Nym wallet v1.0.5 is out!

Nym components are continuously evolving to make it easier for all actors in the Nym ecosystem to contribute to and interact with the Nym…

Author: Nym

June 13, 20225 mins read

Nym components are continuously evolving to make it easier for all actors in the Nym ecosystem to contribute to and interact with the Nym privacy network. And this week is seeing some important updates to the Nym smart contracts and a new wallet release.

Firstly, a quick update on the contracts: these are being adjusted so that staking supply better matches real world numbers as well as implementing a more competitive active set. These are important changes that will result in a more dynamic token economics and will have the effect of increasing expected staking APY (up to 40% annualised) for the next couple of months, after which it will tail off to a more stable rate (read more).

The wallet and the explorer have some exciting new features which should make it much easier to…

manage your accounts
bond a node into Nym mainnet or Sandbox testnet
delegate stake to mix nodes as reputation to earn a share of their rewards

Download the new version of the wallet. The wallet is open source, unpermissioned and can be forked by anyone wishing to extend functionality.

Now let’s go through the new features!

1. Multi account management

Until now you could only have one account/address under your login. In this version of the wallet we have added a feature that enables creating multiple accounts under the same login or to import existing ones. To create or import accounts, make sure you have a password set for your wallet and that you are logged in using password (as opposed to logging in using your mnemonic).

Then click on the “Account” notion on top of the wallet (as shown). In the next window import your accounts one by one using their mnemonic or create new accounts.

For each step you will have to confirm actions using your password. When creating a new account always remember to save your mnemonics in a safe place!

2. Better overview of your delegated stake

Here is where we have added the most new features to the new wallet. If you hold NYM tokens, you can delegate your tokens to mix nodes operating the mixnet. This will boost that node’s reputation and enable you to earn a share of the rewards it receives for providing privacy.

In the new wallet release, it is now easier to maintain an overview of who you have delegated stake to and manage your delegations.

The first thing you will notice is a new table that lists your delegations. If you have never delegated to a node before you can start doing so by clicking on the “Delegate” button.

To find a mix node to delegate to, go to the Nym network explorer, where you can sort the nodes based on their different parameters i.e Stake Saturation, Profit Margin, Uptime etc. or browse the delegators channel in the Nym Discord.

When selecting a node make sure not to select the ones with more than 100% stake saturation. Stake saturation of >=100% is now shown in red on the explorer (see below image) meaning those nodes already have too much stake delegated to them and so any extra delegation will just lower the share of rewards for all delegators of that node. You can read more on how to select nodes to delegate to here.

Once you have selected a mix node, simply copy its identity key from the explorer and the amount you want to delegate and paste in the delegation window as below.

Once you confirm that you want to delegate stake to the given mix node, your delegation will be queued up and visible in the “Pending Delegation Events” in the bottom of the page. It can take up to an hour (one epoch) for your delegation to take effect. After that you can see the details of your delegation like in the following image:

You can keep delegating to more nodes by following the same process explained above. All your delegations will be listed on the same page.

3. Easier interface for managing your delegations

Now let’s look into what you can do with each of your delegations. Click on the action menu shown with 3 dots on the right edge of the delegation table (as shown below).

You will notice 4 actions that you can take. Let’s explain each of them:

Delegate more: If you are happy with the performance of the node you have delegated to, you can always add more stake to it.

Undelegate: Undelegate your stake and withdraw the rewards you have accrued by undelegating from the mix node.

Redeem: Redeem rewards you have accrued from a node and transfer the amount to your account balance.

Compound: In order to get compounded rewards for your stake delegation, you will need to compound your rewards manually using this button.

Note that all of the above actions will require some tiny amount of NYMs to pay for transaction fees. Make sure you always have some NYMs left in your balance to be able to pay for fees.

This sums up the new features of this release.

Until next time, happy delegating!