Using your WAX account has become much easier with the introduction of the WAX Cloud Wallet, but staking and earning rewards was still difficult for some users. With the release of the new tool by the WAX team, however, this has become very easy! In this article we will explain the new tool and all of its features.
How to get started
To get started with the tool, you will first need a WAX Cloud Wallet account. A WAX Cloud Wallet account is a WAX account which can be created within a minute using any popular social account. If you do not have a WAX account yet, you can visit our guide on how to create one (and how to use it) here.
Once you have an account (with funds in it), you can start using the tool, which you can find here. Before you continue, login to the tool using your WAX Cloud Wallet account by clicking on the login button of the page and verifying the login.
How to use the tool
Now you are ready to use the tool, it’s time to learn about the features. The tool is able to do three different things, namely staking your tokens, proxying your votes, and claiming your rewards. In addition, the tool has an option to automatically perform all 3 of these actions at once, if you wish. We will explain each feature below. Keep in mind that in order to vote, you will need to have some staked tokens, and in order to receive rewards, you will need to vote. If you’d like to learn more about WAX accounts, we recommend reading this article.
Staking your tokens
The first feature of the tool is staking your tokens. Staking your WAX tokens essentially means you lock your tokens for a certain period of time in order to gain access to resources and rewards on the WAX blockchain. This locked period is followed by an unlocking period of 72 hours, after you unstake your WAX tokens. If you’d like to learn more about WAX staking, we recommend reading this article.
To stake your tokens, choose how much tokens you want to stake and click the ‘Stake’ button. Then verify the transaction in the window that will pop up.
Proxying your votes
The second feature of the tool is proxying your votes. Proxying your votes means you delegate your voting power to another party which will vote on behalf of you. If you vote, or proxy your vote, you will start receiving rewards. If you’d like to learn more about voting and these rewards, we recommend reading this article.
To proxy your vote, select any proxy from the list and click the vote button. Then accept the transaction in the window that will pop up.
The proxies are ranked from most popular, to least popular, and you can find additional information on the proxies on Bloks.
Claim your rewards
The final feature of the tool is claiming your rewards. Your rewards are based on the If you’d like to learn more about voting rewards, we recommend reading this article.
To claim your rewards, simply click the claim button and accept the transaction in the window that will pop up. Keep in mind that you can only claim your rewards every 24 hours.
Automate the process
If you wish to speed up the process and do all 3 steps at once, you can always click the ‘I’m lazy’ button. This button stakes all of your unstaked tokens, proxies your vote, and claims your rewards.
This option will automatically delegate your vote to the top proxy, so use this button only if you do not care about who you proxy your vote to or if you were planning on delegating your vote to the top proxy anyways.
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