Getting Started with Lition Pool Staking — How to Deposit

Lition Blockchain
Jan 2, 2020 · 4 min read
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Lition Pool Staking (LPS) requires a minimum of 5000 LIT tokens to participate. You’ll also need a small amount of ETH in your account to pay gas costs (transaction fees).

This tutorial covers deposits and troubleshooting. If you have any questions about LPS in general, please see our FAQ.

You can also find a French translation of this article provided by the Lition community here.

Metamask

Lition Pool Staking has been designed to work with Metamask.

  1. Install Metamask
  2. Create new account to send your Lition tokens to, OR, import the account currently holding your tokens via these options:
  • Hardware wallet
  • Private Key or JSON file

3. Ensure you have enough Ethereum to cover gas fees for the transactions.

4. Enable “contract data” in the Ethereum app if using a hardware wallet to sign transactions in Metamask.

Important LPS Information

We recommend using Chrome and clearing your browser cache if you are having trouble viewing balances or any other data on the LPS website. Firefox is not currently supported.

All contracts now have a “re-stake” function that allows users to re-stake with the same parameters, rather than withdrawing and creating a new stake.

  1. Navigate to https://staking.lition.io/lition-pool/ and ensure you are logged into Metamask and connected to the appropriate account. We recommend using Chrome browser.
  2. Click on ‘+ new deposit’ (Only one of the contracts will be available as noted above)
  3. Choose your deposit options:
  • Desired staking amount (No decimals. Please use whole numbers only)
  • Lockup period (3, 6, 9 or 12 months)
  • Whether you want to compound rewards (Reinvest to staking balance)
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4. Click on ‘deposit tokens’

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5. Confirm the transaction in Metamask

Important: This transaction does not transfer your tokens into the LPS smart contract. It is simply to allow the contract permission to manage your tokens for the actual deposit transaction.

Should you experience any trouble with the web page during any of these steps, please clear your browser cache and try again.

  1. Wait until the approval transaction is mined and then click on ‘deposit tokens’ again to initiate a second transaction.

Don’t forget to check the Ethereum gas tracker for a Gas Price (GWEI) recommendation.

2. Confirm the second transaction.

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It some cases, it may be necessary to manually adjust the gas limit for the second transaction.

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If you receive this error, please complete the following steps:

  1. Click on ‘deposit tokens’ again

2. Manually adjust the gas limit using the edit link

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3. Click on the advanced tab

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4. Enter a custom value of 400000 *higher than the default value*. It is not possible to give an exact value because each contract is little different. Please use the default value + 400000.

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5. You can keep the default gas price (gwei) but we always recommend checking this Ethereum gas tracker before confirming the transaction.

6. Save and then confirm the transaction

Note:

  • If the gas price (GWEI) is too low, the transaction will be stuck in “pending” until the Ethereum network traffic is low enough for your transaction to be mined.
  • If the gas limit is too low, the transaction will fail.

If you are not familiar with the way gas works on the Ethereum network, you can learn more here.

Wait a few minutes and then verify the deposit was successful by going to the balances page on the LPS website. Use the pool tabs to navigate to the contract that you just interacted with.

Thank you for participating in the network and we hope you enjoy the rewards! For additional support with LPS please read the FAQ or connect with us on one of these community channels:

Lition Blockchain

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