Moonbeam: GLMR Staking Guide

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Moonbeam network is an Ethereum-compatible smart contract blockchain using the Substrate framework. It allows developers from the Ethereum ecosystem to tap into the Polkadot system by enabling the migration of projects coded in Solidity without the need to rewrite them, requiring only minimal changes. It facilitates the deployment of natively interoperable applications and greatly promotes the cross-chain interoperability scenario. You can read more about the parachain and its purpose here.

Glimmer ($GLMR) is the native token of Moonbeam. You can check out the token distribution metrics here or read our previous piece on Moonbeam here, which also covers its tokenomics. Some of the token uses-cases include:

  • Powering smart contract execution
  • Payment for transaction fees
  • On-chain governance
  • Network incentives
  • Funding for community projects

Figment is currently running a collator on Moonbeam. Follow the instructions below to stake your $GLMR tokens with us and enjoy the increased security your assets will receive.

Key Staking considerations:

  • Users need to be among the top 300 delegations to receive rewards on your stake
  • There’s a reward delay of 2 rounds on Moonbeam - meaning users only receive rewards after 2 rounds (12 hours) 
  • If you decide to unstake your $GLMR token, there’s an unbonding period of 7 days
  • There is a fee to pay in GLMR tokens to delegate your tokens 

For this guide, we will be using the MetaMask wallet. This wallet is non-custodial, and requires the user to keep track of their own mnemonic phrase, and password. If you need to install the MetaMask extension, download it here. Once installed, if you are creating a new wallet, MetaMask will walk you through the wallet creation process. 

As a reminder, creating a new wallet will prompt you to generate a 12 or 24 word key phrase. This is a crucial step of the wallet creation process. Please ensure to backup your 12-word or 24-word key phrase. Please also ensure that you backup your wallet password. 

To learn more about custody and best practices, check out our “What is Custody?” video. 

Step by step: GLMR Staking guide

To start the process, make sure you have a Metamask wallet. If you don’t, follow this link to get it installed.

Next, users have to add Moonbeam as a custom network in your Metamask because GLMR tokens aren’t ERC-20 tokens, but rather native to their network. The Moonbeam website has a button to facilitate this process, but you can also add the network manually by following these instructions.

After doing that, access the Moonbeam dashboard app and connect your Metamask wallet.

Once signed in, you need to select which of your Metamask accounts will connect to the dashboard dApp and accept the required permissions. You must select the one to which you’ve previously added Moonbeam as a custom network.

Your wallet will ask for permission to change the network. Accept it and you will gain access to the main dApp dashboard.

The dashboard will display your address, account balance, staking delegation, crowdloan rewards, cross-chain assets and a few resource links.

To start staking your tokens, scroll down to the bottom and click on the “Manage delegations” button under the “Staking” section.

Next click on “Select a collator”

A menu will appear showing you all the candidates and their respective staking data. There are both an “Active pool” and a “Waiting” columns, to identify collators who are actively producing blocks and earning rewards, and the candidates waiting to get into the active pool list. Our collator is already in the active set, so you have to select the “Active pool” tab. 

Select the “Figment” collator by clicking on it, but remember to verify its address for security reasons. Our collator address is: 0x9436CF1090cA39e38FEc1F78C01Ac9F936e36965.

Upon selecting it, enter the amount of tokens you’d like to stake - remember the minimum amount is 50 GLMR tokens. Then, click on “Delegate”

Your wallet will appear in a side window, displaying the transaction details and estimated gas fee so you can verify it. Proceed to confirm the transaction after you’ve verified the information.

A notification will pop up to let you know the transaction is being processed. Given a short moment, another notification should pop-up to confirm that the transaction has been successful. 

Done! You’ve successfully delegated your tokens to Figment’s collator. Your dashboard will be updated and show your recent delegation, as well as your new balance.

Keep in mind, however, that you need to be among the top 300 delegations to receive rewards on your stake! Be sure to come back regularly to this dashboard in order to check your balance and your overall staking situation. 

There’s a reward delay of 2 rounds on Moonbeam - meaning you’ll only receive rewards after 2 rounds (12 hours) have passed from the moment your stake has become active. If you decide to unstake your $GLMR token, there’s an unbonding period of 7 days.

If you’d like to read more about Moonbeam network, check our First Look article!

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