How to automatically restake your $SCRT staking rewards with the REStake app
Welcome $SCRT family, 𝕊ecret Keeper validator is glad you’ve found this guide on how to automatically restake your $SCRT staking rewards with the REStake app! This tool also works for many other chains within the Cosmos ecosystem!
Simply speaking, it’s a very convenient way of restaking your rewards to the Validator you have already staked your $SCRT with! By restaking you are actively securing the network by increasing the amount of coins staked, maximizing your staking rewards and don’t need to manually restake every now and then. What is awesome with REStake app is that Validator pays for the transaction fees, so you can have your $SCRT restaked daily for FREE!
First of all — to handle your assets within the Cosmos ecosystem and be in charge of your coins, you’re in need of the Keplr-Wallet (https://www.keplr.app/). Be sure to only install it from legitimate sources.
If you’ve got questions on how to get started with Keplr, jump in here: https://keplr.crunch.help/
So how does REStake work?
“REStake makes use of a new feature in Cosmos blockchains called Authz. This allows a validator (or any other wallet) to send certain pre-authorized transactions on your behalf.
When you enable REStake you authorize the validator to send Delegate messages for their own validator address. The validator cannot delegate to any other validators, and the authorisation expires automatically after one year and you can revoke at any time.” (source REStake.app)
Let’s get started!
Visit https://restake.app/secretnetwork and be sure you’re connected to the right page. Once you visit the page you should get a Keplr-Wallet pop-up asking you to connect to restake app. If there is no pop-up, find and click on the “Connect” button on the right of the page menu!
Accept the connection request transaction in your Keplr-Wallet pop-up.
If you’ve already staked with 𝕊ecret Keeper or any other validator at Secret Network you will be on the “My Delegations” tab— click on the green “Enable” button right next to our name, read the details and click “Enable REStake”! You can cancel this connection anytime. If you haven’t staked with us, click on “REStake operators” tab, find 𝕊ecret Keeper in the list and click on the Delegate button to the right of the name and go through the usual delegating process.
After hitting “Enable REStake” you’ll have to sign the transaction in your Keplr wallet.
Congratulations, you’ve now successfully activated the automatic restake of your $SCRT rewards with 𝕊ecret Keeper! You can confirm the TX went through by looking for the clock icon. If you hover above it, it shows you when the next REStake will happen. It’s daily!
If you want to cancel the authorization of REStake app you can do that by clicking “Manage” on the right of the 𝕊ecret Keeper validator name and then clicking “Disable REStake” (DON’T press it now, only click it when you want to revoke your consent for automatic reward restaking!)
The REStake app is open source, audited and safe to use! Find the code here:
Thank you very much if you are choosing 𝕊ecret Keeper as the Validator of your choice!
Social media channels:
Secret Keeper Validators Twitter: https://twitter.com/scrtkeepernode
Secret Keeper Validators Telegram: https://t.me/scrt_keeper_chat
Thank you to Cosmos validator ECO_STAKE for creating this awesome tool!
Follow them here: https://twitter.com/eco_stake
Disclaimer: 𝕊ecret Keeper validator will NEVER reach out and ask for your private keys — please be very careful and educate yourself in regards of your financial safety! Please store your keys offline and don’t fall for scammers!