What is staking and why is it important?
The short explanation for staking is that it represents a simple way to earn rewards by locking a certain amount of tokens or coins in a pool. Staking is an excellent way to encourage token holders to participate in and get involved with the Ambire ecosystem — and helps them earn rewards in the process.
How to get $WALLET
In order to stake, be sure you have $WALLET tokens in your account. If you don’t already own $WALLET tokens, you can easily procure them through one of three methods listed below.
We are currently working on listing the $WALLET token on a number of different exchanges, which means that with the time there will be more and more options to choose from, but at the moment users can get $WALLET tokens through:
- Swapping some of your existing crypto for $WALLET through the Swap feature of Ambire Wallet;
- Early user continuous airdrop on Ambire Wallet - the criteria for receiving $WALLET rewards can be found here;
- Acquiring $WALLET tokens from one of the exchanges listed here.
How to stake your $WALLET tokens
Step 1: Go to "Earn" menu of your Ambire Wallet, select "Deposit" option in "Ambire" tool and choose the amount you want to stake. Then click on the green "DEPOSIT" button:
Step 2: Ambire Wallet will automatically send you to the menu transaction signing menu. There will be 2 transactions related to the staking Approve and Deposit ones. In order to have a successful staking - you need to sign them booth.
Step 3: In "Transactions" menu you can check the status of your signed or pending transactions. Once tne transaction is mined - they will move under "Confirmed transactions" and you will get a notification message (in case this feature is enabled).
Step 4: The relevant amount of xWALLET tokens will appear in your Dashboard. Note that their amount is different than the amount of $WALLET tokens you have staked. The amount of xWALLET tokens isn't changing (unless you deposit or withdraw), but their worth is.
More information on the $WALLET staking, like where do staking rewards come from, is there any lock-up period, rage quit options and more can be found here.