After successfully connecting your wallet to the dashboard and approving the Nominator smart contract, as explained here, you can proceed with further steps.
DO NOT SEND YOUR TOKENS DIRECTLY TO SMART CONTRACT ADDRESS
Doing so will lead to losing your assets irreversibly. A two-step procedure must be done to deposit the tokens: approval on NOIA token contract and deposit on Validator or Nominator contract. Use the Syntropy Staking dashboard to perform any staking actions.
There’s only a single requirement to enter this program during the Amber Chain - having enough NOIA tokens. Rewards will begin to accrue immediately once tokens are staked. Later, nominators will need to bind their stakes to Validators that they trust, sharing in both rewards and sanctions. Currently, earning rewards is as simple as staking tokens, with no associations with Validators. The minimum stake is 100 NOIA tokens; the maximum stake is 5,000,000 NOIA tokens with an expected annual yield of 15%.
- Proceed to the Stake section in the staking dashboard - type in the amount of NOIA tokens you wish to stake and click on the Stake button. Continue following the MetaMask on-screen instructions and continue with the transaction. You will need to have an appropriate amount of Ether in your wallet to cover transaction fees.
BE MINDFUL OF ETHEREUM NETWORK TRAFFIC AND FEES
Depending on the Ethereum network traffic and spent transaction fees, your transaction may take up to several minutes, if not hours, to confirm. Track your transaction in Etherscan and see current gas fees here.
- After having successfully staked, the dashboard will correctly read out your staked balance in the Stake and Your Account sections.
- Rewards are calculated and displayed as total rewards every 30 minutes. Additional rewards become claimable every 12 hours. When you have accumulated rewards worth more than 10,000 USD, you must pass the KYC procedure to claim them.
You have successfully staked as a nominator!
Nominators must perform KYC to withdraw any amount of accumulated rewards above 10,000 USD. You can complete KYC later or when you wish to claim your rewards. Navigate to the Claim section of the Validator staking dashboard and click on the KYC prompt to validate your wallet. Follow the on-screen MetaMask instructions. These steps will not require any network gas fees.
Once you've validated your wallet, you will find a link leading you to continue your KYC process. It is recommended to do this process on a mobile phone. You will find a QR code after opening the link.
EXPERIENCING ISSUES STAKING?
If you encounter any issues, don't worry, as we have fantastic community managers and tech-savvy community members who will help you. Solve your problems by joining our Syntropy Telegram group, or Syntropy Discord server.
Frequently Asked Questions
What is the Amber Chain?
Amber Chain is a proof-of-authority (PoA) version of the Syntropy chain, working as an active development environment facilitating the Syntropy Blockchain launch.
What’s the difference between a Validator and a Nominator?
As a Validator, you need to have extensive technical knowledge to run a Validator node based on the Substrate framework. You will be required to perform computational validation on the network and produce blocks based on that information. Validators are rewarded at a higher interest rate because of their efforts with a minimum of 25% APY.
As a Nominator, you will need to delegate your stake to the network. This role does not require you to run any nodes and requires no active monitoring or technical knowledge. Nominators are rewarded with a lower interest rate compared to Validators.
What is the flow regarding staking, KYC, and claiming rewards?
- Stake tokens to the Nominator contract using the Staking Dashboard . It is a two-step procedure consisting of approval and deposit. Don’t transfer your NOIA tokens directly to the Nominator smart contract.
- Rewards are calculated and displayed as total rewards every 30 minutes.
- Additional rewards become claimable every 12 hours.
- When you want to claim rewards above 10,000 USD, you must pass the KYC procedure.
What are the Nominator stake size limits?
The minimum stake is 100 NOIA tokens; the maximum stake is 5,000,000 NOIA tokens.
How long is the stake bonding period for a Nominator?
What wallet can I use with Metamask?
You don’t have to create a Metamask wallet. If you are using a hardware wallet, such as Ledger or Trezor, connect your hardware wallet to Metamask, using “connect hardware wallet” from the menu. See more info on how to do it in our documentation. If you still have difficulties, seek community help in our Discord or Telegram groups.
Is there a withdrawal limit for rewards?
No, there’s no limit. However, after your total accumulated rewards on Nominator reach 10,000 USD in value, you will be asked to pass the KYC procedure until you can claim them.
When will I be asked to pass KYC? How does KYC work?
When your rewards are less than 10,000 USD in value, you can claim them freely. After your total accumulated rewards as a Nominator reach 10,000 USD in value, you will be asked to pass the KYC procedure to claim them. During KYC, you will be redirected to a third-party website, where you will be asked to take a photo of your ID document as well as a selfie.
Are my tokens at risk due to slashing?
During Amber Chain, no slashing will occur for both Validators and Nominators.
If I stake as a nominator, do I need to choose a Validator to Nominate?
During Amber Chain, Nominators will not nominate Validators.
Can anyone with a more significant stake than me push me out of staking?
There are no slots for Nominators. Therefore no one can push you out.
Disclaimer, Terms, and Conditions
Some countries will be excluded from receiving token rewards from Syntropy. Depending on your stake size, we might ask you to submit specific documentation to comply with KYC/AML regulations. Please familiarize yourself with Syntropy Staking Terms and Conditions by visiting https://www.syntropynet.com/disclaimer/staking.
Updated 23 days ago