Everything you need to know about staking SMAK.
You can stake SMAK by moving your tokens into a wallet that supports staking such as Temple Wallet or Kukai Wallet. In our example, we will be using the Temple Wallet. You’ll then want to head on over to the Smartlink Staking Dashboard to begin interacting with the Staking Smart Contracts.
When you stake your SMAK, you are interacting with a Tezos smart contract. The Smartlink (SMAK) token has the below specific details:
- Contract: KT1TwzD6zV3WeJ39ukuqxcfK2fJCnhvrdN1X
- Type: FA1.2
- Decimal: 3
When staking your SMAK, you have two options:
- Flexible Staking
- Lock-Up Staking
The Smartlink Staking Contracts have been audited by Pyratz Labs.
What is SMAK Staking?
The current version of SMAK staking is funded from a portion of the available supply of SMAK tokens.
Flexible Staking: Users can enter and exit the staking contract freely with no lockup periods, earns a 20% APR on staking with this method.
Locked Staking: Users can enter the staking contract with a lock-up period of 90 days. The advantage is that users will get a higher APR for staking, with the downside being that their funds are locked for a long period of time. This option was available early in the project’s life cycle to help incentivize more SMAK being staked. User earns a 70% APR staking with this method.
Prerequisites
For starters, you need to own some SMAK. You can buy these from the Quipuswap decentralized exchange. You should also have some Tezos (XTZ) in your wallet to pay for any network gas fees.
Secondly, you should download or work with a supported Wallet from the below list, we recommend using Temple Wallet as we will use this for our tutorial.
Supported Wallets
Staking operations are supported by the following wallet solutions:
- Temple Wallet – Hardware Wallet Integration
- Kukai Wallet (Great on Mobile)
- Galleon Wallet (Desktop)
How to Stake SMAK
Step 1
First, go to Temple Wallet and download the wallet extension. Install the application, set your preferences, and agree to terms and conditions.
Now that you have the wallet software you can create a new wallet, pair your hardware wallet, or import an existing wallet. In any case, make sure to have some SMAK and XTZ in the wallet address you will be using the Stake.
Step 2
Go to the Smartlink Staking App and connect your wallet.
Step 3
Now that you are connected you can choose between the Staking Options available, you’ll see the Flexible and 90-day lock-up options to select from.
For our example, we will go with Flexible.
Step 4
Enter the amount of SMAK you want to Stake and click Confirm, this should trigger a prompt for you to confirm the transaction from your wallet.
Confirm the transaction and wait for confirmation on the blockchain.
Congratulations! You are now staking SMAK and can use the dashboard features to monitor and claim your Staking Rewards.
Step 5
To Unstake your SMAK click into the “Staking Details” section to reveal all instances of staking that you have.
When Unstaking SMAK from the 90 Day Lockup option before it has reached 90 days you will be ineligible for any staking rewards. See the below example of a warning message that will appear in this situation.
Click Unstake and confirm the transaction from your wallet
To Unstake from a Flexible staking instance, you will be prompted to enter the amount you want to Unstake.
Click Unstake and confirm the transaction from your wallet.
Lastly, to Claim Rewards, you can hit the green Redeem button to prompt your wallet to Redeem any pending and available rewards you have.
Click Redeem and confirm the transaction on the wallet.
Conclusion
This Staking product by Smartlink is one of the first-ever built on the Tezos blockchain. The process is really easy to understand and the wallet software used is similar to Ethereum’s Metamask, so anyone familiar with the Ethereum ecosystem should have no problem learning how to Stake Smartlink. It is important to note that the 90 Lockup Staking Type will only be available for a limited time so users should go for it while they still can if they desire higher APR and wouldn’t mind committing to a 90 day lockup period. The staking app and dashboard have a lot of really nice features to monitor all your staking instances so that you are fully aware of the rewards earned and available to withdraw. The Smartlink project is definitely a leader in the Tezos ecosystem and they are currently building a DEX. With ambitious products in their roadmap, we see a promising future ahead. Once the platform starts generating fees they also plan on having SMAK token burns derive from a portion of these platform fees which will increase the scarcity of the SMAK token. Keep an eye on this project as it is sure to make waves in the coming months and years!
Happy Staking!