Correct. 

And I saw the seven angels who stand before God; and seven trumpets were given to them. ³And another angel came and stood at the altar, holding a golden censer; and much incense was given to him, that he might add it to the prayers of all the saints upon the golden altar which was before the throne. ⁴And the smoke of the incense, with the prayers of the saints, went up before God out of the angel's hand. Revelation 8:2-4 (NAS) 

The Prayers of the Saints:

By way of reminder, Chapter 5 spoke about the prayers of the saints as follows:

And when He had taken the book, the four living creatures and the twenty-four elders fell down before the Lamb, having each one a harp, and golden bowls full of incense, which are the prayers of the saints."  Revelation 5:8  (NAS)

Prior to the book being opened, these prayers were being held by the 24 elders living creatures.  In Revelation Chapter 8, the prayers are now being offered with incense on the altar.

Prayers went up before God:

Revelation 8:4 says that the smoke of the incense with the prayers of the saints went up before God out of the angel's hand.

As each of the Lord's churches suffered with persecution and trials at the time of the Revelation, what a comfort it must have been to them to know that their prayers were not going unnoticed or unheard.  These prayers were going up before God's presence.  Are you a follower of Jesus?  Do you believe that each of your prayers is heard by God as well?

After the prayers of the saints went up before God:

And the angel took the censer; and he filled it with the fire of the altar and threw it to the earth; and there followed peals of thunder and sounds and flashes of lightning and an earthquake. Revelation 8:5 (NAS) 

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