In our latest announcement, we outlined our staking program which will commence on the 20th of December 2021, specifically:
- Staking opens: Monday 20th 14:00 UTC
- Staking reward starts: Tuesday 21st 14:00 UTC
Furthermore, we also promised an in-depth guide on how to stake your GF tokens on the GuildFi — so here it is! Follow the simple steps below in order to get your GF tokens to earn for you! Staking the GF token will not only earn you more GF tokens but in the future, will also allow you to earn GXP tokens as well as exclusive NFT drops as well.
*QUICK TIP: To avoid a failed transaction when staking, increase a gas limit to 250,000.
1. Navigate to the Staking page
Your first step is to get onto our staking page.
On our staking page, you will be able to get an overall picture regarding our staking program such as, the total amount of GF staked and the total $ dollar staked. Furthermore, under the Overall section you will also find the current GF price along with the total amount you have staked and any unclaimed rewards from staking.
2. Connect Account
Once on the staking page, you will need to connect with a compatible Web3 wallet. This can be done by clicking the ‘Connect Account’ button at the top right of your screen.
3. Click Stake
Navigate down to the Stake button and click on it. This will result in a pop-up that allows you to select your preferences.
4. Select Staking Period
It is now time for you to select your preferred staking period which will ultimately determine the reward you will receive. As outlined in our last blog post, your reward will be determined by the staking period you select in a time-weighted format. You can review this again here.
The GF token will be locked in the period that it is staked, however in this step you will be able to select the locked period of your choice. The locked period ranges from 2 weeks to 52 weeks. For example locking your token for 2 weeks will provide you with a weight of 1 whereas 27 weeks would provide you with a weight of 1.5 and 52 weeks would provide you with a weight of 2.
The pop-up will also provide you with an estimated APR based on your lock-up period. Note that your GF staking rewards will be vested for a period of 3 months after claiming.
Furthermore, you will also be able to specify exactly how many of your GF tokens you want to stake. If you want to stake all your tokens, simply click the button that says ‘Max’, if you want to specify a number, simply add this onto the empty line next to the letters ‘GF’.
After you have selected your preferred staking option and specified your amount, simply
Click ‘Approve’ to continue.
5. Approve Your Transaction
Once you have clicked the ‘Approve’ button, you will need to approve your transaction with your connected wallet (i.e. Metamask, WalletConnect, Ledger, Trezor). Depending on what wallet you have selected to connect, a different looking pop-up will appear. This pop-up is for you to approve your transaction on the Ethereum blockchain. This step provides the permission for the GuildFi to access your GF tokens in your wallet in order to stake them.
In this step, you will also be able to review the gas fees associated with this transaction.
Please review this step carefully as confirming this step will confirm your transaction with the associated gas fee. Click ‘Confirm’ to proceed or ‘Reject’ if you do not wish to continue.
Be aware that once you ‘Confirm’, it will take some time for the blockchain to process your transaction and confirm it, especially in high traffic circumstances. Therefore, at this moment all you need to do is wait for the transaction to be completed by the blockchain.
6. Stake Your Tokens
Once you’ve clicked ‘Confirmed’ and the transaction has successfully gone through, you are now ready to stake your GF tokens. You will be taken back to the pop-up with your preselected options intact. You will notice that the ‘Approve’ button has been changed to a ‘Stake’ button.
Click the ‘Stake’ button to stake your tokens.
7. Confirm Your Transaction
Again, once you click the ‘Stake’ button. You will have to confirm the transaction with your associated wallet. The wallet prompt will appear as it did when you had to approve the transaction.
Furthermore, you will again be able to review the gas fees associated with this transaction before clicking the ‘Confirm’ button.
*NOTE: Make sure you edit and increase a gas limit to 250,000 to avoid a failed transaction
Once the ‘Confirm’ button is clicked simply wait for the transaction to complete.
8. Staking Complete!
You’ve now completed all the steps to successfully stake your GF tokens and this will be confirmed by a pop-up on the top right of your browser!
9. View Your Staked Tokens
Now, on the staking homepage, you will be able to see your staked tokens under the ‘Overall’ section. These simple steps have now ensured that your GF tokens are earning rewards for you everyday. What’s more? The rewards from staking will be sent out to you everyday, which you will be able to check under the ‘Unclaimed Reward’ section! All we want to say is relax and enjoy your rewards!
About GuildFi
GuildFi is the interconnected Web3 ecosystem of games, NFTs and communities, with an aim to maximize players’ benefits and enable interoperability across the Metaverse. Start your journey at GuildFi to discover games, select guilds of choice, utilize gaming tools, and boost yields based on their performance and engagement across different games in the Metaverse.
The cryptocurrency market and metaverse are constantly changing and ameliorating. We are too. So, follow us on Twitter, Telegram, Discord, and Blog for the latest updates on GuildFi.
