Stage 3 - Staking
What is a staking event? Similar to the bonding event, a user can participate in different staking events throughout the year. Each event will have varying interest rate rewards and longevity. If the user decides to participate, the amount of TST staked is locked in during a certain period. At the end of it, it is possible to withdraw the initial amount and receive an interest payment on top of it, paid out in sEURO.
By depositing your TST in one of the staking contracts, it is possible to accrue an interest rate reward over a time period. Until the end of the staking period is reached, it is locked inside the contract and cannot be withdrawn. The longer you stake, the higher is the reward!
You need some TST to begin with. Either from participating in the Bonding Event from Stage 2, or through some other way. Just as in the other stages of the IBCO, we cannot transfer your funds without getting your explicit approval through Metamask.
Step 1: Connect your wallet to Metamask
If you are unsure how to do this, please see Stage 1 again for reference. This should be done automatically if you have followed along this guide from the beginning.
Step 2: Select the staking period
You will see a list of stake periods being offered, each with a different period length and interest rate reward. The ones that are open have a button Start Staking highlighted. After you have clicked the period you want, you will be redirected to a new page.
Step 3: Enter and approve the amount to stake
Make sure that you have enough TST to stake before proceeding. Enter the amount you want to stake and then press Approve TST. Before pressing the button, your window should look like this:
Approving TST before being able to stake
After you have pressed Approve TST, this will open a window to Metamask where you have to approve our contract to transfer funds from your account. You can verify that you are requesting Metamask to transfer the correct amount by looking at the Approved amount in the approval popup as seen below:
About to approve 1000 (fake) TST
After you have approved it, you may need to wait some time for the transaction to be confirmed by the network. The time can vary depending on how much traffic there is so please bear with us. At this point, if everything went well, you should be able to see the highlighted Stake button.
A user is now able to stake their TST
Step 4: Invoke the stake function
Press the button and there will once again be an approval window popup but this time it is to create the stake position. You can verify that the contract is trying to call the MINT function as each stake generates an NFT. This is how the popup should look like:
Last step before confirming the MINT through Metamask
If you confirmed the transaction, you should now have staked your TST. Now you only have to wait to get that sweet, sweet sEURO yield!
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Last modified 7mo ago