đStake Your FLIP in 30 Seconds
This page outlines the complete staking process from a user perspective.
How Does stFLIP Work?
When a user converts native FLIP to stFLIP, that FLIP is sent to staking contracts which programmatically mint an equivalent amount of stFLIP to the sender's address.
This native FLIP is staked onto validator nodes that earn protocol rewards for validating the Chainflip Network.
stFLIP always represents native FLIP 1:1, and will accrue these protocol rewards in the form of a rebase, meaning that rewards will automatically accrue to the holder's wallet.
Get Staking, Step 1: Connect Your Wallet
Our staking site uses walletconnect, and therefore supports most major wallets (including hardware wallets).
Once your wallet is connected, the 'Connect Wallet' button will change to 'Approve'. Users will need to approve their FLIP for spending via a transaction before they are able to use the 'Submit Stake' button.
As stFLIP currently resides on Ethereum mainnet, you'll need to make sure you are on the correct network in order to view it within your wallet.
Step 2: Select Amount
Input the amount of FLIP that you would like to stake (this is the amount of native FLIP you will swap for stFLIP 1:1). Users can stake any amount of stFLIP greater than .01. There is no maximum.
Click 'Submit Stake', then confirm the transaction. Higher gas may be needed at times of network stress for a faster transaction.
While you are here, be sure to add both FLIP and stFLIP tokens to your wallet so they are easily viewable.
Step 3: Wait To Receive stFLIP
Congrats! You just staked your FLIP!
Once your FLIP is sent, you will automatically recieve stFLIP in your wallet when the transaction completes. You can always check the status of your transaction by visiting etherscan.io. Simply enter your address and you'll be able to track the progress of your transaction. If in doubt, feel free to send a message in the community Telegram channel.
Step 4: Earn Rewards
This is the easiest step, as now, protocol rewards earned from validator nodes will accrue automatically to your wallet. stFLIP uses a rebase mechanism to allow balances to increase in line with protocol rewards.
You are now helping secure the Chainflip ecosystem, and getting the rewards for doing so!
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