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 (for the old version of the Dashboard):
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/networks/loom
Part I: Setting up the PlasmaChain Dashboard
Step 1: Funding your MetaMask, Trezor or Ledger
To be able to stake your LOOM tokens you need to have a Ledger or Trezor device or 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, Ledger or Trezor account.
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: Connecting your Account
The delegation process starts by connecting with one of your accounts. Click on the option where you are storing your LOOM tokens and make sure you are logged in to MetaMask and/or your device is connected.
After confirming the connection, you will be directed to the My Account view. 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
You need to deposit your LOOM tokens to stake on the PlasmaChain. Enter the LOOM amount you want to stake with and press Deposit. If using MetaMask, another 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.
Once you approved, your LOOM tokens available for staking will show up in the My Account tab.
This article explains Loom staking in-depth including a reward calculator, check that out if you are interested in the returns and risks involved when staking LOOM.
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 Loom staking primer covers these staking mechanics in detail.
Once you confirmed the delegation, the amount you delegated should show up under Updated Amount. Once the next election cycle starts, the delegation will move to Amount Delegated. On this screen, your Timelock Tier is also displayed, you can also check how long you have left until your tokens are unlocked (Unlock time). Stop staking by clicking undelegate (remember that your chosen lock-up period influences when you will be able to withdraw your staked LOOM tokens! ) or press redelegate to switch your validator.
Congratulations, you are now participating in securing the Loom PlasmaChain! You can check your active delegations (My Delegations) and outstanding Rewards in the UI.
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.