With Shyft Network’s Staking Dashboard launching tomorrow, you can stake SHFT tokens, unstake them, and also claim your rewards. In this guide, we will show you how to do all three with step-by-step instructions. Let’s dive straight into it:
The first thing you need to do is choose “Shyft Mainnet” through the wallet itself.
Step-1: Visit Shyft Network’s staking dashboard first (http://dashboard.shyft.network/) and click on the “Connect Wallet” button. Don’t forget to agree to the terms & conditions before that.
Step-2: Now, you must connect your wallet with the DApp. Currently, Shyft supports two wallets: Metamask & Walletconnect, and you can select any of the two options.
For this guide, we will use Metamask. So, after clicking on the Metamask wallet option, you will see a Metamask login page, where you must enter the password and click on the login button. After this, you will be logged into the “Overview” page of Shyft Dashboard.
Metamask Login Prompt:
Step-3: Now, click on the “SHFT Stake” option shown just below the “Overview” button on the left side of the screen to access the Shyft Staking interface.
Make sure to select “Shyft Mainnet” on your Metamask wallet. Check out this step-by-step instruction on switching to “Shyft Mainnet” on Metamask.”
Once you are on the staking interface, you will see data on “Total Pool Volume,” “Pool Rate,” and “Your Liquidity Deposits.”
Step-4: Click on the purple “Stake” button to begin the staking process.
After this, you will see a pop up screen where you can enter the amount of SHFT tokens you want to stake or click on the “Max” button to stake all the SHFT tokens in your account. Then, click on the “Deposit” button.
Now, you will see a Metamask notification showing you the amount of SHFT tokens you are staking and the gas fee you will be paying for the transaction. Verify the transaction details and click on the blue “Confirm” button to go ahead with the transaction.
After confirming the transaction, a pop up message will appear at the bottom right side of the screen showing the amount you have staked. It will take a couple of seconds to approve the transaction.
As soon as the transaction goes through, the “Total Pool Volume” will go up, and that’s it! You have successfully staked your SHFT tokens.
Step-1: First, click on the unstake option. After this, you will see the current stats on “Your Liquidity Deposits” and “Unbonded Request.”
Unstaking your SHFT tokens will basically involve a two-step process: unbonding & unstaking.
First, click on the “Unbonding’’ button. After you do so, you will see a popup notification where you must fill in the percentage of SHFT tokens you want to unbond.
Then, enter the percentage of SHFT tokens you want to unbond and click on the “Confirm” button.
After this, you will see a Metamask confirmation, showing the type of transaction (Unbond in this case), the number of SHFT tokens involved, and the gas fee you will have to pay. Click on the “confirm” button to proceed further.
The unbonding process will be completed in a few minutes on the test net, but on the mainnet, the unbonding process will take 28 days at launch.
Step-2: Next, click on the “Unstake” button shown next to the amount of SHFT tokens you unbonded. After this, you will see a Metamask notification showing the type of transaction, the amount of SHFT tokens involved in the transaction, and the associated gas fee. Click on the “Confirm” button to go ahead with the transaction.
That’s it! The unstaking process will be completed within a couple of seconds, and the unstaked SHFT tokens will be deposited into your account.
Step-1: Click on the “Rewards” section shown on the right side of the “Unstake” option. Here, you will see the amount of SHFT tokens you can claim as rewards.
Step-2: Click on the “Claim all” button to claim your rewards. Then, you will see a Metamask notification, which you must confirm to proceed with the transaction.
After successfully claiming your rewards, the unclaimed SHFT rewards tracker will turn to zero.
That’s it! With these instructions, you should be able to use the Shyft Network Staking UI prepared by the Shyft DAO. We hope you find it useful.