How to start staking?
Tutorial on how to start staking your MC tokens.
The first thing you need to do is enter the staking portal. This can be done by going to staking.meritcircle.io where you will be greeted with the ‘Overview’ page that shows some basic information and statistics about the staking portal.
Please ensure that you only follow the official links in this article.
The next step is to connect your wallet. Simply click the ‘Connect wallet’ button in the top right-hand corner and you will see the screen in the image below pop up.
Here, you can choose from a number of options: MetaMask, Coinbase Wallet or other web3 wallets through WalletConnect.
After you have connected your wallet, you’re ready to start staking. The next step is to pick the staking pool of your choice. In the main overview, click the large ‘Stake’ button, which will open up the screen below. This will show you the available staking pools.
*Since 80% of the entire staking rewards will go to those providing liquidity, it’s important to understand providing liquidity on Uniswap V2 — please scroll down for a small tutorial.
Please understand that providing liquidity on Uniswap V2 is required to stake. Those providing liquidity on Uniswap V3 will not receive rewards.
Prior to staking your tokens, you might want to find out more about each specific pool. To do so, press the ‘Details’ button in white to see the following overview:
Following this, press ‘Stake’ to head to the next screen.
You should now choose the settings that work for you. As mentioned above, you have the ability to choose between flexible and locked staking. Locked staking can increase your rewards over time depending on the duration of your lock.
After you have chosen your preferred settings, press ‘Approve’ as shown below.
A MetaMask prompt (or Coinbase Wallet or WalletConnect) will then appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
After you have confirmed your transaction, please wait patiently as the Ethereum blockchain has to confirm the transaction at the other end.
After you have approved the contract to spend your MC tokens, you have to make the second transaction to stake your tokens. Instead of ‘Approve’, you will now see ‘Stake’.
Once you press stake, a MetaMask prompt (or Coinbase Wallet or WalletConnect) will appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
Once the transaction is confirmed, you will see a pop-up notification saying ‘Transaction confirmed’.
That’s all there is to it. Once the transaction is confirmed on the Ethereum blockchain, your tokens are officially staked and you start collecting rewards straight away!
When you’re on this page, click the ‘Provide liquidity’ button as indicated in the image below.
When providing liquidity you need 50% MC tokens and 50% Ethereum for this specific pool. In this step, you have to decide how many MC tokens you want to use to provide liquidity, and you will see how much ETH you need on the other hand. This is shown in the image below.
When you select the right amount, it’s time to approve the transaction by pressing ‘Approve MC’.
Once you press Approve, A MetaMask prompt (or Coinbase Wallet or WalletConnect) will appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
Once your transaction is confirmed, you should press Supply,
After you press supply, you see another screen pop up to confirm your transaction.
Once you press Supply a MetaMask prompt (or Coinbase Wallet or WalletConnect) will appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
That’s all there is to it! You are now providing liquidity that can be used to stake on the Merit Circle staking portal.
Claiming your rewards works in the same way as staking. You simply head over to the ‘Rewards’ tab and search for the pool that shows a positive balance in the ‘Claimable rewards’ column.
Start by pressing ‘Claim’ which will bring up a MetaMask prompt (or Coinbase Wallet or WalletConnect) where you have to confirm the transaction. Please review the details and the gas fees before confirming your transaction.
Since our whole community is at our heart, we wanted to make sure that we’re not excluding anyone from our staking pool due to extremely high gas fees when claiming rewards. That’s why we created a different mechanism than we’ve seen with other staking pools.
To reduce calculations being done, and thus the gas cost, the amount of accrued rewards per pool share is not calculated on every deposit, withdrawal and claim. Instead rewards are periodically being calculated. This roughly improves gas costs by three times for end users. On top of that, it brings down the total gas consumed even more significantly.
This means that rewards will be calculated roughly every 24 hours depending on gas price conditions. The cost of reward calculations will be subsidized by the Merit Circle DAO