How to Stake Your Edgeware on the Polkadot Explorer
Figment is currently running three validators on the Edgeware network. More information on how to nominate your EDG to a Figment validator can be found below.
Edgeware is a parachain connected to the Polkadot main relay chain. The “self-improving smart contract blockchain” recently launched its mainnet network. This is a step by step guide on how to stake your Edgeware tokens (EDG) via the Polkadot Explorer. Skip to part two of this article if you are already familiar with the Polkadot explorer and have an Edgeware stash address and a controller address.
More general information on Edgeware nominator setup and staking on the Polkadot explorer can be found by clicking the links below.
Part One — Account Creation
- Add the Polkadot chrome extension to your browser, and create your account. This will create addresses for all networks within the Polkadot ecosystem.
- Go to polkadot.js.org/apps, and make sure you are on the Edgeware network by clicking the icon in the top left of the page.
- You can now access your public address and send EDG to your account by clicking the icon next to your account name. This will be your stash account for Edgeware.
- Now you must create a controller account. This controller account will act as a hot-wallet and a medium between your stash account and validator. You can create an account by clicking the “Add account” tab in the Accounts section. Make sure you give it a name that distinguishes it from your stash account.
Part Two — Staking Your EDG
- Now you must add a small amount of EDG from your stash account to your controller account. This will be used to pay for transaction fees on the network. Without funds, the transaction will fail. We recommend sending five to ten EDG to your controller account. Click the send icon on your stash account.
- Select the amount and click make transfer.
- Sign and submit to complete the transfer.
- You can now stake your EDG from your stash account via your controller account.
- Click on the staking tab on the sidebar.
- Click account actions at the top of the page.
- Click new stake on the right of the page.
- Select your appropriate stash account and controller account.
- Insert the amount you would like to stake in the value bonded section. Remember, the unbonding period is seven days.
- Select your payment destination. Stash account (increase the amount at stake) will re-stake your rewards and they will be sent to your stash account. Stash account (do not increase the amount at stake) will not re-stake your rewards and they will be sent to your stash account. Controller account will send rewards to your controller account. We recommend that you send your rewards to your stash account since it is more secure.
- Click bond.
- Sign and submit the transaction to complete the bond.
- Click nominate to choose the validators you would like to stake with.
- You can nominate up to 16 validators on Edgeware. Figment currently has 3 validator running on Edgeware, FIGMENT NETWORKS #1, FIGMENT NETWORKS #2, and FIGMENT NETWORKS #3. You can find our validators by filtering candidates or scrolling through the list.
- Select the validators you would like to nominate and then click nominate.
- Sign and submit the transaction.
- If done correctly, you should receive the notifications pictured below appear on the top right of your screen.
- You should now be able to see your current staking activity.
- Here you can choose to stop nominating, bond more funds, unbond funds, change controller account, change reward destination, and set nominees.
Please contact Clayton (clayton@figment.network) if you have any questions regarding this process.
Interested in learning more about Edgeware? Check out Gavin’s article or feel free to join Edgeware’s Discord Group.
Originally published at https://figment.network.
