Dear Ferrum Community,
In preparation for the opening of the staking pools in less than 24 hours, we offer this guide to help you through the staking process.
If there any questions or concerns, please do not hesitate to ask an admin on our Telegram channel.
Good luck and happy staking!
- Download and install the Ethereum based web wallet MetaMask;
- Add FRM to your MetaMask. This is the contract - 0xe5caef4af8780e59df925470b050fb23c43ca68c - and it’s “6” decimals.
- Deposit minimum 5000 FRM into your MetaMask (plus enough ETH to pay gas fees);
- Go to our staking website;
- Select the staking pool you wish to contribute to(diamond, platinum or gold) and press “Stake” (when it opens) ;
- Authorize your MetaMask to be connected to the staking smart contract;
- After exploring the pool page and you are ready to stake, press “Stake”;
7. This will take you to a new page with 5 steps. First, read and understand the disclaimer and agree to the terms;
8. Next, input the amount of FRM you wish to stake;
9. Then confirm amount is correct and approve the allocation
10. MetaMask will pop up. Allow MetaMask to spend your FRM (i.e. send your FRM to the staking contract) and press “confirm”. IMPORTANT NOTE ON TRANSACTION FEES: you can edit the Ethereum Network gas fee in MetaMask by pressing “edit” and choosing a custom gas fee. Note that lower fees have slower transaction times.
11. Next, confirm your staking transaction is accurate and press “submit”
12. MetaMask will pop up. Confirm your transaction in MetaMask, and remember to edit the gas fee if you wish to change the increase or decrease transaction speeds.
13. Finally, wait until transaction goes through (see countdown on the right corner of page), and after a few seconds your stake should be confirmed!
Video Guide to Staking
Here is a link to a video guide to staking.
How to Unstake
The option to unstake will open up in 3 months for the Gold pool, 6 months for Platinum and 9 month for Diamond. We will publish a guide to unstaking closer to that time.
General Overview of FRM Staking
To understand critical concepts such as staking pools, early withdraws, and redistributed rewards, please refer to our Staking Overview.
FRM staking is designed to be fun, easy and rewarding. But we understand there is always room for improvement. Any comments, suggestions or critiques on how we can improve going forward are greatly appreciated.
As always, thank you all for your support, and happy staking!
Very truly yours,
The Ferrum Network Team
Ferrum Network Links:
Bitcoin Talk: http://bitcointalk.ferrum.network