🔥 Important 🔥
Before you Stake: Please read and understand the following SpankBank quirks and caveats! Staking in the SpankBank requires active participation.
- An address can only stake once. Ever.
- The SpankBank and every staker operate on the same global clock broken into 30-day periods.
- Your stake will begin at the start of the following period.
- You cannot withdraw SPANK at any point during the stake.
- Check-ins begin at the start of the following period.
- You must have checked-in for the period to be able to claim its BOOTY.
- Check-ins require an Ethereum transaction (and its fee), but you can also extend your stake in that same transaction.
- The amount of SPANK counted towards your stake will drop 5% each period unless you choose to extend your stake when checking in.
- Staking longer will allow more of your SPANK to be counted towards the stake. (See SpankPoints)
Create a Dedicated Staking Wallet
Send SPANK to your MetaMask Wallet
Send the amount of SPANK you wish to stake to your dedicated staking address.
REMEMBER: An address can only stake once. Ever.
Click MetaMask in top right corner
Click Stake your SPANK
Click Settings and Change (if necessary)
You can set a different Delegate Address to manage periodic check ins and claims. This is useful if you want to stake from a hardware wallet, but easily manage your stake from MetaMask, or you are using a multisig wallet like the Gnosis Multisig, and want to use just a single key from there. Similar to the Staking address, a Delegate Address can be only used to manage a single stake.
Likewise, you can set a different address to send your BOOTY 🍑 to after it is claimed. We recommend your SpankPay address so it can be used right away on the SpankChain platform.
Click Confirm when done.
Enter Amount, Set Lockup Period, and Click Stake
More SPANK staked = More BOOTY 🍑
Longer Lockup Period = More BOOTY 🍑
Full details here: https://github.com/SpankChain/spankbank
Review and Confirm your Stake
Confirm Transaction on MetaMask
Congratulations you are now part owner of the SpankChain Network! Anytime you wish to view your stake, return to the SpankBank site and connect your staking wallet.
You may claim the BOOTY 🍑 you earned by staking in the next period, and all subsequent periods you have staked. You may also opt to extend your stake by one period each period to ensure you are receiving the maximum amount of credit for your stake. For more details on staking rewards by staking length, refer to the SpankBank GitHub page.