Step 1 - Onboard to Keplr wallet to access a staking dashboard
dYdX community members have the option to access a staking dashboard on Keplr. If you choose to participate in staking, you could export your secret phrase to a Keplr wallet and subsequently stake or vote via the Keplr Dashboard.
Step 2 - Preparing to import an existing wallet on Keplr
Step 3 - Export secret phrase from the bridge interface
dYdX Chain users can export their secret phrase from the bridge interface operated by the dYdX Operations subDAO.
Note: if exporting a secret phrase, ensure it is kept highly secure. Anyone with access to the secret phrase can control all assets in the wallet, so it’s strongly recommended that this process is done on a secure computer.
Step 4 - Set up your Keplr wallet
Reminder - make sure all 24 words are pasted.
Once the secret phrase is successfully imported into Keplr, the user can connect their Keplr wallet to the Keplr Dashboard to stake and vote.
Step 5 - Stake DYDX to dYdX Chain
If you are not sure about the validator that you want to stake to, we encourage you to review “A Take on Good Practices for dYdX Chain Validators and Stakers”. More information about the staking module is available in the dYdX Chain documentation.
You can stake 100% (max) of your DYDX tokens to one validator or spread your stake across multiple validators.
5(h) In case of a failed transaction, it could be due to the following reasons:
- Not enough gas fee: Sending a transaction on dYdX Chain would require a certain amount of DYDX or USDC to be paid to Validators as gas fee. Note, the selection of the asset, DYDX or USDC, to pay gas will be made by the user and will need to be accepted by the Validator. Make sure that you have enough DYDX or USDC to pay for the gas fee associated with the staking transaction.
- Staking more than the available balance: Make sure that the amount you are planning to stake plus the gas fee is less than the available DYDX and/or USDC balance in your wallet.
- Unable to verify transaction status: While the transaction may have been successful, Keplr may be unable to verify the status of your transaction. Make sure to check your address on the block explorer and wait 5-10 minutes before attempting another transaction.
5(i) Important information about Staking:
- Un-stake and the Un-bonding Period: DYDX holders who stake DYDX to a validator can send a transaction to unstake and remove their tokens from being staked to a validator. After this transaction, the DYDX tokens enter an unbonding period.
More information is available here.
- Re-delegation: Instead of un-staking and waiting the un-bonding period, stakers can choose to delegate 100% or a portion of their staked DYDX to a separate validator without having to wait for the un-bonding period. During the re-delegation process, the tokens remain staked, meaning they continue to contribute to the network's security and potentially earn rewards for the delegator. However, a user’s slashing risk with the original validator remains until the un-bonding period concludes. For example, a user stakes 20 DYDX to Validator A for 59 days, on day 60 the user decides to re-delegate their 20 DYDX to Validator B. From days 60-90, the user is at a risk of having a portion of their 20 staked DYDX slashed based on the conduct of Validator A. After the 90th day, the slashing risk transitions to Validator B. After redelegating, any DYDX that was redelegated must wait 30 days before it can be redelegated.
More information is available here.
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