How to stake SKALE (SKL) using MetaMask on Skale.Network: a step-by-step guide
Skale Network provides productive blockchain applications (DApps) built on the Ethereum platform. The Skale Network protocol is based on the BFT (Byzantine Fault Tolerance) standard, which provides security and a high degree of node consensus. Users who own SKALE tokens can delegate them to validators, receiving additional income.
In this guide, we will show you how to connect your Metamask wallet and stake SKALE via Skale Network.
Step 1. Log in to MetaMask
MetaMask is a browser extension for storing and transferring Ethereum-based cryptocurrencies. You can install it using the link.
If you already have a MetaMask account then open the MetaMask extension and unlock your wallet by entering your password.
You will need SKL tokens for staking. If you do not have them in your wallet, you first need to replenish MetaMask by exchanging tokens on the exchange or convert your ETH coins to SKL directly in the wallet using the Swap function.
How to exchange ETH for SKL in the MetaMask wallet
On the extension home page, click the “Swap” button.
Then select SKL from the list of available tokens.
Enter the amount of ETH you want to swap and click on Review Swap.
Advanced Options allow you to configure the allowed limit for price slippage during an exchange. During periods of high activity, the price of a cryptocurrency can change rapidly, which may result in orders not being executed immediately. Increasing the Slippage Tolerance parameter helps you fix this problem. If you are a beginner and do not know what it is, then leave this parameter unchanged.
MetaMask will start monitoring popular DeFi exchange platforms such as Uniswap and look for the best rate at the moment. You can change the Ethereum network fee, but the lower the fee, the longer it will take to confirm the transaction. After you are ready to start the exchange, click “Swap” and confirm the transaction.
Step 2. Connect MetaMask to the Skale Network Platform
Go to the Skale Network validators page.
When you visit the page, the platform will immediately offer to connect your MetaMask wallet. Select an account and click “Next”.
And then click “Connect” to allow the Skale Network platform to transact from your MetaMask wallet.
Done! You have successfully connected MetaMask.
Step 3. Select a validator and delegate SKL
Click “Select Validator” in the “Escrow SKL Tokens” section. In the list that opens, select a validator, for example, Everstake. We recommend choosing validators like Everstake, a reliable staking provider trusted by the entire blockchain community.
Enter the amount of SKL tokens you will stake and click “Delegate from Escrow” if your funds are held in the Skale Network escrow account. Please note that you can stake tokens at any time, but the SKALE staking period starts on the 1st of every month and lasts 60 days. In the future, periods of 3, 6 and 12 months will be added.
Information that will be useful to delegators:
- During the staking period, you will not be able to withdraw your tokens, but you can at any time send a request for an unstake or change the validator before they have approved the transaction.
- If the validator has already approved the transaction, the validator will be changed only at the end of the current month.
- Bounty tokens are credited at the beginning of each month.
If you have successfully staked tokens, a transaction will appear in the “Escrow Token Delegation” block. In the same section, you can withdraw your tokens by clicking “Undelegate”.
If you have several delegations, you can withdraw all delegated tokens at once using the “Retrieve” button.
Similarly, you can stake SKL tokens the classic way. In the “SKL Tokens” section, click “Select Validator”; in the list that opens, find the validator you need and follow the instructions described above.
Warning: The Ethereum network is heavily congested, resulting in high transaction costs. This is due to the high demand for cryptocurrency and the growing popularity of DeFi applications, which mainly use smart contracts provided by this platform. At the time of writing, the average commission per transaction is around $50. It will have to be paid at least twice: when replenishing or swapping ETH or USDT to SKL, and when delegating.
Withdrawal of accrued tokens (Bounty)
The Skale Network has a separate page for withdrawing earned tokens. Go to it and click “Withdraw”. Tokens will be credited to your MetaMask wallet after payment of the Gas commission.
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