Mettalex staking interface: preview and how-to

Fetch.ai
Fetch.ai
Sep 7 · 4 min read
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Staking of FET tokens as part of the Mettalex MTLX token genesis starts at 6pm UTC on Tuesday 8th September.

The staking period will last for exactly 48 hours between 6pm UTC on Tuesday 8th, and 6pm UTC on Thursday 10th September.

The following post gives an overview of the event, and a how-to on the staking and withdrawal process.

Other resources

High level staking overview

  1. FET holders can to stake FET tokens from the 6pm UTC on 8th of September up to 10th of September at mettalex.com/staking
  2. On 10th September at 6pm UTC the staked FET will be locked for 21 days and during this period no FET can be withdrawn
  3. During the staked period MTLX tokens earned can be withdrawn but not the FET
  4. On 1st October the FET tokens will be unlocked.
  5. In October v1 of MTLX liquidity pools and community testing phase will be announced

How to stake

At 6pm UTC on Tuesday 8th September the staking interface will open on mettalex.com.

Staking process

  1. Visit mettalex.com/staking and follow the instructions to open the staking interface
  2. Connect Metamask to your wallet containing FET tokens
  3. Enter the number of tokens that you wish to stake in the staking box underneath the title “FET amount to stake”
  4. Click the “STAKE” button
  5. Authorise Metamask to interact with the smart contract
  6. Authorise Metamask to commit the tokens to the staking pool
  7. After the transaction has been confirmed, check your tokens are staked by reviewing the “Your Stake” section

Detailed walk-through

Pre-requisites

Stage 1: Staking

Visit mettalex.com/staking and follow the instructions to open the staking interface at staking.mettalex.com

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Connect to Metamask Wallet containing your FET

Make sure you have both FET and ETH in your wallet.

ETH will be needed to pay for gas fees.

Enter the amount of FET to stake

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Approve transfer of FET to contract

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Wait for transaction confirmation

It may take a couple of seconds for your wallet to update

Approve staking transaction

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Wait for transaction confirmation

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Stage 1: Withdrawing (optional)

If you need to withdraw FET before staking begins you can go through the withdraw flow

Enter the amount of FET to withdraw

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Approve withdraw transaction

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Wait for transaction confirmation

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NB: FET withdrawal is only allowed until start of disbursement

Here there are only 10 blocks left before it is impossible to withdraw your FET until the staking period ends

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Stage 2: Staked — Withdraw Dripped MTLX

During the disbursement period (21 days) the FET is locked up but MTLX accrues block by block. At any stage you can withdraw any MTLX that you have earned by selecting the “Redeem MTLX” tab

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Press the Redeem button

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Approve the redeem transaction

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Wait for the transaction confirmation

The UI may take a couple of seconds to update with the MTLX transferred to your wallet.

Stage 3: Withdraw Staked FET

After the lockup period ends you can withdraw your staked FET and any MTLX earned that has not previously been redeemed

Press the Redeem All button

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Approve the Redeem All transaction

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Wait for the transaction confirmation

It may take a couple of seconds for your wallet to update

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Mettalex

A tokenized commodities platform — Powered by http://Fetch.AI

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