UPDATE 2024: This is article was originally written for staking $DOGA on Tezos. It is now possible to stake $DOGA on Polygon too.
We’re super excited to introduce you to our latest feature — $DOGA staking! Now, our fellow dogamers can help maintain order and peace in the Petaverse by staking their $DOGA tokens to not only keep destructive forces at bay but also acquire extra $DOGA rewards in return.
Whether you’re new to staking or you just want to understand how the dashboard operates to get started, this article is for you! 🔥
What is $DOGA Staking?
The staking feature enables anyone who’s purchased $DOGA tokens to get rewards for being part of the DOGAMÍ network. Users stake their tokens and receive $DOGA rewards based on a fixed rate calculated on an annual basis, also called Annual Percentage Rate (or APR).
Terms for staking vary but are typically either fixed or flexible. This article will cover the rollout of flexible staking with an APR (annual percentage rate) of 5%! The platform also offers:
- A fixed 15% APR (3-month lock-up period)
The flexible staking system means you can unstake your $DOGA whenever you like, whatever amount you choose (no min/max).
How to use the Staking Platform?
First things first, you need to have a Tezos wallet and some $DOGA to start staking. If you don’t know how to do this, we’ve got your back!
- Create a Tezos beacon wallet: Tutorial
- Get some $DOGA: Step-by-step guide
All good? Let’s go! 🚀
First, you need to head over to the staking page here:
You will see 2 tabs (Polygon and Tezos). In this case, we will choose the Tezos tab.
Connect your Tezos beacon wallet to the platform (Temple, Kukai, Airgap etc).
In this tutorial, we’ll be using Temple. Click the connect button on the top right hand side of the screen.
You’ll be prompted to choose your preferred wallet. Once you do this, you’ll then be asked to confirm your connection.
Great! Now you’re connected to the staking platform. This is the main interface:
Let’s start staking some $DOGA! Go to the Staking block on the left hand side of the screen and add the amount you wish to stake. You can enter it manually or click ‘use max’ to stake the entirety of your $DOGA.
Note that your $DOGA balance can be seen above the input field. You cannot stake more than you own.
Once you’ve chosen the amount to stake, click “stake now.” In this example, we have chosen to stake 5 $DOGA. You will see another window appear to give a recap of your Flexible Staking terms.
“Estimated Rewards Example” shows an estimate of the rewards you will be able to claim if you stake 5 DOGA for 7 days.
Note: Whenever you stake $DOGA, you need to have some XTZ (Tezos) in your wallet to cover the transaction fees. If you don’t have a sufficient balance, the transaction will fail.
You will be prompted to enter your password. Each staking event will require this step. Once you’ve entered your password, you’ll also be required to confirm the transaction. Click confirm.
Whilst the transaction is confirming, a popup will appear above the staking interface.
It might take a couple of minutes for your staked balance to update. Refresh your browser if the balance has not updated momentarily. Now you should be able to see your staked $DOGA in the “My Operations” block on the right:
Great, you’ve just staked your first amount of $DOGA (and you’ve helped make the Petaverse a better place!). 🐶
Collect your Rewards
So you’ve been staking $DOGA and defending the Petaverse, good job! 💜
Now it’s time to reap some rewards.
From the staking interface, click the “collect” button.
A window will appear showing your $DOGA rewards to date. You will see your balance to claim above the collect button.
Note: the $DOGA rewards in the this example include rewards from a previous period and will not necessarily refllect what you see when you stake yourself.
Click collect.
You should next see your wallet prompting you to confirm the transaction. Please bear in mind, you will need to pay some gas fees for this (very minimal) in XTZ to enable you to recuperate your rewards.
Once you’ve confirmed the transaction, you will need to refresh the page in order to see your rewards in your wallet. This can take a few minutes to update.
Your rewards are calculated on an annual basis, this is the APR. Currently the flexible staking is set at 5%. Please note that this is an annualized rate. As an example, if you unstake your $DOGA after 1 month, you will get approximately 1/12th of 5%.
Unstake your $DOGA
Flexible staking means flexible unstaking! If you’d like to unstake your $DOGA, go to “My Operations” then click “Details”.
Choose the amount you would like to unstake. You can either choose the maximum amount by clicking max or enter a value of your choosing.
Click Unstake. You will prompted to enter your password once again via your wallet.
Then you will be asked to confirm the transaction. Please note again that a small amount of gas fees will be required in XTZ (Tezos) in order for you to unstake your $DOGA. Click confirm.
You will be redirected back to the staking interface whilst the transaction is confirming. Once it is complete you will be notified.
The dashboard takes a little time to refresh. Reload the page if necessary. Notice the balance has now updated. In this example, 5 $DOGA were staked and we unstaked 2 $DOGA, to leave 3 $DOGA staked.
Dashboard features
The staking platform also has other features for users. You can see the the current $DOGA price, total DOGA staked and the rewards.
The team are looking to introduce more staking feature in the future to offer more options for $DOGA stakers.
Let’s make the Petaverse a better place and stake some $DOGA!
Disclaimer
The purchaser of $DOGA undertakes to give full considerations to all risk factors, including but not limited to the volatility of crypto-assets prices and markets in general, risks of systemic failure, risks of code failure, bugs, hardware failure, loss of data, theft, lost usernames, passwords or private keys, incorrectly executed transactions and/or hacks which can lead to, inter alia, the complete loss of the Tokens.
$DOGA digital tokens are utility-type crypto assets that do not represent any kind of equity right over Dogami Sàrl (‘the Company’), they do not incorporate any rights or claims over the profits or revenues of the Company, neither provide the owner with a conversion right into shares of Company or other equity of Company nor represent or confer any ownership right or stake, share or security or equivalent rights, voting right or any right to receive dividends, future revenue shares, intellectual property rights or any other form of participation in the Company and they shall not represent shares, bonds, securities, structured products, derivatives or any kind of financial instrument or investment product.
$DOGA digital tokens are not intended to be used outside of the DOGAMÍ ecosystem as a means of payment for acquiring goods or services. $DOGA digital tokens are non-refundable.
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