How to Stake $METO? — A Step-by-Step Guide
For those of you who would benefit from a quick introduction to staking, let me briefly explain what staking is in general before diving into the nitty-gritty of staking $METO.
On the technical side, staking makes validating blockchain transactions possible in a PoS (proof of stake) model. But on the financial side, you can see it as an alternative to depositing in a savings account. Because staking your coins earns you rewards, even mostly a few times higher than what you’d get from saving your money in a traditional bank.
As an example, staking $METO can earn you up to 36% APY (annual percentage yield).
Get ready for staking
If you have decided to stake $METO but don’t know how to do it, just follow the steps below. Before starting the actual staking process, you have to make sure you’re equipped for it.
As $METO staking is currently only possible via Metamask wallet, the first thing to check is whether you have it. If not, it’s the right time to set it up. To add a Metamask wallet extension to your browser, open the https://metamask.io website, click the “Download” button, and choose the suitable version for your device or browser.
Even though the Metamask offers apps for iOS and Android devices, you’ll only be able to stake $METO via a desktop browser extension. And it’s available for Chrome, Firefox, Brave, and Edge browsers.
Pro tip: You can always use Chrome extensions in Opera, as well. The only thing you need to do is download another extension called “Install Chrome Extensions” in Opera. Once you have it downloaded, you’ll be able to use extensions made for Chrome in Opera too.
If you are using the Brave browser and unable to connect your MetaMask wallet, please follow the below instructions:
Go to brave://settings/wallet, then change “Default cryptocurrency wallet” to “None”. Done! Now you should be able to connect your MetaMask wallet smoothly.
If you need any help setting up the Metamask wallet, check out their FAQ and Community forum.
Once you set up Metamask wallet, go to our Staking App by either typing https://app.metafluence.com/staking/ in your browser or clicking the “Stake Now” button on the Staking Page on our website.
Then click the “Connect Wallet” button on the top-right corner to connect to your Metamask wallet.
As you would guess, you need to have coins to be able to stake them. In our case, $METO staking requires you to hold at least 2K $METO tokens in your wallet. Now, go and check to see if you have enough. An easy way of checking it is by clicking on the Metamask extension icon.
Assuming you don’t, here’s a guide on how to buy $METO on PancakeSwap. Additionally, it’s also listed on the MEXC Global exchange.
FYI: Besides $METO, you’ll also need very few BNB tokens for transaction fees to complete staking.
How to Stake $METO?
Once you have enough $METO in your wallet, you’re ready to go. Scroll down to see our Staking Pools. Here you can check the periods, Annual Percentage Yields (aka APYs), and Effective monthly rates for each pool.
We have 4 pools providing different rewards based on the length of the staking period. The longer the staking period is, the higher rewards you receive.
APY here is the rate you can earn on the staking amount over a year, including compound interest. So, for example, if you stake 10,000 $METO in the MEGA Pool, you’ll receive 13,600 $METO after a year.
After deciding on one of the pools, click the respective “Stake” button.
In the opening window, type the amount of $METO tokens you want to stake. Here you’ll have a chance to see the reward you’ll receive at the end of the staking period.
Penalties for unstaking
Before we proceed further, you should know that withdrawing tokens before the end of chosen staking period results in a penalty depending on the number of days prior to maturity.
There’s a different initial penalty percentage for each staking pool, and it decreases linearly towards zero, day by day until maturity. Initial penalty percentages are as follows:
- NANO pool (3 months): 30%
- MICRO pool (6 months): 35%
- MACRO pool (9 months): 40%
- MEGA pool (12 months): 45%
For example, remember our previous example where you’d receive 13,600 $METO by staking 10,000 $METO in the MEGA Pool for 12 months? Now, let’s say you want to withdraw your tokens after six months without waiting for the committed staking period to end. Considering you have still 180 days until maturity, unstaking would mean;
- you’ll lose the right to claim the rewards (36% APY),
- and pay the 22.19% of your initial staking amount (10,000 x 22.19% = 2,219 $METO in this case) as a penalty.
Continue to Stake
In the staking pop-up window above, after typing your desired staking amount, you can now click the “Stake” button to initiate the process.
In the opening Metamask window, you can see the small transaction fee paid in BNB for validating your permission for accessing the staking amount in your wallet to the Metafluence in the blockchain. If you agree, click “Confirm” and wait a few seconds.
The new Metamask window will show you the gas fee for this staking transaction. Click “Confirm” and wait a few seconds to finish the staking process.
Congratulations! You’ve successfully staked $METO. Here you can see your staking date, deposit, the reward you’ll receive, and the remaining days to the end of your chosen staking pool.
How to unstake $METO?
Unstaking is the process of withdrawing your staked tokens before the end of the committed staking period. We strongly recommend refraining from unstaking as it will result in a penalty besides losing the right to claim the rewards.
Having that said, if you’re determined to unstake, you can click the “Unstake” button you see in the above image. The opening pop-up window will show you the penalty you’ll have to pay if you go on.
Click “Confirm” to proceed further. A new Metamask window will open, requiring you to confirm the transaction. Again, click “Confirm” to finish unstaking.
Limitations and Capacities
$METO staking comes with some limitations. We have minimum and maximum limits for each staking pool (in $METO) for each account. And also, staking pools’ total capacities are limited. It means if the amount of staked tokens in one pool in total (by others, as well) has reached the pool’s capacity limit, the pool will become unavailable for everyone to stake more.
NANO pool (3 months):
- Minimum: 2K
- Maximum: 250K
- Total Capacity: 5M
MICRO pool (6 months):
- Minimum: 2K
- Maximum: 500K
- Total Capacity: 10M
MACRO pool (9 months):
- Minimum: 2K
- Maximum: 750K
- Total Capacity: 15M
MEGA pool (12 months):
- Minimum: 2K
- Maximum: 1M
- Total Capacity: 20M
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