How To Stake $FLIX — A Quick Guide — Simply Staking
OmniFlix is a Tendermint-based blockchain that is built primarily for creators and communities in order to be able to mint, manage, distribute, and monetize their media assets.
The $FLIX token is the native token that secures the chain and therefore, this guide will go through the step-by-step process of staking your $FLIX to a validator using the Keplr wallet dashboard.
Staking
The Omniflix network currently consists of 64 elected validators. The Simply Staking validator, which is our highly secure and reliable validator forms part of the validator list, therefore this guide will go through the process of staking to the Simply Staking validator node. The steps apply to any other validator.
Let’s stake!
Step 1)
If you already have Keplr installed then you may skip this step.
First, we will install a wallet in order to manage our tokens. Keplr is a Google Chrome extension. You may access the Google Chrome store and we recommend to google the Keplr extension to confirm that it is the original one.
If you would like to view a more detailed guide on setting up a Keplr wallet you may find a previously posted guide here.
Once you have created your Keplr wallet, transfer over your $FLIX to your Omniflix address and you are all set to go.
Step 2)
On opening the wallet you will see Cosmos Hub listed on top, click on the dropdown arrow and scroll down until you find OmniFlix as shown below:
Step 3)
The address, as shown above, is your OmniFlix wallet address. If the $FLIX assets are currently not on your address, then you can transfer the tokens from another address by simply withdrawing them to this address. Clicking on the wallet address will have it automatically copied.
Step 4)
Once you have confirmed that the $FLIX tokens are in your Keplr wallet, click on Stake or proceed to your dashboard by clicking here.
On clicking Stake, a list of validators will show up.
Step 5)
Select ‘Simply Staking’ and then click on the ‘>’ which will prompt you with a list of options.
Step 6)
Click Delegate.
Step 7)
Select the amount of $FLIX to delegate (note the 21-day unbonding period).
It is a must to not delegate the entire amount and leave a residual amount to use to cover gas fees.
Click Delegate.
Step 8)
A Keplr pop-up window will appear to set and pay the gas fee
Step 9)
Click on the gas fee rate of your choice and verify that the details of the transaction are correct.
Click Approve and once the transaction is processed a Keplr pop-up is displayed.
Concluding remarks
That’s it! You have staked your $FLIX, the native token of the OmniFlix network. This project was highly anticipated by the community and has gone through several testnets before its mainnet launch in February 2022.
Inflation was enabled by governance on 4/20, a few days ago (in 2023, that is), and therefore participating in securing the network by staking your $FLIX is one of the ways you are contributing, which is a fundamental mechanism that underpins the Omniflix protocol, and one which is setting a standard for verifiable claims and verified data.
Learn more about OmniFlix here: omniflix.network/
Stay tuned to Simply Staking for more Omniflix-related guides and documentation:
- Website: https://simply-vc.com.mt
- Twitter: https://twitter.com/SimplyStaking
- Discord: https://discord.gg/Kpzc58Gu9a
- Telegram: https://t.me/SimplyVC
