How to Stake SPANK in the SpankBank with a Ledger Hardware Wallet

Ledger Prerequisites

Before anything, ensure everything is up to date on your Ledger, and that Contract data and Display data are turned on in your Ethereum application on the device.

• Verify your Ledger's firmware is up to date (ver 1.4.2)
  • Plug Ledger into computer via USB
  • Enter PIN to unlock
  • Scroll to Settings and open
  • Scroll to Device and open
  • Open Firmware
  • The display should read: Secure Element 1.4.2
  • Next display screen should read: MCU 1.5
  • If not, follow instructions to update here: https://support.ledgerwallet.com/hc/en-us/articles/360002731113-Update-Ledger-Nano-S-firmware
  • Return to main screen
• Verify your Ethereum app on the Ledger is version 1.1.4
  • Open Ethereum app on the Ledger
  • Scroll down to About and open
  • Display should read Version 1.1.4
  • If not, follow instructions to update here: https://support.ledgerwallet.com/hc/en-us/articles/360006523674
  • Go back to Ethereum app
• Open Settings in Ethereum app on Ledger
  
  • Open Contract data
  • Click Yes
  • Open Display data
  • Click Yes
• Ready? Let's get some BOOTY 🍑!
• For added versatility, Ledger stakers will need to connect their wallet to MetaMask. If you don't have MetaMask installed, please go to https://metamask.io first.

🔥 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)

Connect Ledger to MetaMask 

Connect Hardware Wallet

Choose Wallet

Connect

Choose Derivation Path

If you don't initially see the address you wish to stake from, switch the HD Path to Legacy.

Choose SPANK address

Pick the address where your SPANK is stored.

Ledger Connected

NOTE: To ensure a less complex and thereby more secure SpankBank smart contract, addresses may only stake SPANK one time even after a staking lockup period has ended! You will NOT be able to stake from that address again!

Go to https://bank.spankchain.com

Plug in your Ledger and enter PIN to unlock

Click MetaMask in top right corner

Connected

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 in MetaMask

You'll then need to confirm a string of Parameters, Fields, and the Transaction itself on the Ledger. After confirming them all, your SPANK will be sent to the SpankBank, and your stake begins!

Staking Successful!

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.