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Staking
Staking is an integral part of the consensus mechanism. Chiliz Chain depends on a robust structure of validators that help in reducing gas fees and shorten the block time. Usually, blockchains use consensus mechanisms based on Proof of Stake (PoS). The participants for staking get opportunities based on their stake in the pool to validate transactions and create more blocks and become validators.
As a user, you can decide how long you want to stake your CHZ. That way, it becomes easier to participate in and support activities on the blockchain. You earn more rewards in return for staking your share.
- 1.
- 2.The first step to pledge your stake is to connect with your preferred wallet (here, MetaMask wallet is used). Select CONNECT WALLET > Spicy.
3. Go to your MetaMask Wallet and select the account you want to connect with your staking account. Click Next.
4. Select Connect.
5. Once your wallet is connected to the Chiliz Staking UI you will see the following chiliz staking dashboard.
Before you proceed to delegate, ensure you've CHZ in your wallet. See Use Spicy Faucet to transfer CHZ to your wallet.
- 1.To delegate testCHZ, select your Validator, and click on the corresponding Delegate button.
2. Enter the amount you want to delegate in the Amount field and select SUBMIT. Please note, the minimum stake for the testnet is 1 CHZ.
3. Go to your MetaMask Wallet, verify transaction details, and select Confirm.
4. You will receive the following Delegate notifications on the chiliz staking dashboard.
5. You can further confirm transaction details including the timestamp on your MetaMask Wallet.
6. You can also view your recent
Delegate transaction on the chiliz staking dashboard. Furthermore, use chiliz staking dashboard to check and verify your validator's details including Status, Voting Power / %, Delegated, Commission Rate, Validator Fees, and My Rewards.
Last modified 6mo ago