No-Brainer Tutorial for Loom Staking

Wetez
Wetez
Jun 8 · 5 min read

Android 1.1.6 version and iOS 1.1.7 version has supported Loom Staking. Also, this update integrates ERC20 including ETH, LOOM, IOTEX, and POS

Please update the wallet manually here:
www.wetez.io

For people who care about Plasma chain , can join our Loom group and discuss this important sidechain technology development.


In the below are the steps for Loom Staking.

  1. Open Wetez, select ERC20 (ETH, LOOM, IOTX…), and create the ERC20 wallet. Then click Next. On the next page, enter any account name and your password (You should enter passwords twice for confirmation)

2. Enter the backup page and click Back up right away (Note: Please backup the mnemonic and private key by hand, and make sure you keep it in a safe place! This mnemonic and private key are interchangeable with imToken, imToken’s mnemonic and private key can be imported in Wetez).

3. It will display 12 mnemonics in the backup page. After you write down the mnemonic, click the button. Then go to the next page for restoring mnemonic, Follow the mnemonic sequence and finish the restoring step for safety. Click next.

4. After the backup process, enter ERC20 token page, and you can choose which token you want to display. Currently, there are ETH, LOOM, IOTX, and POS. Switch Loom and ETH on.

5. Click on the upper left corner and return to the wallet page. If the creation process is successful, you can see LOOM and ETH token in your asset list. With “+” button, you can change the token display any time.

6. Before entering the Loom Staking process, please make sure that your account has a certain amount of ETH as a transaction fee. In general, 0.1 ETH is sufficient. Please use Wetez’s receiving function to deposit your account ETH

7. Click the Stake button and enter the Loom staking page. Click on delegate button. The system will tell the balance of your plasma chain balance. If the balance is 0, you need to transfer loom to plasma chain first and perform staking. Click Transfer

8. Enter the transfer page, type the number of Loom for transfer, and set the transaction fee. After it is completed, click transfer. Note: Transfer amount of loom from the ERC20 main network to Loom’s plasma sidechain should be an integer.

9. After the transfer is completed, return to the Loom Stake page. This page will take some time to refresh and get the new balance of Plasma chain. The new balance is in the bottom. Click Delegate to next page. Select the amount to delegate and the lock time (the longer the lock time, the higher the profit). Click next after you complete your setting.

10. It will load a while for delegate confirmation. After it shows delegate successfully, return to the Loom Stake page. Wait a short time on this page, and it will refresh the status of the page from time to time. You can see the reward page of Loom in the end


Tutorial of Loom Staking is completed here. Welcome everyone to delegate Loom to Wetez. Besides, there are some frequently asked questions in the below.

1.How to increase the delegation?
To add delegation, you need to initiate a new delegate action. Click on the new delegate button on the reward page. The whole process is the same as you conduct your first delegation.

2. Does the new delegation affect the previous delegation?
The newly added delegation and the previous delegation are independent. Each delegation has a separate record, so it does not affect the locked time and rewards of the previous delegation.

3. How to get rewards?
The reward is calculated by the Loom system itself. It is settled on a periodic cycle. One cycle for one settlement and one cycle is about 2 weeks. The Loom development team are considering speeding up the settlement process.

4. How to compound your reward?
If the reward is not withdrawn, the Loom system will automatically delegate the reward to your staking balance, and your reward will be compounded automatically. If you terminate the delegation, the reward will be withdrawn from staking balance.

5. How to withdraw staking Loom token?
When staking is initiated, users select their lock time on their own. It can’t be unlocked before the pre-setting lock time.

6. How do I delegate again after my staking lock time is completed?
After the lock time is completed, your loom will receive rewards with a 5% annual return if you don’t terminate the delegation. If you re-initiate the delegate action, you can select the new lock time and annual return rate.

7. Can I withdraw rewards and delegation separately?
Yes, it can be withdrawn separately. In the Wetez reward page, there are two functions including withdrawing rewards or withdrawing delegation balance.


For more details, please check the official document
https://dashboard.dappchains.com/en/faq

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Wetez

Mobile Wallet Designed for PoS Validation. @tezos @cosmos @polkadotnetwork. Follow our twitter here https://twitter.com/Wetez_wallet

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