How to stake Switcheo (SWTH) on TradeHub
New blockchain projects are working to improve their decentralized infrastructure to provide users with easier and more convenient access to financial services such as cryptocurrency exchange, staking, lending, and others.
Switcheo has developed a decentralized digital asset exchange (DEX) platform based on the NEO blockchain. The developers have created their own Work Switcher smart contract, which ensures security of token trading on the platform. DEX means that users exchange cryptoassets that are safely stored in their wallets.
Switcheo also supports staking: users can delegate their SWTH tokens and receive rewards every second to their wallet. This guide will show you how to stake SWTH tokens through your TradeHub account.
How to Create a TradeHub Account
Before staking SWTH, you need to create an account on TradeHub. The app is convenient in that you can use the wallet to quickly exchange tokens directly using the Switcheo Exchange platform.
Warning! TradeHub is still in beta testing, so errors may occur during DApp operation. Use the app at your own risk. Soon there will be a global update, stay tuned.
To create a TradeHub account, go to the Switcheo Exchange website. You can also import a Ledger hardware wallet.
Step 1. Create a strong password
Create, enter, and then confirm in the form a password for encrypting the wallet. Rules for setting a password:
- Passwords must contain at least 8 characters and consist of both lowercase and uppercase letters, as well as numbers and special characters. An example of a strong password: 3 # Qa56xDb61Xz5%
- If you cannot come up with a password yourself, use any online password generator, for example, this one.
After filling out the form, click “Next” to continue registering your account.
Step 2. Save the encrypted key
The encrypted key is needed to restore access to the wallet. It stores the key to the wallet and is encrypted with the password we set earlier. If you lose your password and encrypted key, you can only restore access using a seed phrase (mnemonic password).
Save it to your device and create a backup to eliminate the risk of losing the encrypted key. Copy or download the encrypted key and then click Next.
Step 3. Save your wallet recovery phrase
A recovery phrase is a mnemonic sequence of pseudo-random words that you can use to access your wallet if you forget your password and lose access to your email. Write it down on paper and do not pass it on to anyone except people you trust.
Do not store your seed phrase on digital devices. That is not secure. Write words in the order in which you see them on the screen. After writing down the mnemonic password, proceed to the next step.
Step 4. Confirm the seed-phrase
Enter it in the same sequence as you wrote it down on paper. This is necessary to check that you have correctly recorded the mnemonic password and can restore access to the wallet in case of a password loss. Then click Next.
The wallet is ready to go! Now we need to replenish it so that we can stake SWTH tokens. Log into the wallet using an encrypted key and password.
How to connect and replenish the TradeHub wallet
When you click the “Log in” button, TradeHub will offer to connect the wallet via Ledger or an encrypted key. The second option works. You can also get to this page by clicking the Connect Wallet button in the upper right corner of the screen.
Enter or upload an encrypted key from your device, enter your wallet password and click “Log in”.
If the wallet was successfully connected, an abbreviated wallet address will be displayed in the upper right corner.
Now you need to top up your wallet. Hover the cursor over the address in the upper right corner. A context menu will open. Select “Wallet Balance”.
A section with the balance of the wallet will open, in which you can deposit and withdraw coins. Click the “Deposit” button to get the Switcheo address.
Copy the address or scan the QR code and then send coins. The minimum deposit amount is 2 SWTH. The network commission is 1 SWTH.
Note. Please note that you will not be able to withdraw tokens until Switcheo launches Phase 1.
The wallet is replenished! Now we stake the received SWTH tokens. Read on to find out how to do this.
How to Stake SWTH
Go to the Switcheo website, go to the staking section and click the “Start Staking” button. The process is slightly different from the usual mechanism in other wallets, so we will describe it in stages. Let’s get started!
Step 1. Select a validator
After you click “Start Staking”, Switcheo will automatically go to the list of validators from which you can select the node you want to vote for. Find the validator in the list or search to speed up the process: enter the name of the validator, for example, Everstake, and then click “Stake”.
Next to the name of the validator there is information about the number of delegators, staked coins and the commission charged by the validator for staking SWTH.
Enter the amount of SWTH you want to stake. You can stake the maximum amount, but note that you need to leave a few tokens to pay for network fees: each transaction costs 1 SWTH. The minimum staking amount is 1 SWTH.
Now click “Stake”.
TradeHub will ask for confirmation. You will not be able to unstake your coins for 30 days. Click “Yes” if you want to continue.
SWTH tokens Staked! You can track staking and rewards in the section of the My Staked SWTHS on the Switcheo website.
In this section, you can unstake tokens. To get a reward, go to the page called My Rewards.
My Rewards section dynamically displays the number of coins received for staking SWTH. You can withdraw your tokens at any time, but if you do it too often, the network’s commission will absorb a considerable part of the profit.
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