Staking Instruction

amanai
amanai
Oct 15 · 6 min read
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The following instructions will help guide you go through the staking process in the Dfinance incentivized testnet. Relevant contract information:

XFI Token address:
0xE4E822C0d5b329E8BB637972467d2E313824eFA0

Staking contract address:
0xa885a9d071a9599e45298d9519a9652660638972

Link to the XFI token on Uniswap:
https://app.uniswap.org/#/swap?outputCurrency=0xe4e822c0d5b329e8bb637972467d2e313824efa0

1. Getting ready

Before starting, make sure your XFI and Dfinance Uniswap LP tokens are on your wallet and that you have sufficient ETH to process transactions. Dfinance Uniswap LP tokens can be obtained by providing liquidity to the Dfinance XFI/ETH pool on Uniswap.

Please note that LP staking will be enabled on 20 October.

2. Create Dfinance Wallet

To stake your XFI or LP tokens using the Staking Gateway, first you have to create your Dfinance wallet. Please note that losing access to your Dfinance wallet will result in losing access to any rewards earned (and, once the mainnet is launched, any other assets stored within that wallet).

Navigate to the incentivized testnet wallet and create your Dfinance address using the “Create wallet” button or using your Ledger device through the “Unlock with Ledger” button.

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Important: don’t lose your mnemonic and passphrase! Without them you can’t recover access to your wallet.

NOTE: By transferring your XFI or LP tokens to the Dfinance network, you will receive identical balances of SXFI and LPT respectively on your Dfinance address. You will see your SXFI balance within 100 confirmations on the Ethereum network.

If you wish to use Ledger (recommended), follow these instructions:

  • Install the Cosmos Ledger App on your Ledger device using the official instructions.
  • Launch the Cosmos App on your ledger device and visit the incentivized testnet wallet, and login by clicking on the ‘Unlock with Ledger’ button and follow the instructions that appear on your screen.

Once your new address has been created, copy your address:

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Important: don’t share your Dfinance wallet address before you bind it to your Ethereum address using the Staking Gateway.

3. Bind your Ethereum wallet address and your Dfinance wallet address

Browse to the Staking Gateway, and access the staking portal using your Metamask (the address where you have stored your XFI / LP tokens). In the “Enter your Dfinance address” input field paste (and verify) your Dfinance address you obtained from step 2.

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Paste your Dfinance address and click on the “Bind Ethereum address to Dfinance address” button. This will initiate a bind transaction using Metamask. Please approve the transaction and wait for transaction confirmation.

Once you transaction has been confirmed, you will see a new screen:

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4. Approve spending of XFI / LP

You can now choose which tokens you want to transfer (XFI or LP):

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Select the desired token from the dropdown on the right side of the “Amount” field, and input the amount you want to transfer and send an “approve spending” transaction by clicking on the “Approve” button. Please note if you wish to transfer both XFI and LP, you will need to approve each token type in a separate transaction.

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5. Transfer XFI / LP from Ethereum to Dfinance

Once the “approve spending” transaction has been confirmed, you will be able to transfer your XFI or LP to the Dfinance incentivized testnet:

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Select the desired token from the dropdown on the right side of the “Amount” field, and input the amount you want to transfer. Click on the transfer button and wait for your transaction to be processed. Once your transaction has been processed successfully, it will take approximately Ethereum network confirmations (this can take up to one hour depending on the Ethereum network congestion) until your sXFI or LPT will become available on your Dfinance address.

Once the transfer has completed successfully, you will be able to see your SXFI or LPT balance in your wallet:

6. Stake

You may use your SXFI and LPT balances for staking. To stake them, navigate to the validators screen by clicking the “Validators” button in the top menu:

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Select a trusted validator. Please note that the validator must be active and have enough sXFI self-staked to be eligible to receive your delegation. Also note that validators may carry a fee / commission deducted from the rewards earned. Validators may also adjust this fee (with a maximum adjustment of 1% per day) therefore it is important to keep an eye on your validator of choice.

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Review the chosen validator and if you want to delegate to him (stake) click on the “Stake” button:

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Choose the token type and amount that you want to delegate (LP or XFI) and send a stake transaction:

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You can monitor your earned rewards.

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If you wish to unstake your LP and XFI for some reason or redelegate them, use the “Unstake” or “Redelegate” buttons.

If you choose to unstake coins you will have 7 days to receive them back.

Redelegaton supports 7 redelegations at the same time from different validators and 1 redelegation from 1 validator

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Withdraw your LP and XFI

Important: If you withdraw your XFI and LP from the Staking Gateway during the incentivized tesnet, you will lose all rewards generated during the incentivized testnet period.
Important: Due to the way the Ethereum <> Dfinance binding mechanism works, you will not be able to use the same Dfinance and Ethereum address to re-stake your XFI or LP. If you wish to restake, you will need to use new Ethereum and Dfinance addresses.

To withdraw your LP or XFI use the Staking Gateway. Click on the “Withdraw all” button and confirm the transaction. Once your transaction has been processed, you will receive your XFI and LP back to your wallet address.

Before the launch of the mainnet we will disable XFI withdrawing from the Staking Gateway. LP tokens will still be available to withdraw. We will notify users about the lock in advance.

Dfinance

The Financial Instrument Protocol

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