In this post we’ll be informing readers on how they can stake their FET tokens for rewards-interest that is regularly accrued through staking and stake-drop of MOBIX tokens from 20th October to 20th December (2021). There is no minimum amount of FET tokens required to stake.
Please note, this blog post is aimed at informing FET holders how to stake on Fetch.ai’s mainnet. It should not be considered to be investment or financial advice and we would urge all readers to read the terms of staking FET in order to fully understand the process, rewards and potential risks.
If you hold FET on a centralized exchange is it ERC20 FET or Mainnet FET?:
This question is of critical importance! Before you complete a withdrawl from a centralized exchange to either the ethereum blockchain (ERC20 FET) or to the Fetch.ai mainnet (Mainnet FET) you’ll want to figure out which chain the exchange you’re using supports.
On Binance, you can transfer your FET tokens directly to your Cosmostation address on Fetch.ai’s blockchain because Binance has completed mainnet integration with the Fetch.ai mainnet. You can read more about that here. HitBTC is also currently offering FET mainnet tokens. In both cases, the user has native FET tokens and can opt to directly transfer to Fetch.ai Mainnet addresses without going over the token bridge.
However, all other cryptocurrency exchanges are currently offering ERC20 FET tokens. It is very important that these tokens are not sent to a Cosmostation wallet – if you do this then they will be unrecoverable! ERC20 FET must be exchanged for native FET tokens via a so-called token bridge before they are transferred to the Cosmostation web wallet.
In order to stake with FET that you currently hold on a crypto exchange then you will need to move your tokens to Cosmostation. Please follow the instructions set out here.
If you use a ledger wallet:
Please you can follow the instructions set out by Stakingland (operated by MOBIX’s strategic partner Datarella) here. An alternative for staking FET tokens by using a Ledger is the Cosmostation web–wallet.
If you were previously staking with a ledger:
Fetch’s staking program moved from Ethereum on September the 15th (2021). But if you haven’t yet migrated your FET ERC20 tokens from your hardware wallet and were staking your tokens via the previous staking program, then there is nothing to worry about. Your tokens are still safe and Fetch.ai have provided numerous ways in which you can access your tokens (locked, unbonding or unbonded).
Please find more exact instructions on withdrawing your FET from your hardware wallet here.
If you use the Cosmostation web-wallet:
For users who are holding their FET tokens in the Cosmostation web-wallet, you can stake on the FET main-net by:
- Navigating to the ‘reward’ section of the wallet. On the browser app this is located to the left.
- This will display the validator pools available- as well as their commission rates (in APY). Make sure to research the validator pool that you decide to stake your coins with. Please note- APY rates do fluctuate.
- Click ‘delegate’.
- Enter the amount of FET you would like to stake.
- Click next (there should be no gas fee).
- Then hit confirm.
- Congratulations! You’re staking your FET tokens.
You can download the Cosmostation web-wallet here. Cosmostation is also available to download on mobile devices. If you want to move your ERC20 FET tokens to Cosmostation then you can do so by following the tutorial written by Fetch.ai here.
Please note again that you should not send your ERC20 FET tokens directly to your Cosmostation web wallet, but only native FET tokens. To exchange ERC20 FET tokens for native FET tokens or vice versa, use a so-called token bridge.
We hope that this blog post has assisted you in learning how to stake your FET. We recommend that inexperienced users try transactions with small amounts first to minimise the risk of loss in case of misuse. Remember to mark your diaries for the MOBIX stakedrop beginning on the 20th October. In the lead-up to the stakedrop, why don’t you follow MOBIX on our social channels, Twitter, Facebook and Telegram, for the latest updates?