Overview

How to stake

Staking your SKL via the Activate platform and Metamask involves three main steps:

1. Create an Activate Account & connect your Metamask wallet.
2. Stake with a validator of your choice.
3. Manage your Skale staking operations.

1. Before you get started, please make sure to have the Metamask Browser Extension installed and to have enough ETH in your wallet to cover transaction fees.
2. If you are using a Ledger device, make sure it runs the newest firmware and to have the latest version of the Ethereum App installed on it.
3. Please note that you need to stake more than 100SKL.

1. Create an Activate Account & connect your Metamask wallet

1a. Create an Account on the Activate Platform

Visit the Consensys Activate homepage and click “Sign Up” in the top right corner. Fill out the required information and make sure to choose a strong password for your account (Required: Minimum 8 characters, 1 number, 1 special character, 1 lowercase, 1 uppercase).

You need to verify your eMail address via a confirmation mail that is sent to you right after you filled out the required information. Click the link in the eMail and sign in to your newly created Activate account.

After your first login, you are asked to provide additional information and pass a KYC in case you want to participate in future token sales that are conducted via the Activate platform. You can either do this right away or come back to it later by visiting the “Your Profile” section in the upper right corner of the Activate UI.

The first step to staking your Skale is creating an Account on the Activate Platform.

1b. Connect your Account with your Metamask Wallet

Visit the Activate main menu by clicking the icon in the upper left corner. Then click on Connect Wallet and choose Metamask (you can also use Metamask with a Ledger Device). You will now see your wallet address in the upper right corner.

Connect your Activate Account with your Metamask Wallet with just a few clicks

2. Stake with Chorus One

Properly fund your Account

In case you do not have any SKL token in your account, make sure to properly fund it before you continue. Simply copy your address by clicking on it. Then send the SKL to it that you want to stake.

After you fund your account, visit the Staking page on Activate. Here you will find an overview of available validators that are active on the Skale network.

Fund your account and then visit the “Staking” menu

To start the staking process, click stake next to the validator of your choice. Read through the displayed information and then click Stake my first SKALE tokens.

Now choose the amount of your SKL that you want to stake as well as a staking period (currently only 2 months is available). Please note that you need to stake more than 100 SKL and that your staked funds are locked and illiquid for your entire staking period. Once you read through all the information, click Continue. In the subsequent window, click Stake [your amount] SKL to Chorus One.

Your stake will become active by the beginning of the next epoch (first of every calendar month) and once your delegation is accepted by your chosen validator. Once your transaction is confirmed, you are presented with a summary of your staking request.

Please note that you need to stake more than 100SKL

And that’s a wrap! You are now helping to secure the Skale network for which you earn rewards. Congratulations and welcome aboard our Skale validator, good to have you with us!

3. Manage your Skale staking operations

Token Inventory

There are a few things to keep in mind when staking on the Skale network. Within the Activate UI, you can manage most of your staking operations within the “Token Inventory” submenu of the “Staking” page.

Most staking operations are performed in the “Token Inventory”

In the Token Inventory menu you find an overview of how your funds are constituted. At the bottom of the page, you can find an overview of your staking operation. Please note that once you staked your SKL, the stake will become active in the subsequent epoch and will remain locked for the entire staking period. The validator you chose to stake with has to accept your delegation.

The Token Inventory provides you with an overview of your staking operations

4. Skale Epochs & Rewards

Epochs are units of time within the Skale network. They equal a one-month calendar period of network activity. They always start on the 1st of each calendar month. Rewards for validators and delegators are distributed at the end of each epoch and you are able to claim them within several days after the end of the epoch. Please note that claiming your rewards incurs a transaction fee, so make sure to have enough ETH in your wallet to cover the fees. Your rewards do NOT expire and you can claim them whenever you please. To claim your rewards, visit the “Token Inventory” and click “Claim [x] SKL”. Approve the transaction in the Metamask pop-up window and, in case you are using a ledger, sign the transaction on your ledger device.

How you can claim your Skale staking rewards

5. Auto-Renewal

The default setting of your staking operation is set to “Auto-renew”. This means that your staking period is automatically renewed for the same period as you initially choose. Hence, your tokens are automatically re-delegated to your chosen validator at the end of your delegation period. You can always choose to stop this by visiting the “Token Inventory” and switching the button next to Auto-renew?.

Note that this will incur transaction fees that you need to cover. Make sure to stop the auto-renewal a few days before your staking period ends. Also, note that this cannot be reversed. Make sure to turn off “auto-renewal” in case you want your funds liquid after your staking period

This resource can also be found on our Blog under: https://chorus.one/articles/how-to-stake-skl-skale-network‍