Stake Your SQD in 30 Seconds
This page outlines the complete staking process from a user perspective.
Last updated
This page outlines the complete staking process from a user perspective.
Last updated
When a user converts native SQD to stSQD, that SQD is sent to staking contracts which programmatically mint an equivalent amount of stSQD to the sender's address.
This native SQD is staked onto validator nodes that earn protocol rewards for validating the Subsquid Network.
stSQD always represents native SQD 1:1, and will accrue these protocol rewards in the form of a rebase, meaning that rewards will automatically accrue to the holder's wallet.
Our uses walletconnect, and therefore supports most major wallets (including hardware wallets).
Once your wallet is connected, the 'Connect Wallet' button will change to 'Approve'. Users will need to approve their SQD for spending via a transaction before they are able to use the 'Submit Stake' button.
As SQD resides on Arbitrum mainnet, you'll need to make sure you are on the correct network in order to view it within your wallet.
Input the amount of SQD that you would like to stake (this is the amount of native SQD you will swap for stSQD 1:1). Users can stake any amount of stSQD from 1 SQD. There is no maximum.
Click Approve, sign the transaction in your wallet and then 'Submit Stake', then confirm the transaction. Higher gas may be needed at times of network stress for a faster transaction.
Congrats! You just staked your SQD!
This is the easiest step, as now, protocol rewards earned from validator nodes will accrue automatically to your wallet. stSQD uses a rebase mechanism to allow balances to increase in line with protocol rewards.
You are now helping secure the Subsquid ecosystem, and getting the rewards for doing so!
Once your SQD is sent, you will automatically recieve stSQD in your wallet when the transaction completes. You can always check the status of your transaction by visiting etherscan.io. Simply enter your address and you'll be able to track the progress of your transaction. If in doubt, feel free to send a message in the community channel.
