Phala Network
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Phala Network

KSM Stakedrop Guide

Video Instruction

Participating in the Phala Stake Drop with Kusama

via Crypto Hustler 101

Before Starting

I. Create A Kusama Account

  1. Open Polkadot.js;
  2. Go to Settings > Remote Node > Address prefix, Click Save and Reload;
  3. Go to Account > Add Account;
  4. Follow the instruction.

II. Start Staking (Nomination)

There are 4 options for you to proceed stakedrop.

If you’ve been familiar with Kusama nomination, all you need to do is nominate as usual but change your validators to the whitelisted ones.

2.1 Using Phala Stakedrop Page

  1. Open Phala stakedrop page
  2. Click Stakedrop, you’ll see 4 buttons in the middle.
  1. Click Calculator, input the amount and time you want to stake, you’ll see the minimum PHA return and ideal PHA return down below.
  1. Click Join, or Participate, you’ll see all the whitelist validators
  2. Input the amount of KSM you want to stake, and click Select Best, it will automatically select a group of 16 validators who guarantee the most scientific return rate.
  1. Click Nominate, and confirm your nomination.
  1. Go back to Staking > Account actions, you’ll see your validators and a button to stop to your nomination.

You may also use this page to track the return rate and staking information every day as well.

2.2 Using Polkadot.js

  1. Open Polkadot.js;
  2. Staking > Account actions > New stake
  3. stash account = where you deposit your KSM; controller account = which will be used to nominate validators and receive returns.
  4. Input the amount of KSM you want to stake (should be less than the total amount);
  5. Click Bond;
  6. Input your password and click Sign and Submit;
  7. Click Nominate;
  8. Turn off Use an automatic selection of the currently most profitable validators
  9. Open and check the whitelisted validators, copy their addresses, search them in the list, click to choose. You can stake for at most 16 validators.
  10. If you are sure about your validators, click Nominate.

2.3 Using HashQuart

Coming soon.

2.4 Using MathWallet VPOS

Follow the instructions by MathWallet.

III. Reward Claiming

PHA will be automatically calculated according to the time and amount you stake. See how it’s calculated →

Stakedrop PHA will be dropped into your ETH address as an ERC20 token after the event is ended (15th Aug). ERC20 PHA can be exchanged into Phala native PHA in 1:1 after Phala mainnet launches in the near future (June or July).

You can join our community for the prize-giving news or Phala updates.

About Phala

A Substrate-based confidential smart contract blockchain on which you can develop confidential-preserving and privacy-first blockchain apps. Member of Parity Builders Program. Recipient of Web3 Foundation Grant.

🌐Official Website | Twitter | Github | Telegram | Forum

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Phala Network is a privacy-preserving cloud computing service, based on Substrate, and will run as a parachain in the Polkadot ecosystem to offer computing power comparable to existing cloud services but which protects the privacy of managed programs.

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