Staking SKL tokens is now easier than ever with the new Delegation UI in the SKALE Portal. This guide delves into the essentials of SKL staking, outlining its process and the steps involved.
SKL is the native token of the SKALE Network, serving multiple purposes including staking, governance, and payment for chain subscription fees. Staking SKL involves delegating the tokens to validators, who are responsible for operating the network by running SKALE Chains, validating blocks, and operating the SKALE Bridge.
To participate in staking, SKL tokens can be obtained from a variety of centralized and decentralized exchanges, such as Binance (CEX), Coinbase (CEX), and Uniswap (DEX).
The updated list of SKL markets is available on the Coingecko SKL Markets Tab, providing current information on all the markets where SKL can be acquired.
SKL token holders receive monthly rewards or bounties in return for their staked SKL. The reward rate is dependent on a combination of the validator fee, the stake weight of the validator, number of nodes the validator is running, and the successful operations of the validator.
By staking SKL, delegators contribute directly to the security and operational efficiency of the SKALE Network. Validators, who are essential for processing transactions and maintaining the network, are incentivized through staking rewards.
Staking is the foundational layer of every Proof of Stake network, and participating in SKL staking helps to build a healthy network aligning the interests of all stakeholders. This way, the network can be focused on achieving the next phase of growth.
Start by visiting the SKALE Portal, and access the Staking interface from the Home or the tab on the left menu.
The portal will prompt you to connect your wallet, or you can also connect by clicking on “Connect Wallet” at the top right of the page. Make sure to use a Metamask wallet.
Once your wallet is connected, you can browse through the list of available validators. Each validator has a profile that provides details about their service, including their fee.
After choosing your preferred validator, input the amount of SKL you wish to stake, approve the token spending, and then confirm your delegation.
The SKALE Portal also allows you to manage existing delegations. You can track your staked tokens, view potential rewards, and adjust your staking choices as needed.
Start by visiting the SKALE Portal, and access the Staking interface from the Home or the tab on the left menu. Make sure to connect your Metamask wallet.
On the Staking page, you can see and manage your SKL balance and delegations. Click on “Unstake”, approve the token spending, and then confirm your unstaking request.
Note that SKL tokens will be available for transfer after the end of the current epoch (1 epoch = 1 calendar month) + the next one. Check the docs for more details about the delegation process and schedule.
In addition to the SKALE Portal, SKL tokens can also be staked through other platforms, each offering unique features and interfaces. Below is a list of platforms where users can stake SKL.
To estimate potential rewards, stakers can use the Staking Rewards Calculator. Remember, rewards are distributed monthly and can be claimed on the first day of each month, providing a regular incentive for participation in the SKALE network.
Delegations cannot be modified once accepted and active. To change your delegation, you would need to undelegate and redelegate in a different amount. This would also mean that any new bounties from the new delegation would collect in a separate bucket from any unclaimed bounties from the original delegation.
At the end of each epoch, the accrued staking rewards (i.e bounties) will be eligible for claim. Tokens available to be claimed can be withdrawn to a wallet of your choice each month or left alone in which case the tokens will automatically accrue within your claimable bounty balance. If bounties are not claimed for multiple months, when claiming them in the future all available bounties [up to 12 months] would be automatically claimed together.
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