Hey Network’s guide to stake your LOOM tokens 🚀
Get rewarded for securing the LOOM blockchain with Hey Network
Welcome!
You can stake your LOOM tokens by delegating them to Hey Network’s validator and get passive rewards for that. The only way to do it is to use the Loom official DappChain platform. If you are not yet familiar with it, let’s review together the steps to follow in order to stake your tokens and earn juicy rewards with Hey Network 💰
Note: The platform is under constant development by the LOOM team. We will do our best to keep this guide up-to-date but don’t hesitate to reach us on our Telegram channel if you find something that needs to be adapted in the present guide.
Of course come visit us if you have any question or remark that you would like to share about the LOOM ecosystem. We’ll be glad to help you out 🔈
Requirements
All you need are either a Metamask wallet or a Ledger wallet holding the LOOM tokens that you want to stake and a bit of ETH to pay the transaction fees inherent to the Ethereum network.
Given that LOOM is an ERC20 token based on Ethereum, if you acquired LOOM tokens on an exchange just transfer them to the Ethereum address supported by your Metamask account or your Ledger wallet.
Register on the LOOM staking platform
Go to ▶️ https://dashboard.dappchains.com ◀️
Click on New User.
Note: If you have already registered an account on the platform, click on Returning User, follow the login instructions and skip to the next section.
You will get a 12-words passphrase. It’s your only way to access your delegations so store it very carefully. As a security measure to ensure that you copied it, the registration process will ask you to confirm 3 words from your passphrase.
The last step to complete the initial setup is to map your Ethereum wallet (Metamask or Ledger) and your PlasmaChain account. Mapping the wallets allows your PlasmaChain account to interact with the address where your have stored your tokens. You will be asked to sign a gas-free transaction to do so.
Note: The PlasmaChain is an Ethereum’s sidechain maintained by the LOOM team that uses the Plasma Cash technology to allow you to transfer securely your LOOM tokens. For further reading you can refer to this article.
Deposit LOOM tokens on the platform
Now that your accounts are mapped, you have the possibility to deposit your token on the My Account page. Enter the amount of LOOM that you want to deposit and click on the Deposit button. You will be asked to sign and confirm the transfer with your wallet (this is the part where a tiny amount of Ethereum is required).
Stake with Hey Network
Final step 🏁 Let’s go!
Navigate to the Validators page. You will see all validators along with some information about them. Click on the Hey.network validator, hit the Delegate button and enter the amount of LOOM tokens that you wish to stake as well as the lock-up period. Confirm your choice by hitting the Delegate button.
The longer the lock-up period, the higher the reward bonus:
Your delegation will be active as soon as a new election cycle starts. There is currently a new election cycle every 10 minutes.
Note: Hey Network does not own your tokens at any time. You keep the entire ownership of your tokens. The delegation process is a mean for you to support us proportionally to your stake.
🙏 A HUGE THANK YOU for your confidence in Hey Network 🙏
You made a smart choice. Sleep well, we take care of everything and enjoy your rewards.
Don’t hesitate to reach us on our Telegram channel if necessary. We’ll be glad to help you out!
