Using FlareStake To Stake | How To Guides

Index

FlareStake offers a user-friendly graphical interface (GUI) that simplifies the process of staking your funds with validators to earn rewards.

Staking involves temporarily locking your funds to back a particular network validator. When validator owners stake their own nodes, it's called self-bonding, while other participants are referred to as delegating their stake to that validator.

As a participant, you can choose how much FLR to stake and for how long, subject to the minimum terms of 2 weeks and 50k, and to which validators you delgate your stake.

Rewards are distributed based on the performance of the selected validator during the specified period.

Since the Flare network utilizes two separate underlying chains, an additional step needs to be taken into account. This involves transferring funds from the C-chain, where smart contracts are executed, to the P-chain, which is the platform for staking activities.

Following the conclusion of the staking period and the unlocking of funds, they can then be transferred back to the C-chain.

To use the GUI, you'll need a Ledger hardware wallet. Other options will be available at a later date.

Preparing Your Ledger

If you already have the Avalanche app installed you can skip this step.

1./ Connect the device to your computer and unlock it using your PIN code.

2./ Open the Ledger Live application. Go to the My Ledger tab and make sure the device is using the latest firmware.

3./ In the App catalog tab, search for "Avalanche" and click on the Install button.

4./ Version should be at least v0.6.5.

5./ Note that this app requires all available space on a Ledger Nano S device (138 KB). You might need to remove other apps first to free up space. The app will install fine on a Ledger Nano X decive, with other apps installed.

6./ Exit the Ledger Live application and make sure the device is not connected to any other application like MetaMask.

Accessing Your Wallet

1./ Open FlareStake.

2./ Click Access Wallet.

3./ Click Ledger.

Make sure your Ledger device is plugged in, it is unlocked with your PIN, and the Avalanche app is running.

4./ Click the top dropdown menu to select whether the account containing the funds you want to stake was created using Ledger Live or some other wallet like MetaMask.

5./ Click the bottom dropdown menu, and select the address you want to use from the list.

The first time it takes a few seconds to obtain the list of addresses from the device.

6./ Click Access Wallet. The FlareStake dashboard is displayed.

Staking Proceedure

1./ Bind your C-chain and P-chain addresses. This only needs to be done once.

2./ Move your funds from the C-chain to the P-chain.

3./ Stake them on a validator.

Binding Your Address

To receive your staking rewards, you must bind your P-chain address to your C-chain address.

1./ On the FlareStake dashboard, click Staking menu Staking.

2./ In the Bind Your Addresses section, click Register. The Bind Your Addresses pop-up window is displayed.

3./ Click Bind Address.

4./ Confirm the action on your Ledger.

Your P-chain address and your C-chain address are now bound to each other.

Moving Funds To P-Chain

To stake, your P-chain address must contain at least 50k native $FLR tokens. If your P-chain address is already properly funded, skip this step.

Keep in mind that wrapped WFLR tokens must be unwrapped before they can be transferred to the P-chain.

1./ On the FlareStake dashboard, click Cross chain menu Cross Chain.

2./ Ensure the Source Chain field says C-chain and the Destination Chain field says P-chain.

3./ In the Amount field, specify the amount of $FLR to send to your P-chain address.

4./ Click Confirm.

5./ Click Transfer.

6./ Confirm the action on your Ledger.

Transfers between chains are made of two operations: an export from the C-chain followed by an import to the P-chain. Therefore, you are asked to confirm TWO transactions on your hardware wallet.

Stake Your Funds

To stake funds, you delegate them to an existing validator.

1./ On the FlareStake dashboard, click Staking menu Staking.

2./ In the Add a Delegation section, click Add Delegation. The Delegate pop-up window is displayed.

3./ In the Node ID column, locate the ID for the validator to which you want to delegate your staking funds.

Our validator is NodeID-HZwFckGTbucqTtE7qcv6z85mnScUfAeW6

4./ To select the validator, click Select. Information about the validator is displayed.

5./ In the Staking End Date field, specify the date and time when you want to stop staking your funds.

6./ In the Staking Amount field, specify the amount of $FLR you want to delegate to stake.

7./ Click Confirm. The staking information you specified is displayed.

8./ Review the staking information. If it is correct, click Submit to begin your delegation. Otherwise, click Cancel.

9./ Confirm the action on your Ledger.

Your stake is currently locked and will begin accumulating rewards right away. When the designated end time is reached, the funds will be automatically released.