaking: holders can swap sICX back to ICX immediately for a 1% fee, instead of waiting out the roughly one-week native unstaking period. The underlying ICX staking mechanism on ICON uses a delegated proof-of-stake consensus. ICX holders stake and delegate ICX to validators known as P-Reps. Stakers passively earn rewards, while technical individuals interested in setting up infrastructure and governing ICON can register as P-Reps by paying a 2,000 ICX registration fee. Rewards are distributed every 24 hours and can be claimed immediately via supported ICON wallets. When ICX is delegated, it becomes locked in the governance contract. Unstaking takes around a week, an unlocking period designed to reduce the chances that a large number of tokens unlock at once, which would create network vulnerability. The IISS (ICON Incentives Scoring System) measures contributions to the ecosystem and dynamically determines rewards and issuance rates per block.

What makes Staked ICX unique and valuable?

Staked ICX provides a solution to the trade-off between earning staking rewards and maintaining liquidity. By converting ICX to sICX, holders can continue earning native staking rewards without locking their tokens. This makes sICX a productive asset that can be deposited as collateral in DeFi protocols such as Balanced to pursue additional yield strategies. The token is categorized as asset-backed and interest-earning, reflecting its dual utility. ICON's DPoS consensus lets non-technical stakeholders benefit from staking without having to set up a node or join a staking pool. The ICON network also features a cross-chain framework that simplifies cross-chain development with its xCall messaging standard and connections to secure bridging protocols. Additionally, a sizeable percentage of all fees collected in ICX is burned, which can impact the underlying asset's economics. The IISS staking model determines I-Score, a unit used to quantify a user's contribution to the network, and dynamically adjusts reward rates.

What is Staked ICX used for?

Staked ICX is primarily used to earn staking rewards while participating in DeFi activities. Users can deposit sICX as collateral in Balanced to pursue additional yield strategies. In the broader ICON ecosystem, ICX is utilized throughout ICON's suite of DeFi protocols, including Balanced, OMM, and Optimus. ICX also serves as a currency within dApps on the ICON network, including Craft, ICON's premier NFT marketplace. ICX is the currency of all applications built on the ICON blockchain, used for sending or receiving payments and paying for ICON transaction fees. It also serves as the gas token to operate enterprise products such as Zzeung and broof. Zzeung is a decentralized identity service that allows users to store verified identity on the blockchain, while broof embeds certificates into ICX transaction metadata directly. ICX can also function as a peer-to-peer currency to transact value in a permissionless, borderless, and non-custodial manner.

How Is the Staked ICX ecosystem developing?

The Staked ICX ecosystem is closely tied to the development of the ICON network and its DeFi protocols. ICON holders can log into Balanced with their wallet, deposit ICX converted to sICX, and optionally deposit that sICX as collateral. Other ICON DeFi protocols where ICX is utilized include OMM and Optimus. Craft, ICON's premier NFT marketplace, uses ICX as a currency. Enterprise products Zzeung and broof utilize the ICON public chain to conduct transactions in a decentralized manner.

How to obtain Staked ICX

Staked ICX is not mined through proof-of-work. Instead, it is obtained through staking and delegation on the ICON network. Users convert ICX to sICX through the Omm liquid staking protocol; sICX can then be deposited as collateral on Balanced. The underlying ICX staking process involves locking up ICX in a wallet in exchange for daily ICX rewards. Staked ICX must be delegated to a validator in order to receive these rewards. Reward rates vary with the total amount of ICX staked and are set dynamically by the IISS; check the official ICON tracker for current rates. Rewards are distributed every 24 hours. Hana Wallet supports staking ICX directly from the app. Users can navigate to the Earn Section, tap ICON Staking, choose a validator, set their stake, confirm, and start earning rewards. To claim rewards, users navigate to the main Tokens Section, tap ICON, and tap 'Claim I-Score'. Unstaking ICX requires finding the validator where ICX is currently staked and adjusting the amount to unstake by reducing the stake. The unstaking process takes around a week.

How to keep your Staked ICX Coin safe?

Keeping Staked ICX safe involves using supported wallets and being aware of network changes. Hana Wallet supports staking ICX directly from the app and provides resources such as articles on how validator bonds affect staking rewards, understanding new validator commission rates, and avoiding voting for jailed validators. Staking risks include the approximately one-week unstaking period, which exists to reduce the chances that a large number of tokens unlock at once and create network vulnerability, as well as the 1% fee charged for instant unstaking. Validator-related risks referenced include validator bonds affecting staking rewards, new validator commission rates, and jailed validators. Users should verify contract addresses and use official explorer links when managing their assets.