Staking Manual
A short video demonstrating Tezos Staking on WandX
Step by step guide:
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After opening the desktop app and logging in, make sure you have created/imported a Tezos wallet. If not, have a look here.
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Now click on the logo with 3 small horizontal lines, on the upper-left side of the screen, to find the 'Staking' section at the second last. Head over to it.
- Click on 'Tezos tab. If you haven't logged in already, you'll be either prompted to select 'TEZOS' as exchange/blockchain, and an address at the top and then a popup, or you'll directly receive a popup, in which you can select 'TEZOS' as exchange and the address of your choice. Then enter the address' password and click on 'Use Wallet'.
- You'll see your delegation dashboard, where you can see your address and the amount of XTZ in it:
- Now, for staking/delegating, click on the blue coloured 'Delegates' button in the 'Set Delegation' section.
You'll be redirected to a webpage in your browser
Here you can select the baker of your choice, based on their 'Efficiency' in last 6 months and 'Expected Real Yield' in the last 10 cycles, among other factors.
- Once you have chosen your baker/delegate, you can copy their address
And paste it in the 'Address to Delegate to:' field in the 'Set Delegation' section in the Desktop App
Then click on 'Set' button, to confirm your delegation/stake
Now, to verify your delegation on the Tezos blockchain, you can go here, and enter your wallet address in the field at the top. Then on the page that opens, click on the 'Other' tab at the bottom, to see a delegation transaction
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You'll receive your first staking rewards, directly inside your address, after approx. 2 months from the day you stake. Subsequent payments will be made in approx. every 20 days
Do note the following:- Your entire XTZ balance will be delegated to the address you select. The complete amount will still stay in your wallet, and you are free to use it for other purposes. But you will receive the reward, depending upon the amount of XTZ that stays in your wallet, after you have delegated.
- In case you want to undelegate/unstake, you can send the entire XTZ to some other address that hasn't delegated yet.
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You can also transfer your XTZ to another address
A short video demonstrating Livepeer Staking on WandX
Step by step guide:
- After opening the desktop app and logging in, make sure you have created/imported an Ethereum wallet. If not, have a look here. Now select the Main Etheruem network, by hovering on the top of the desktop app and clicking on Network > ETH > MAINNET.
- Now click on the logo with 3 small horizontal lines, on the upper-left side of the screen, to find the 'Staking' section at the second last. Head over to it.
- If you haven't logged in already, you'll receive a popup, in which you can select 'ETH' as exchange and the address of your choice. Then enter the address' password and click on 'Use Wallet'.
- Even after logging in to Staking section, you will still always have the option on the top, to change your 'Blockchain' and corresponding 'Address'. Now, click on the 'Livepeer' tab.
- You can see the amount of LPT you own at the top. If you are in need, you can click on 'Trade Now' button, to buy some, using your 'ETH' on Uniswap exchange (which tends to have very good offers in most cases).
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In case the value of 'Current Round' label is something 0 or "", click on 'Initialize' button in the 'Round Details' section, to start the 'rounds' for the Livepeer protocol.
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After you have some LPT, the first step is to set some allowance, i.e. allowing the livepeer protocol to spend some LPTs on your behalf. You do this by clicking on 'Set' button in 'Bonding Details' section, after entering an amount you wish to allow (which can be greater than your current LPT balance). Making sure you have enough ETH to pay for the gas, click on 'Confirm' that pops up after clicking on 'Set'.
Once the transaction is confirmed, the 'Remaining Allowance' label's value must change to the allowance amount you set.
- After scrolling down a bit, you can see the list of 'Orchestrators' or 'Delegates', to which you stake your LPT, and who work to keep the Livepeer Network healthy. Now you have to choose an orchestrator to stake to, based on 4 key factors:
- Fee Share: Percentage of the earned fees in ETH, that the orchestrator will distribute among its delegators, depending upon the amount they delegate/stake, relative to other delegators. You become a delegator after you delegate/stake towards an orchestrator. The higher the fee share, the better for you.
- Reward Share: Percentage of the newly minted LPT from the round's inflation distribution, that the orchestrator will distribute among its delegators, depending upon the amount they delegate/stake, relative to other delegators. You become a delegator after you delegate/stake towards an orchestrator. The higher the reward share, the better for you
- Stake of the orchestrator with respect to other orchestrators in the protocol. The higher, the better.
- Your stake amount to the orchestrator, with respect to all the other users (delegators), who stake to this orchestrator. Again, the higher, the better for you. After considering these factors, you can choose an orchestrator you'd like to stake to, by clicking on the round button on the right-most 'Bond Token' column, pertaining to your orchestrator.
- Now, under 'What amount would you like to bond?', you can enter the amount of LPT, you wish to stake towards your orchestrator, and click on 'Bond' button. Then click on 'Confirm' on the popup.
Do take careful note of the notifications that follow.
- Once in every 24 hours, new LPTs are minted by the protocol and all the orchestrators, after keeping their share, distribute it among their delegators. Hence, you as a delegator, you receive some LPT, once in every 24 hours. You'll be able to see these LPT under the 'Claim Earnings' section (do note that this account is different from the account in the previous screenshot).
Now, in order to get these LPTs inside your address, you need to first claim these, by clicking on 'Claim' button in the 'Claim Earnings' section. Then click on 'Confirm' in the popup.
Then you will observe that the earnings you claimed, got added to your 'Bonded Amount'.
Now you can use this entire amount to unbond in the next round (a round is approx. 24 hours) itself. This is the whole point of claiming your earnings early. Do take note that in a given round, you can either claim your earnings or unbond, but not both.
- The next step is to unbond. For this, you'll have to wait at least, for the next round, when you would have received some more earnings. Don't claim these now, to be able to unbond now. It's worth noting that along with the amount you already have, you can only include your previously claimed earnings, and not the current ones being displayed in the 'Claim Earnings' section. Again, this account is different from the account in the previous screenshots. Do take note of the 'Bonded Amount' and 'Unclaimed Earnings' in the screenshot below.
Now, in some round later on, other than the one in which you had claimed your earnings, under 'What amount would you like to unbond?', enter the amount you would like to unbond (i.e. unstake or like to have inside your address). Click on 'Unbond' button and 'Confirm' in the popup that follows.
As soon as the above transaction gets confirmed, you would see a row getting added in the 'Withdraw Stake' section, that will allow you finally get your unbonded tokens inside your address.
But the catch is, that you can click on 'Withdraw Stake' button (or receive your unbonded amount in your address), only after 7 rounds (including the current round, i.e. approx. 7 days). As soon as your 'Current Round' exceeds the ''Withdraw After Round', the 'Withdraw Stake' button will be undimmed, and you'll be able to receive your unbonded amount (principal + staking rewards) inside your ETH address.
Observe the screenshot below carefully
The 'Bonded Amount' has been reduced from 3.414.. to 2.419... LPT, and the 'Unclaimed Earnings' became 0. Here, 1 LPT was reduced as it was unbonded, and the increment of 0.005... LPT is due to addition of the unclaimed earnings to the bonded amount. Hence, remember that the earnings you do not claim, directly get bonded to your current orchestrator, when you unbond.