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Codefi Activate

Activate Claiming and Staking Guide

by Collin MyersSeptember 24, 2020
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This is the official claiming and staking guide for your SKL tokens.

All SKL token purchasers will be able to claim and stake their tokens starting on September 24th at 9:00PM UTC. We recommend that you complete this process by September 28th to ensure your tokens are staked once the first epoch goes live on October 1st and you are able to complete the Proof of Use requirement by December 1st.

If you do not claim and stake your tokens before October 1st, you will have to wait until the next epoch begins on November 1st, and you will not accrue rewards during the month of October, nor will you be able to complete the Proof of Use requirement to transfer SKL tokens for other purposes by December 1st. You can read more about the proof of use deadlines here.

Please refer to this document as the source of truth for instructions on how to claim and stake on Activate, any other documentation has the chance to be fraudulent and not endorsed by Activate or SKALE.

Please also follow our Telegram group and see the SKALE Staking FAQ for more information and updates. If you are encountering an issue, please contact customer support at https://activateteam.zendesk.com.

GETTING STARTED

To get started please launch the Activate site and login to your account.

Before you claim and stake your tokens please ensure you have sufficient ETH in your registered wallet to cover the gas costs associated with the transactions.

STEP 1: CLAIM YOUR TOKENS

Once you login, you should automatically be redirected to the dashboard. Click ‘Get my tokens’ to launch the token claiming pop-up window and view the summary of your purchased amount and associated SKL token allotment. Please ensure you have connected the wallet you registered as your receiving wallet during the purchase flow.

Click ‘Retrieve my SKL tokens’ to initiate the transfer request. This should open up a modal for your registered wallet for confirmation. Once confirmed, please wait while your transfer is processed. If your transfer has been successful you should be able to see a confirmation screen.


1.1 Click ‘Get my tokens’ to launch the token claiming pop-up window

1.1 Click ‘Get my tokens’ to launch the token claiming pop-up window


1.2 View the summary of your purchased amount and associated SKL token allotment. Click ‘Retrieve my SKL tokens’ to initiate the transfer request.

1.2 View the summary of your purchased amount and associated SKL token allotment. Click ‘Retrieve my SKL tokens’ to initiate the transfer request.


1.3 Once confirmed, please wait while your transfer is processed.

1.3 Once confirmed, please wait while your transfer is processed.


1.4 If your transfer has been successful you should be able to see a confirmation screen.

1.4 If your transfer has been successful you should be able to see a confirmation screen.

STEP 2: NAVIGATE TO STAKING DASHBOARD

Once you have claimed your tokens you are ready to stake! Please select ‘Stake’ on the top menu bar to navigate to the staking dashboard.

STEP 3: SELECT A VALIDATOR

In the ‘Stake’ sub-menu you will be able to view the different validators that you can choose from to delegate your tokens to. The Activate application has the functionality to allow users to stake with multiple validators if you choose to.

If you are interested in learning more about each validator, click on their logo to view a dropdown screen. In this dropdown menu you will find relevant information about each validator and important contact information in the event that you need to reach out to your validator(s) of choice for support.

Once you have selected your validator(s) of choice click on the blue ‘Stake’ button you see on the right-hand side of the screen to begin the delegation flow.


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STEP 4: COMPLETE DELEGATION REQUEST FORM

After clicking the blue ‘Stake’ button with your validator of choice you will be prompted with the below screen before you enter the delegation flow. It is important to read the content of this screen carefully as it will explain the nuances of staking with a validator on the SKALE Network. After reviewing the below screen please click ‘Stake my first SKALE tokens’ to enter the delegation flow.


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Once you enter the delegation flow you should start by entering the amount of SKL you would like to stake. Remember that to satisfy proof of use you are required to stake 50% of your tokens for 60 days. As a result, there is a 50%, 75%, and 100% button to make this easier for you to navigate. In addition, you are able to manually determine the amount you would like to stake, if you enter a SKL amount lower than 50% of your total balance warning signs in the application will inform you.

Following inputting your amount to stake, you will need to select your staking period. For the SKALE Mainnet Launch on Activate the only available staking period to begin will be 2 months. The other options are greyed out and will be available following the initial 60 day period. This allows for all token holders regardless of size or lockup to receive the same % incentives for bootstrapping the network.

Lastly, to view further details regarding the service and slashing policies implemented by your selected validator please view the Terms of Service linked on the bottom of the screen. These terms must be accepted before you submit the request.

Upon completion of these three steps, your screen should look like the below. Please click ‘continue’ to complete the delegation process.


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STEP 5: SUBMIT DELEGATION REQUEST

Once you have clicked ‘continue’ you will see a summary of your delegation request on the upper right-hand side of the screen for final review before delegating your tokens. Once you are ready to proceed, click on the ‘Stake SKL to Validator’ which will activate your wallet and present you with a confirmation request.


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Upon confirming the transactions in your wallet, you will be presented with a summary screen of your staking request and next steps.


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STEP 6: SUBMIT DELEGATION REQUEST

Click on ‘View portfolio’ to navigate to your portfolio page that will provide you with an overview of your pending staking requests, SKL balance, staking summary and your progress on proof of use completion.


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