The following tutorial explains how to navigate the PlasmaChain Dashboard that LOOM holders can use to participate in staking by delegating their tokens to a Loom Network validator. This tutorial is also available in video form:
Chorus One is operating a validator on the Loom Network. Read our announcement post to learn why and how we plan to support Loom.
To find out more about staking and our operations visit our website at https://chorus.one (our Loom page will go online soon).
Part I: Setting up the PlasmaChain Dashboard
Step 1: Funding your MetaMask Account
To be able to stake your LOOM tokens you need to have MetaMask installed. MetaMask is a browser plugin used for communicating with the Ethereum blockchain (watch this introduction to learn more about MetaMask and how to set it up). You will need to have the LOOM tokens you plan to stake and some ETH to pay for fees on your MetaMask account. In the meantime, Ledger support has been added, and Trust Wallet is working on integrating delegation from their wallet. We will soon post an updated tutorial on how to delegate using those methods.
Step 2: Visiting the Delegation UI Website
To start staking your LOOM tokens you need to go to the official website: https://dashboard.dappchains.com/. Always make sure you are on the right page to avoid phishing attempts by checking the URL and the TLS certificate (the highlighted lock symbol).
Step 3: Creating an Account and Storing the Seed Phrase
The delegation process starts by clicking the New User button, after which your seed phrase will pop up. This is the information that is required to access your delegations and to recover your tokens, make sure you follow the instructions. Copy the 12 words and store them safely!
After doing that and clicking Next, you will be directed to the My Account view once Loomy is done preparing everything for you. You are now logged into the PlasmaChain Dashboard. This is the interface through which you will control your delegations.
Step 4: Depositing LOOM tokens to Use for Staking
To be able to delegate your LOOM tokens, you will need to connect the address where you are storing them and allow the dashboard to access them. Make sure you are logged in to MetaMask and connected to the Ethereum Mainnet. Then press the Map Accounts button, and sign the MetaMask signature request.
Then you need to deposit your LOOM tokens to stake on the PlasmaChain. Enter the LOOM amount you want to stake with and press Deposit. Another MetaMask Notification will pop up asking you to grant access to the Loom's delegation contract on Ethereum. Once this transaction is confirmed you will receive another prompt to confirm the deposit.
We will soon publish another article that explains Loom staking in-depth, so watch out for that if you are interested in knowing what exactly is happening and what kind of returns and risks are involved when staking LOOM, for now make sure to check out the Loom's official guide on the staking economics.
When approved, your LOOM tokens available for staking will show up in the Account Details tab, and also at the top right corner of the UI.
Part II: Staking your LOOM Tokens
Step 5: Choosing your Validator(s)
Once your LOOM tokens are deposited, you need to decide on which validator(s) you want to stake your tokens with. To do that go to the Validators tab, which shows you a list of validators and information about them. Choose your validator(s) carefully, as they are the ones responsible for securing the network that you are invested in. The UI shows the validator’s name, their status, their total stake, and the fee cut (commission rate) a validator takes on staking rewards.
Step 6: Delegating your LOOM Tokens
Finally, you are ready for the final step, which is to click Delegate and choose your desired amount and your desired lock-up period. If you are willing to lock-up your LOOM tokens for longer periods of time, you will be eligible for higher rewards. E.g. committing to stake for 1 year will yield four times more reward than if you would stake for a year with 2 week lock-up periods. Our next blog post will cover staking mechanics in detail. For now, you can learn the basics in this article from the Loom team.
Once you confirmed the delegation, the amount you delegated should show up under Updated Account. Once the next election cycle starts (the blue bar on the left), the delegation will move to Amount Delegated and the Timelock will be displayed. This is the time that is left until you are able to unlock your delegated LOOM tokens.
Congratulations, you are now participating in securing the Loom PlasmaChain! You can check your active delegations and the remaining timelock with a validator by going to that validator's page in the UI and also in the My Delegations tab.
Furthermore, you can stop delegating (un-delegate), claim rewards, and withdraw your tokens through the delegation dashboard. Remember that your chosen lock-up period influences when you will be able to withdraw your staked LOOM tokens!
We will publish further step-by-step tutorials, explainers, and other updates around the Loom Network on our blog, so make sure to follow us on our social channels or subscribe to our mailing list below.