Since we have enabled staking on Multi.io with ICX being the first token available, we wanted to give the userbase an overview of how to alternatively stake via the ICONex wallet.
Read about staking on Multi.io in the Tech Upgrade: Late September.
The ICONex Wallet
ICONex is the ICON Foundation’s official wallet solution supporting ICX, ETH, the ERC20, and IRC token standards.
ICONex is available as a Google Chrome Plugin or as a mobile app for Android and iOS.
ICONex Setup
In the following, we will go through step-by-step on how you can set up ICONex on your device.
Step 1 — Download
Download and install ICONex to your desktop or mobile device.
In this guide, we will only cover the desktop version.
Step 2 — Create a Wallet
Click on your Chrome extension and click “Access My Wallet”.
Click the “Create Wallet” button.
Choose the blockchain (ICON or Ethereum) you want to create a wallet for and proceed.
Choose your desired wallet name and set up a password.
Note: ICONex is a decentralized application (dApp). There is no option for you to restore your password in any event!
Make sure to save the backup file and the private key accordingly.
Step 2 (Alternatively) — Connect to Ledger
Alternatively, to be using ICONex as a web wallet, it can also function as the user interface to a hardware wallet (currently supported Ledger Nano S).
Step 3 — Staking Operation in the Wallet
After having sent ICX to your wallet, you will need to navigate to the voting tab.
In the voting tab, you will be able to see general network statistics as well as Main and Sub P-Reps as your default view.
Proceed to the sub-tab “My Status” to start the actual staking process.
Either choose your web wallet or connect to your Ledger to enable staking.
Click “Adjust” to define how much of your wallet balance should be staked to the network and be made available for delegation.
In this example, we staked 50% of our wallet balance (50 ICX) to the network.
A transaction will have to be confirmed to complete the staking process on your web browser (and your Ledger).
To emphasize, you have not yet delegated any votes to any P-Rep yet after the staking process has been completed.
Your ICX tokens are now staked to the network and you are now ready to vote for up to 10 P-Reps of your choice.
Step 4 — Voting
To delegate your votes scroll down to the “Delegate” menu and click “Vote”.
This will direct you to the voting interface.
Scrolling down to the P-Rep list will let you choose up to 10 P-Reps to add to your voting list by clicking the circled plus button on the left.
In this example, we picked “MouseBelt | Multi.io” and “ICON Foundation” and decided to delegate 80% of our staked ICX (40 ICX) to MouseBelt | Multi.io and 20% of our staked ICX (10 ICX) to the ICON Foundation.
You will be asked one more time to confirm the transaction on your web browser (and in the case of staking via Ledger on your Ledger as well).
The UI will now show 100% of your stake being delegated.
Step 5 — Claim Rewards
Staking rewards are issued in the form of I-Score. I-Score is distributed every time 43,120 blocks have been completed which approx. equals to every 24 hours.
To claim your ICX rewards press the “Claim” button.
Claiming starts a transaction that will need to be confirmed on your web browser (and Ledger).
Claiming your ICX does not automatically compound.
If you want to stake newly rewarded ICX to compound your staking rewards, you will have to repeat Step 3–5.
Staking in Multi.io
For traders that don’t want to miss out on staking rewards, we have now enabled staking for ICX on Multi.io.
Staking on Multi.io does not require you to lock your assets (there is no unstaking period), allowing you to have open orders waiting for a buy or sell price while your assets still automatically generate yield for you.
In the future, staking yields can also be stacked with interest earned from lending out your ICX through P2P lending on Multi.
Information & Data Sources
ICON Newsletter — The official Newsletter by the ICON Foundation.
ICON Community Dashboard — Dashboard providing network statistics and metrics.
ICON Community Forum — ICON’s official discussion forum.
ICON Block Explorer — Block explorer built by the ICON Foundation.
