# Staking

Staking is a prerequisite to becoming a validator. To register as a new validator address, you need to send $FNCY, the native asset of FNCY chain, to the smart contract system.

## Prerequisites of becoming a Validator

Validators participating in FNCY consensus algorithm form a consortium, and the addition and deletion of privileges are decided by votes of existing members. To become a validator candidate, you must meet the following prerequisites:

* Complete the KYB (Know Your Business) and KYC (Know Your Customer) certification process
* $FNCY must be deposited in the System Contract and all validators must self-stake a minimum of 5,000,000 FNCY.
* Validator candidates are finally elected through governance voting.

## Delegation

The delegation function will not be opened upon the first mainnet opening on November 22, 2022. Once **FAM (FNCY Authority Members)** consultative body is formalized, then the delegation function will be supported based on the governance voting.