A Guide to SKL Staking

Staking SKL tokens is now easier than ever with the new Delegation UI in the SKALE PortalThis guide delves into the essentials of SKL staking, outlining its process and the steps involved.

Easily stake SKL.
Review delegations.
Retrieve staking rewards.

What is SKL?

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 validating blocks, executing smart contracts, and maintaining overall security.

Where to buy SKL

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.

Why Stake SKL

Earn Staking Rewards

SKL token holders can put their assets to work through staking, earning monthly rewards. The more SKL staked, the greater the rewards, aligning the interests of stakers with the overall health of the network.

Secure The Network

By staking SKL, token holders 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.

Set The Stage For Growth

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.

Step-by-Step Guide to Staking SKL on the SKALE Portal

1. Navigate to the SKALE Portal

Start by visiting the SKALE Portal, and access the Staking interface from the Home or the tab on the left menu.

2. Connect Your Wallet

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.

3. Select a Validator

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.

4. Stake Your SKL Tokens

After choosing your preferred validator, input the amount of SKL you wish to stake, approve the token spending, and then confirm your delegation.

5. Manage Delegations

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.

Step-by-Step Guide to Unstaking SKL on the SKALE Portal

1. Navigate to the SKALE Portal and connect your wallet

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.

2. Unstake the SKL delegated

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.

Other SKL Staking Platforms

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.

How to Maximize Staked SKL

Add more SKL to existing delegations

If you acquire more SKL, you can add your new tokens to existing delegations, without any need to create new delegation requests. Remember that the new tokens added to the delegation will start accruing staking rewards from the start of the next epoch (month).

Claim rewards or Re-stake for compounding

At the end of each epoch, the accrued staking rewards will be eligible for claim. You can either claim the SKL rewarded to your Metamask wallet, or you can compound the rewards to the existing delegation since the staking process it’s not autocompounding by default.