This is the official guide for staking SKL on Activate.
SKL token holders residing in accepted jurisdictions can now utilize the Activate platform to stake their SKL with different validators. This guide is tailored towards new users of Activate who did not participate in the SKALE Network launch on Activate. If you participated in the SKALE Network launch on Activate please see the claiming and staking guide and the reward claiming and changing delegation guide for more information.
This document is the source of truth for instructions on how to stake SKL 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.
To get started please launch the Activate Application.
Before you delegate your tokens please ensure you have sufficient ETH in your registered wallet to cover the gas costs associated with the transactions.
STEP 1: Get SKL
If you do not already have SKL, you can use the MetaMask swaps widget to swap into SKL. Once signed into your MetaMask wallet click on the swap button. This will take you to the below screen(s) where you can get the best execution on swapping ETH to SKL.
Please verify the token address on etherscan before swapping tokens to SKL, there are a number of scam pools and tokens that exist.
The correct address is:
STEP 2: Navigate to the SKL Staking Dashboard
Once you arrive on the Activate site, you will see a card on the right hand side that prompts you to “Start Staking SKL.” After clicking the button you will be directed to the staking dashboard where you can see the different validators supported in the Activate marketplace. It is not required for users to create a user account in order to stake their SKL tokens.
STEP 3: Connect Wallet
Once you are on the staking dashboard page in the upper right hand corner you will see a “connect wallet” icon. After clicking you will be prompted to connect your wallet of choice. If you are using Ledger please make sure that your Ethereum app is open before connecting to MetaMask.
STEP 4: Select a Validator
Once you connect your wallet, you will be able to scroll through the list of validators currently accepting delegation on the SKALE Network. Today Activate supports delegation to 18 different validators and allows you to stake with multiple validators if you choose to. If delegating to multiple validators please remember that this will double the gas costs.
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.
STEP 5: How Does Staking SKL Work
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. We recommend that you stake your SKL tokens 5-7 days prior to the start of the next epoch. After reviewing the below screen please click ‘Stake my first SKALE tokens’ to enter the delegation flow.
STEP 6: Complete Delegation Request Form
Once you enter the delegation flow you should start by entering the amount of SKL you would like to stake of your total balance. After entering your stake amount, you will need to select your staking period. For now the SKALE Network only offers 2 month staking periods (this will be auto selected for you). In the coming months, changes and/or additions to staking periods will be decided through a SKALE Network token holder vote. Until then, this allows for all token holders regardless of size or lockup to receive the same % incentives for helping secure the network.
Lastly, please review the Terms of Service which includes further details regarding the service and slashing policies implemented by your selected validator, which is 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 image below. Please click ‘continue’ to complete the delegation process.
STEP 7: 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. Please ensure you have sufficient ETH in your wallet to pay for the delegation transaction.
Upon confirming the transactions in your wallet, you will be presented with a summary screen of your staking request and next steps. Please remember that validators are required to accept your delegation prior to the next epoch before you will be fully delegated and ready to earn rewards. We recommend you send your delegation request 5-7 days prior to the start of the next epoch to ensure validators have enough time to accept.
STEP 8: Manage Staking Balance
If at any time you want to review your staking balances, click on ‘Token Inventory’ in your main dashboard to navigate to your portfolio page. Here you will see an overview of your pending staking requests, SKL balance, and staking summary.
The Codefi Activate Team