Everything you need to know about staking SKL on SKALE network.
Put your SKL to work on the Activate Platform by Consensys Codefi. Activate facilitates the launch and use of blockchain networks through utility tokens on one simple platform.
What is SKL Staking?
The SKALE Token (SKL) is the native hybrid utility token that represents both a right to work and payment token on the SKALE network. SKL token holders can stake their tokens to validate transactions and secure the SKALE network. dApps developers can access a share of the network’s resources by deploying and renting an Elastic Sidechain by paying rental fees denominated in SKL.
In return for maintaining the security and resiliency of the network, stakers are rewarded monthly through a percentage of the SKL rewards pool. The rewards pool is composed of aggregated protocol reward issuance and dApp fees. The amount of rewards received by stakers is proportional to the total number and duration of tokens staked. Check out the Staking Rewards Calculate Feature to calculate your anticipated staking rewards.
Prerequisites
We will be using Metamask browser extension in combination with Activate Platform by Consensys Codefi. If you have a Ledger Nano S or X we recommend using it for the staking operations. Following the process as described below you can link your ledger to Metamask and sign transactions when prompted.
Users must have SKL tokens to stake and enough ETH in their wallets to cover any gas costs for associated transactions.
How to Stake SKL
Step 1
Go to the Activate Platform website and click “Start Staking SKL“. It is not required for users to create a user account in order to stake their SKL tokens.
Step 2
Click “Connect Wallet” in the upper right hand corner to connect your Metamask Wallet containing SKL and ETH.
Step 3
Scroll down the list of Validators and select “Stake” for the one of your choice.
Step 4
Read and understand the below prompted points regarding the staking process. Once ready click “Stake my first SKALE Tokens“.
Step 5
Scroll down just below your selected validators description and you will see input fields for “Amount to Stake” and “Staking Period“. When filling these in make sure you have enough SKL balance in your connected wallet to satisfy the parameters. Click the check box to confirm Terms and Conditions. Click “Continue“.
Step 6
Submit the delegation request. You will now be prompted to review a summary – if all looks correct please click “Delegate” and confirm the transaction on Metamask.
Once approved, your tokens will begin staking upon the commencement of the first epoch. Once the delegation request is accepted by the validator(s) specified tokens are locked and cannot be undelegated until the specified delegation period concludes. If for some reason the validator rejects your request, you can stake with another validator before the next staking period begins.
We recommend you send your delegation request 5-7 days prior to the start of the next epoch to ensure validators have enough time to accept.
Step 7
Manage Staking Balance.
If at any time you want to review your staking balances, click on ‘Token Inventory’ in your main dashboard to navigate to your portfolio page. Here you will see an overview of your pending staking requests, SKL balance, and staking summary.
Conclusion
Staking SKL is relatively straightforward and easily compatible with Metamask. You can monitor your rewards from the Token Inventory section of Activate. It is a comfort to know that Activate Platform is supported by Consensys Codefi.