How to stake SKL (SKALE Network)
Learn how to stake SKALE (SKL) tokens to Chorus One's public node.
Overview
CATEGORY
DETAILS
Chorus One Validator Address
Recommended Wallet
Block Explorer
Staking Rewards
About SKALE
The SKALE Network is a decentralized, Ethereum-native platform designed to improve the scalability and performance of decentralized applications (dApps). It enables developers to deploy their own high-throughput, low-latency blockchains, known as "elastic sidechains," which operate in tandem with Ethereum, reducing congestion and gas fees on the mainnet.
These sidechains are fully customizable, allowing dApps to scale efficiently while benefiting from Ethereum's security and decentralization.
SKALE uses its native token, SKL, for network operations such as staking, governance, and securing the network through validator nodes, while transaction fees on the network are paid in ETH.
How to Stake
Staking your SKL can be done via the SKALE Portal and MetaMask, which involves four main steps:
Create a MetaMask wallet if you don't have one already.
Connect your MetaMask wallet to: https://portal.skale.space/
Select a validator to stake with, such as Chorus One: https://portal.skale.space/staking/new/0/19
Manage you SKL stake
Before you get started, please make sure to have the MetaMask Browser Extension installed and to have enough ETH in your wallet to cover transaction fees.
If you are using a Ledger device, make sure it is updated to the latest firmware and ensure you have the latest version of the Ethereum app installed.
Please note that you will need to stake more than 100 SKL.
1. Creating a MetaMask Wallet
If you don't have a MetaMask wallet yet, follow the steps below.
Otherwise feel free to skip ahead to the next section: Connecting with SKALE Portal
First, visit https://metamask.io/download/ and download the MetaMask browser extension.
While MetaMask works in many different browsers, Chrome and Brave are top choices for compatibility.
MetaMask Setup Guide
For a full walkthrough on setting up MetaMask, please refer to their documentation found here:
Please be sure to back up your mnemonic seed securely.
It is recommended to store it physically, not in a digital format or as a screenshot.
Never share this seed phrase with anyone, as they will have access to your funds.
A lost mnemonic seed phrase cannot be recovered.
Anyone with your mnemonic seed phrase can take control of your assets.
(Required: Minimum 8 characters, 1 number, 1 special character, 1 lowercase, 1 uppercase)
2. Connecting with SKALE Portal
Next, navigate to the SKALE Portal at the following link: https://portal.skale.space/
In the upper-right hand corner, you will see a button for 'Connect wallet' -- Click on this, then select MetaMask as the wallet option.
Once you've connected your MetaMask wallet, you will see your ETH address partially displayed in the upper-right hand corner.
To the left, you will see the SKALE Portal navigation bar.
This is where you can explore options like viewing transactions, your history, compatible chains, staking, validators, and other network information.
As you navigate the sidebar of SKALE Portal, you will be prompted to accept the terms of service.
Read through them at your leisure and you will need to scroll to the bottom in order to click on the button at the bottom to accept the terms of service.
3. Select a Validator
From the left hand navigation bar, you can either go to 'Staking' to see your current SKL balances and active stakes (if applicable), or you can navigate to 'Validators' and select a validator to stake with.
The Chorus One validator can be found here: https://portal.skale.space/staking/new/0/19
If you navigated to the 'Staking' tab, you will see a screen similar to the screenshot above.
In case you do not have any SKL tokens in your wallet, please make sure to properly fund it before you continue.
Please note: SKL transactions will require ETH to send, so be sure to keep some ETH in your wallet to pay for gas fees.
When you are ready to stake, click on the green button 'Stake SKL' to be taken to the 'Validators' tab.
From here, you will see a list of the active validators. Scroll through to find Chorus One and click on it.
Next you can enter the amount of SKL you wish to stake. To the right hand side you can see your total available balance of SKL.
You can either enter an amount manually, or hit 'Max' to stake all your SKL.
Once you have selected the amount you wish to stake, click 'Stake SKL'.
A minimum of 100 SKL is required to stake. Staked funds are locked and illiquid for the entirety of the staking period.
The delegation time is 2 months and auto-renew will be turned on by default.
For more information on this, please see: Managing your SKL Stake
You will be prompted to sign the transaction via MetaMask.
Confirm it, and you have now begun the staking process for your SKL!
4. Managing your SKL Stake
After you first begin staking you will see a screen similar to the following screenshot.
You may note that your SKL does not yet say staked. This is due to how epochs and rewards work on the SKALE Network.
Worry not, your staking was done correctly!
This is due to epochs and delegation time which we will elaborate on below.
Epochs and Delegation Time
Once you have initiated staking, your SKL stake will become active in the subsequent epoch and will remain locked for the entire staking period.
The validator you chose to stake with must also first accept your delegation.
To help explain, epochs are units of time within the SKALE Network. They equal a one month calendar period of network activity.
They always start on the 1st of each calendar month.
Rewards for validators and delegators are distributed at the end of each epoch and you are able to claim them within several days after the end of the epoch.
Please note that claiming your rewards incurs a transaction fee, so make sure to have enough ETH in your wallet to cover the fees.
Your rewards do not expire and you can claim them whenever you please.
This means that if you began staking your SKL on August 21st, your delegation would be accepted by the validator and go live in the next epoch, starting on September 1st.
5. Staking Auto-Renewal & Rewards
The default setting of SKL staking is set to “Auto-renew”.
This means that your staking period is automatically renewed for the same period as you initially selected (2 calendar months starting on the 1st).
Hence, your tokens are automatically re-delegated to your chosen validator at the end of your delegation period.
You can always choose to stop this by visiting the 'Staking' tab and switching auto-renew to off.
Please note that this can only be done once your stake is active.
This will also incur a transaction fee that requires ETH to complete.
Please make sure to stop the auto-renewal a few days before your staking period ends if you do not wish for it to auto-renew.
Turning off auto-renew cannot be reversed.
Please only turn off auto-renew if you want your SKL to become liquid after your staking period ends.
6. Claiming Rewards
To claim your rewards, visit the 'Staking' tab and click 'Retrieve' to claim your SKL rewards you have accrued during your staking period.
This will incur a transaction fee that requires ETH to complete.
Approve the transaction in MetaMask, and in case you are using a Ledger device, sign the transaction via your hardware wallet.
Rewards for validators and delegators are distributed at the end of each epoch and you are able to claim them within several days after the end of the epoch.
Your rewards do not expire and you can claim them whenever you please.
A Note to Institutional Investors
If you are an institutional investor looking to stake SKALE Network (SKL) with Chorus One, please reach out to us via our staking request form.
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