Step-by-Step Guide: How to Stake Skale (SKL) in Activate via Ledger
Skale is a decentralized open platform designed to enable developers to deploy and scale productive applications (dApps) compatible with the Ethereum blockchain. It provides a second-tier PoS network in which developers pay SKL tokens to create their own blockchains, and users stake or delegate them, receiving rewards for contributing to the development of the network.
This tutorial will show you how to stake SKL on the Activate web platform using a Ledger device.
Read other SKL staking guides:
Adding ETH to Ledger Live
Start Ledger Live and connect the Ledger device to your PC or laptop to synchronize it with the program and make transactions. Wait a bit.
Enter the PIN to activate your Ledger device.
Open the tab Manager located in the left menu of the Ledger Live. The device must be allowed to use the application manager to install additional software, for example, for staking.
Press two buttons simultaneously on your device to allow the Ledger manager to add and manage apps.
Find the Ethereum (ETH) app in the Manager section and install it on Ledger Live. To speed up the process, use the search function and enter Ethereum or just ETH in the line.
Done. The application is installed. Now you can take the next step - creating a wallet in the Ethereum application.
2. Create a wallet
Go to the section Manager and then open the tab Apps Installed and click Add account. See the image for how to do it.
Then click Continue.
Open the Ethereum app on your Ledger device.
Take the device and press two buttons at the same time. This will open the Ethereum app.
The device is connected and you can now create a new crypto wallet. Click Add account and proceed to the next step.
An Ethereum account (wallet) has been successfully created. Click Done to complete.
Now we need to create Ethereum addresses. Go to the Accounts section and find the Ethereum wallet in this section if you have multiple wallets installed. Click on the selected account and choose what to do. In our case, you want to receive ETH (Receive).
Ledger Live will warn you that only ETH or ERC-20 tokens need to be sent to this address. Otherwise, funds will be lost. Click Continue to continue.
You can immediately copy this Ethereum address in order to send funds to it later.
Important: first verify the address on your Ledger device and only then send cryptocurrency to it!
Take your Ledger device and press the buttons to verify the address.
Select the ETH address to be verified and press both buttons on the device again.
Done and done! You have approved the address and from now on you can use it. Put the device aside and return to Ledger Live to move on.
Click Done to complete the procedure.
3. Connect MetaMask
First, you need to connect your Ledger device. Run the MetaMask plugin, log in and select an account. After that, click on the account icon to open the menu. You will find it on the top right (shown in the screenshot).
Select Connect Hardware Wallet. Check that the device is connected to the computer.
Select the Ledger hardware wallet and click Connect.
MetaMask will start searching for the device and available addresses. Wait a bit.
Select Ledger Live in the section HD Path and the Ethereum address you will be using for staking by checking the box next to it, and then click Next.
Wait while MetaMask detects the device.
Done. You have imported addresses from the Ledger wallet. By default, only Ethereum is displayed in the MetaMask wallet. To add a new token, click Add Token.
Find the Skale token (SKL) in the list that opens.
Hint: use search to quickly find the token you want. Enter a name or ticker. You can also add multiple tokens at once if required.
Click Add tokens to add SKL.
Top-up SKL wallet
SKL cannot be used to add funds to wallets in a standard way, as can be done with ETH coins. Select SKL in the wallet and click on the "three dots" in the upper right, as shown in the image, to open a menu with available options.
Select Account details to get the address.
Copy the address or use the address you copied earlier. You need to send a certain number of SKL tokens that you want to delegate, and ETH to pay for transactions. Alternatively, you can fund your wallet with ETH coins and exchange them for SKL. Once the funds have been sent and the transaction has been confirmed, proceed to the next step - delegating SKL to the Activate platform.
If you do not have SKL tokens, you can buy them directly in the MetaMask plugin using the swap function, or on any other supported exchange.
We wrote about exchanging ETH for SKL in MetaMask in this article (at the beginning of the guide):
Delegate to Activate
Activate is a user-friendly platform for buying, using, and managing digital assets on the Skale Network. To log in to the platform, you need a registered account. If you do not have one, then you must first create an account on Activate.
Creating an account on the Activate platform was described in this guide:
If you have a ready-to-go account, go to Activate and click Start Staking SKL.
Click Connect Wallet in the upper right corner to continue.
Select the Ledger wallet and click on it.
All that remains is to connect a hardware wallet.
Note: Before connecting your Ledger device to Activate, unlock it and go to the Ethereum app you installed in Ledger Live.
Select the Derivation Path, which contains the wallet addresses as shown in the picture, the wallet address used, and click Confirm. If you used the first address from the list, then nothing needs to be changed.
Great job! Ledger device connected! Now you can delegate tokens, but first you need to select a validator. To do this, go to the Validators tab and scroll down the page until you see a list of validators.
Select a validator and click Stake.
Note that there are no validator names. If you want to delegate SKL to the Everstake validator, then be guided by this logo, which is shown in the image below.
- Small fees;
- Stake monitoring tools with a convenient control panel;
- 100% uptime of the validator (there will be no slashing and no penalties, including penalties for delegates);
- Reliable staking provider run by a strong team;
- High-quality server hardware that powers the validators.
Once you have selected a validator, proceed to the next step by clicking Continue.
Enter the SKL amount and select the staking period. You can specify a share or stake all tokens in the wallet at once by clicking 50%, 75% or 100%, so as not to enter the amount manually.
- Your delegation request can be approved or denied by a validator.
- Once the validator confirms your request, your SKL tokens will be blocked and you will start receiving rewards based on the validator's uptime (which is why this is important).
- Rewards are awarded every first day of the month at 12 UTC.
- Received awards can be displayed at the end of each month.
- To move blocked funds (withdraw or redelegate), you must complete the Proof of Use cycle.
Confirm your staking request. Please note that your stake will only be active after the start of a new period. The screenshot shows that the next staking period starts in 11 days. This means that you will be credited with rewards only after this period begins.
Note: Even if the validator has confirmed your staking request, you can change your mind and withdraw assets before the next staking period begins.
Click Delegate [Number_of_Tokens] to [Everstake] to continue.
All that remains is to sign the transaction using the Ledger device and your request will be sent to the validator. Click Sign to sign, or Go Back if you need to change the details.
Take the device into your hand and keep switching the display menu until you see Accept and send.
Press both buttons on the Ledger device at the same time to sign the transaction. If the checkbox is checked, it means that the confirmation worked.
Wait until the transaction is confirmed on the blockchain side. At this point, you can cancel it.
Important: At this point, Ledger users may have problems. If this happens, follow these simple steps to fix the problem:
- Pick up and unlock your Ledger.
- Find the Ethereum app, then press both buttons on the case.
- Now go to the section Settings and press the buttons again.
- Find Contract Data and click Yes. The data connection was resolved and the problem was fixed. You can put the device aside and return to the Activate platform.
The transaction was successfully confirmed. Click Close to complete the operation.
You can track your staking and reward statistics in the tab Token Inventory.
Please note that for each transaction (staking, claiming, and unstaking) you need to pay an ETH commission that is valid at that time. In blockchain explorers and Ethereum trackers, you can track the dynamics of Gas commissions in order to choose the most appropriate moment to complete a transaction.
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