mStable guide series. This is part of a series of “how to guides” that will cover the basic mStable product suite, before getting into more advanced topics.
As described in our Staking V1 article, the first iteration of mStable staking aims to bootstrap our governance community and allow Meta holders to participate in key decision making over their protocol.
Once fully built out, the proposal system will automatically govern the parameters of and execute actions in mStable such as the addition/removal of mAssets, underlying lending markets for bAssets, and the upgradability of system modules.
There are currently more than 3.8m Meta (MTA) staked by a growing community of governors.
In this guide, we will show you how to stake MTA. There will be a follow on guide released soon that will then show you how to vote!
Pre-requisites to staking
Staking requires governors to stake their MTA balances via the staking interface. You’ll need MTA in your wallet before you can do this.
There are many ways to obtain MTA, for example, it can be done by contributing liquidity to one of our EARN pools, or by purchasing it on a centralized exchange like Huobi or decentralized exchange like Uniswap.
Accessing the Staking Page
Token holders can access staking by navigating to the governance page and then to the Stake tab.
Once there, click on Connect on the top right to connect your wallet.
Select the taking amount and duration
The second step is to input the stake amount (the amount of MTA you will lock up for staking) and stake duration (which sets the amount of time, to the nearest week, your MTA is staked for).
For simplicity, if you wish to lock up all your MTA in your wallet in staking, you can click on the MAX button to automatically input your entire balance.
You can control the stake lockup period using the slider below.
Once you’ve decided on the stake amount and staking period, if it’s your first time staking, you’d need to approve the contract to spend your MTA (either for an infinite or the exact amount you’d wish to stake).
Finally, click the Lock up and Stake MTA button — which should turn green by now — sign the transaction, wait for it to confirm, and you’ve successfully staked your MTA!
Extending your stake amount or duration
Once you’ve staked MTA into the staking contract, you can add to your stake or extend the lockup duration.
Add Amount
Extend Lock
Note: The new lockup time must be after the current lock up time (ie you cannot shorten your staking period)
vMTA represents your voting weight
After staking, you will receive vMTA to represent your voting weight in mStable’s governance.
This is currently used to vote on proposals on Snapshot as a gas-less signalling tool as we build the governance portal that will allow on-chain voting.
Your stake and rewards
Increasing your stake amount and staking period will increase both your earning power and voting power.
You can read about the mechanics of the design in this article.
Claiming your staking rewards
Staking rewards accrue in real-time and are claimable at any time in the Claim tab.
Withdrawing your stake
At the end of your lock-up, if you wish to withdraw your stake, you can withdraw using the Withdraw Stake/Exit tab.
Note: Your stake will unlock at midnight Central European Time on the pre-selected date.
Staking statistics
We have a stats page to view key staking and voting power statistics such as the average lock up time and number of stakers.
On the page, you can also browse a list of all stakers, their voting power, lock amounts and lock/unlock times.
Conclusion
Staking V1 is the initial implementation of community governance that will govern mStable as the infrastructure for stable-peg tokens in the future.
As we continue to innovate and execute on our product roadmap, we will also continue to refine our staking mechanics and design in the best interests of all Meta token holders.
Finally, it is important to note that in the future there will be a migration from the V1 to V2 staking contracts. This is important because it will require users to manually withdraw their MTA from the V1 contracts and redeposit them into the new contracts to maintain their staking returns and governance weights. The mStable team will clearly signal this when a transition date is decided upon, so that users have plenty of time to prepare to move their tokens across.
If you have any ideas or suggestions for Staking V2, you can post them as proposals in our forum, or talk to us on Discord.
Happy staking!
