Step 1 - Onboard to Leap Wallet via Desktop and Mobile
dYdX community members have the option to access a staking dashboard on Leap. If you choose to participate in staking, dYdX Chain users can use Leap’s dYdX dashboard to stake assets and earn rewards.
With Leap Wallet, you’ll be able to access one-click staking, governance, portfolio management and more. The below guide is for Desktop.
Step 2 - Import using a Seed Phrase
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. Visit https://bridge.dydx.trade/ and connect your Ethereum wallet to export your secret phrase.
Note: When exporting a secret phrase, it's crucial to keep it highly secure. Anyone who has the secret phrase can control all the assets in the wallet, so it's highly recommended to do this on a secure computer.
Step 4 : Setup your Leap wallet
Step 5 - Stake DYDX to dYdX Chain
Leap’s dYdX Staking page lets you easily stake your assets. As with all PoS consensus mechanisms staking directly contributes to security and stability of the chain. When you stake, you secure the dYdX Chain and earn rewards.
5 (g): 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, Leap 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 (h): 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.
- 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.
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