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Proxy Your Votes
Proxy Your Votes

Learn how to proxy your votes and earn rewards doing so.

Charles Arroyo-Bishop avatar
Written by Charles Arroyo-Bishop
Updated over a year ago

Within the EOS ecosystem, every token holder possesses the right of selecting Block Producers (BPs). The quantity of votes garnered by BPs directly correlates with their ranking and the responsibility of producing blocks on the EOS mainnet.

EOS token holders have been granted the option to designate a proxy to manage their BP selecting, guaranteeing them an attractive APY (Annual Percentage Yield) return on their holdings.

To maximize rewards, it's essential to choose a proxy that offers adequate rewards, such as the EOS Respect (resproxy.spt) or the EOS Support Proxy (eossprt.spt). These proxies play a crucial role in ensuring that you receive a healthy return on your EOS holdings by carefully selecting Block Producers who contribute to this objective.

Selecting a proxy using the trusted Anchor Wallet

Note: you can also use block explorers such as Bloks.io to select a proxy. To learn how, check out the extensive step-by-step guide provided in the link below the screenshot.
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When using Anchor Wallet (Desktop Version) follow these steps:

  1. In the main menu on the left, click on Governance.

  2. Then navigate to Proxies.

  3. Search for resproxy.spt.

  4. Click on the gray button and, subsequently, the green Confirm button.

If you're looking for a comprehensive, step-by-step guide on selecting a proxy, simply click here.

If you have chosen the EOS Respect proxy 'resproxy.spt,' you'll enjoy a 4% Annual Percentage Yield (APY) applied to the EOS you've staked in REX. For instance, if you've staked 1000 EOS in REX and have configured the EOS Respect Proxy, you can expect to earn a 4% APY on your 1000 EOS. This translates to approximately 40 EOS annually, in addition to any REX Rewards you may receive.

We highly recommend staking your tokens to REX and subsequently transferring them to REX savings. This process introduces a four-day time delay before your tokens can be converted back into liquid assets.

This strategic move serves as a protective measure to safeguard your tokens against potential theft in the unfortunate event that your keys are compromised. You can find detailed information about this security feature by clicking here.

Ready! You selected the EOS Respect proxy and will now receive APY and REX Rewards.

Author: Charles Arroyo-Bishop, Markus Hinrichs

Editor: Randall Roland

Sources & References:

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