How to stake Skale (SKL) in Hubble Using the MetaMask Wallet
The Skale ecosystem has been designed to create a cost-effective infrastructure for decentralized applications (dApps) based on Ethereum.
Validators play an important role in this system. Validators are node operators that maintain the network’s health and ensure its security. SKL holders can delegate their tokens to these validators, receiving a portion of the rewards without deploying their own nodes.
In this tutorial, you will learn how to stake Skale tokens in the Hubble Explorer using MetaMask.
Other Skale Staking Guides:
Create an account on Hubble
Hubble is a Web3 explorer delivered by the developers of Figment. With the help of Hubble, holders can monitor and interact with the Skale Network, for example, track information about their delegations and rewards, or participate in voting.
Step 1. To create a Hubble account, go to the explorer website and click Sign up as shown in the image.
Step 2. Enter your personal information (nickname, email address, and password) and then click Sign Up.
Done! Your Hubble account has been created. Click Get Started to proceed to the next step.
2. Select a validator
The Hubble home page provides a list of blockchain networks where you can delegate your tokens.
Step 1. Select the Skale network to continue.
Step 2. Select the validator to whom you will delegate the SKL. To speed up the process, enter the name of the validator you need in the search bar, and then click on it.
Why is it important to choose reliable validators?
PoS networks are designed to reward the most valuable contributors (validators and delegators) and punish unscrupulous providers. If one of the validators tries to violate the security of the network, other participants will quickly discover it and may fine the dishonest provider or even effect a block for a while. The same can happen if the validator is inactive for a long time.
Therefore, it’s preferable to choose reliable and trusted validators like Everstake, trusted by the large community. Everstake is a large staking provider from Ukraine that validates on major networks such as Cosmos Network, Cardano, Polkadot, Band Protocol. Soland, Elrond and many others.
3. Stake SKL
Note: if you do not have SKL tokens, you can read about purchasing tokens for ETH in this guide:
After completing the previous stage, you will be taken to a page with staking statistics, where you can stake SKL.
Step 1. Click Stake Now, as shown in the screenshot.
Step 2. Hubble will display a quick guide to staking using MataMask. Click Start Staking to continue. After that, you will need to connect the MetaMask wallet.
4. Connect MetaMask
Step 1. When the MetaMask window opens, select the account where the SKL tokens are located, if there are several, and click Next.
Step 2. Click Connect to connect to Hubble.
Done! The wallet is connected. The final stage is left — indicating the amount and signing the transaction via MetaMask.
5. Complete the delegation
Before starting the final stage, check if there are enough ETH coins in your Ethereum wallet to pay for Gas. After that, proceed with delegation.
Step 1. Enter the SKL amount and click Sign with MetaMask. Please note that the minimum staking amount is 1 SKL.
Step 2. Confirm the transaction by clicking Confirm.
Step 3. If all goes well, Hubble will notify you that the transaction was successfully completed, and you will now receive your rewards. You can view the status and other details of the transaction by clicking on the View Delegation button.
The period of blocking of tokens is determined by the users themselves when delegating. Staking is automatically renewed every two months until the user stakes tokens, but they must disable the auto-delegating function three days before the start of the next epoch.
Note: if you are using Hubble, in order to disable auto-delegating you will need an “Activate” account.
You can delegate SKL at least every two months, but the longer the blocking period, the more rewards the holder will receive, starting from ~ 12% per annum.
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