PHNX Spot Staking dApp - A Complete Guide
We started out creating a guide for our dApp beta-testers and quickly realised why not make this not only a guide but also an exciting way to give you, our community a behind the scenes look into our staking platform!.
As you may or may not know we’re currently going through a invite only beta-testing phase which will swiftly move to full roll-out, all of the details can be found here — Presenting the PHNX Spot Staking Flagship dApp!
Installation and Configuration
1. MetaMask Installation
An Ethereum Wallet in your Browser. MetaMask is an extension for accessing Ethereum enabled distributed applications or “dApps” in your browser.
- Go to your browser extensions and search for MetaMask and then add that extension to the browser.
2. MetaMask configuration
- Initially, you will be asked to import the wallet or create the new one
- If you already created a wallet before then import it using it’s private key otherwise select to create a new one.
- MetaMask will provide you with the secret phrase this is required for recovering a private key. Download it, memorize it or write it down someplace safe and make sure no one else can get access to it. If you are to lose your secret phrase and lose access to your funds they are lost!
- On the next step it will ask you to enter the phrase in the same order as it was originally presented.
- And then just after reading and agreeing to their terms and conditions Boom!, your decentralized wallet is created on MetaMask. To access it click on the MetaMask icon on the top right corner of your browser (where you will also find your other extensions).
3. Accessing the dApp and connecting your wallet
- Open the Staking dApp and select on the top right corner to connect wallet
- Select MetaMask to connect the wallet (The Numio wallet will be available in a later release).
- Select the account you want to connect to and click ‘Next’.
- The connect section will change in app and started to show your wallet address.
- Make sure the appropriate network in the MetaMask is selected. Currently, the Staking app is deployed on Rinkeby.
NOTE: Once we move to Main-net you will need to change your MetaMask network to Main Ethereum Network.
For confirmation, click on the extension of the MetaMask. On top if Rinkeby is not written then click on drop-down and select Rinkeby from it.
Features of the App
To Stake PHNX tokens, follow the steps below.
- Navigate to the Stake (icon) section from the left sidebar.
- When you stake for the very first time, you will need to approve PHNX tokens by clicking on the ‘Approve PHNX’ button.
- After you have approved the tokens the ‘STAKE’ button will appear, enter the amount of PHNX you want to stake and set the duration for staking, click on the ‘Confirm Stake’ button, your tokens will now be staked.
NOTE FOR ACTIVE BETA TESTERS: Here the duration is set in minutes. If you stake for 1 day. It will get staked for 1 minute. If you stake for 5 days it will get staked for 5 minutes and so on.
Max Stake limit : 10,000
Max Duration : 365 days (minutes)
Max Spot Interest: 2500.00 (25% APR)
These parameters will change for public launch.
To unstake PHNX tokens, follow the steps below.
- Navigate to the unstake section from the left sidebar.
- Enter the amount you want to unstake. Then click on ‘Confirm Unstake’ to withdraw your tokens.
NOTE: For the public release here you will be presented with an associated fee for ending your staking contract early, PhoenixDAO will burn the fee (more details to follow)
- To view information about staking, visit dashboard.
- ‘Available PHNX’ — PHNX Tokens available in your wallet will be shown under this section.
- ‘Staked PHNX’ — PHNX Tokens you staked will be shown in this section.
- ‘Staking Information’ — displays the stake amount & the date when they will be released.
- ‘Completed Stakes’ — displays the stakes whose duration has been completed.
- Hover State — this feature allows you to hover over transactions to see the details per transaction in more detail