How to Use stakeBelaSplit Function: Sharing is Caring!
The Bela team believes in putting cryptocurrencies/tokens in the hands of as many people as possible through limiting friction in the on-boarding process. This is the motivation for Belacam itself, the ERC20 swap, and the transition to Staking for new BELA minting, specifically the stakeBelaSplit function.
As you are aware, BELA is minted through an internal staking function. Users “lock-up” funds in the contract for a flat period of 30 days with stakeBela. Then, they are eligible to claim (claimstake) back their principal investment along with accrued earnings.
The stakeBelaSplit function takes these earnings and allows a user to share them with a friend. Users get to choose one other address to share their 30 day earnings with at a 50/50 ratio.
Follow these steps for a friend or family member that you want to invite into the BELA community (or crypto in general):
- Tell them to make a new ETH wallet, or if they have one, ask for their address (If you need help with that, we have a guide here: https://medium.com/livebela/setting-up-an-erc20-bela-receiving-address-9f4f23129c76).
- Follow all the instructions on this guide (https://medium.com/livebela/how-to-stake-bela-in-mew-and-mist-wallets-957e1749b028) until you get to “Select a function”.
- Rather than selecting stakeBela, select stakeBelaSplit. Use stakeBelaSplit for the entirety of this process.
4) You will be prompted for the _stakeAmount (red arrow) and the _stakeSplitAddress (blue arrow). Enter how much BELA you wish to stake in the first field. In the second field, enter your friend’s address from step 1 of this guide. Do not forget to add 18 zeros to the _stakeAmount — if you are staking 100 BELA, this field should say “100000000000000000000” or “100e18”. The instructions from here on will be slightly different for Mist vs. MyEtherWallet — follow option A for MyEtherWallet and option B for Mist.
5A) You now need to access your wallet containing BELA and enough ETH to cover gas. This means signing in using your private key or another method.
5B) Execute your transaction by entering your password into Mist and clicking Send Transaction.
6A) Then click “Write”, and “Generate Transaction” and subsequently “Yes, I am sure”.
6B) To check that your transaction has succeeded from Mist, you can read the contract that you just wrote. If the number for “Staked Balance” matches the amount you want to stake (here its 100 BELA or 100e18), then your transaction was successful! After this, your BELA is officially staked and it has began earning rewards for you and the address you selected.
7A) Once you get this green box, you are done! You can click this link and track your transaction to see when it gets completed. After it is successful, your BELA is officially staked, and it has began earning rewards for you and the address you selected.
IMPORTANT: The original staker must call the claimstake function after the the 30 day period, not the linked address. When that happens, both addresses will automatically be credited with their reward. Just as with normal staking, no additional rewards will be accrued for time elapsed after the 30 days. The user must claim the stake and restake to start the cycle once again. ALSO, you cannot stake BELA normally and stakeBelaSplit from the same address in the same 30 day period. If you want to do both simultaneously, simply make a new ETH wallet and start the process again.
stakeBelaSplit is a great way to get one of your friends or family members into cryptocurrency. You can tell them how to set up an ETH address and thats all it takes! You can then start supplying them with a small deposit of BELA every 30 days.
In addition, stakeBelaSplit will give Belacam users a way to provide support to their favorite content creators in an ongoing, Patreon-style manner. It will be directly and seamlessly implemented into the application, likely in an early update after the first public launch. Stay tuned for Belacam full launch in July to learn more.
If you have any other questions about staking or claiming your stake, consult the original “How to Stake BELA…” guide linked in step 2.
Whether you are staking your tokens for yourself or splitting your rewards, happy staking BELA community!