Mettalex Staking Interface: Preview and How-To
Sep 7, 2020
Staking of FET tokens as part of the Mettalex MTLX token genesis starts at 6pm UTC on Tuesday 8th September.
The staking period will last for exactly 48 hours between 6pm UTC on Tuesday 8th, and 6pm UTC on Thursday 10th September.
The following post gives an overview of the event, and a how-to on the staking and withdrawal process.
Other resources
- For details on the Mettalex economics, see our recent economics overview
- See the Mettalex website for the Litepaper
High level staking overview
- FET holders can to stake FET tokens from the 6pm UTC on 8th of September up to 10th of September at mettalex.com/staking
- On 10th September at 6pm UTC the staked FET will be locked for 21 days and during this period no FET can be withdrawn
- During the staked period MTLX tokens earned can be withdrawn but not the FET
- On 1st October the FET tokens will be unlocked.
- In October v1 of MTLX liquidity pools and community testing phase will be announced
How to stake
At 6pm UTC on Tuesday 8th September the staking interface will open on mettalex.com.
Staking process
- Visit mettalex.com/staking and follow the instructions to open the staking interface
- Connect Metamask to your wallet containing FET tokens
- Enter the number of tokens that you wish to stake in the staking box underneath the title “FET amount to stake”
- Click the “STAKE” button
- Authorise Metamask to interact with the smart contract
- Authorise Metamask to commit the tokens to the staking pool
- After the transaction has been confirmed, check your tokens are staked by reviewing the “Your Stake” section
Detailed walk-through
Pre-requisites
- Use Chrome
- Metamask extension is installed
- You have selected your wallet in Metamask that contains FET token
- You have ETH in your wallet to pay gas fees
- Add FET to your custom tokens if needed: 0x1D287CC25dAD7cCaF76a26bc660c5F7C8E2a05BD
- Add MTLX custom token: 0x2e1E15C44Ffe4Df6a0cb7371CD00d5028e571d14
Stage 1: Staking
Visit mettalex.com/staking and follow the instructions to open the staking interface at staking.mettalex.com
Connect to Metamask Wallet containing your FET
Make sure you have both FET and ETH in your wallet.
ETH will be needed to pay for gas fees.
Enter the amount of FET to stake
Approve transfer of FET to contract
Wait for transaction confirmation
It may take a couple of seconds for your wallet to update
Approve staking transaction
Wait for transaction confirmation
Stage 1: Withdrawing (optional)
If you need to withdraw FET before staking begins you can go through the withdraw flow
Enter the amount of FET to withdraw
Approve withdraw transaction
Wait for transaction confirmation
NB: FET withdrawal is only allowed until start of disbursement
Here there are only 10 blocks left before it is impossible to withdraw your FET until the staking period ends
Stage 2: Staked — Withdraw Dripped MTLX
During the disbursement period (21 days) the FET is locked up but MTLX accrues block by block. At any stage you can withdraw any MTLX that you have earned by selecting the “Redeem MTLX” tab
Press the Redeem button
Approve the redeem transaction
Wait for the transaction confirmation
The UI may take a couple of seconds to update with the MTLX transferred to your wallet.
Stage 3: Withdraw Staked FET
After the lockup period ends you can withdraw your staked FET and any MTLX earned that has not previously been redeemed
Press the Redeem All button
Approve the Redeem All transaction
Wait for the transaction confirmation
It may take a couple of seconds for your wallet to update.
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