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 bound 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.
Updated 9 months ago