This tutorial will guide you through the process of staking your Moonriver tokens (MOVR) on Moonriver using the dApp built by the Moonbeam Foundation.
The dApp works both on Moonbase Alpha (for demo purposes) and on Moonriver, where you’ll be able to claim your Moonriver Tokens (MOVR). Make sure you select the right network that you want to interact with the dApp.
Note: The steps described in this guide are using the Moonbase Alpha TestNet, and are for demonstration purposes only. You need to have MetaMask installed.
Get Started with the Dashboard
To get started with the dashboard, navigate to apps.moonbeam.network/moonriver. MetaMask will pop up and ask you to sign in. Once signed in, you will be prompted to select the account to connect to the dApp with, and accept permissions.
You will also need to connect MetaMask to Moonriver. Moonriver MOVR tokens are not ERC-20s but native protocol tokens. Therefore, you must add Moonriver as custom networks in MetaMask. The dApp will help you switch to the right network, but if you need help, please check out our documentation on connecting MetaMask to Moonriver (or Moonbase Alpha if that is the case).
Upon accepting permissions and changing the network to Moonriver, you’ll be redirected to the main dashboard where you’ll find details about your accounts balance, last transactions, crowdloan rewards data, and staking data.
In the top right corner, you will be able to toggle back and forth between the Moonbase Alpha TestNet and Moonriver. The Moonbase Alpha TestNet will be used for this example. However, to stake your MOVR tokens and earn staking rewards, you need to switch to Moonriver.
How to Nominate a Candidate
Token holders can nominate a collator candidate by staking tokens and adding to the collators stake. In return, the collator will share the rewards received from producing blocks amongst all of their nominators. So, your reward will be based on how much you contributed versus the total contributions the collator received. For more information on reward distribution, check out our documentation on staking reward distribution.
To nominate a candidate, head to the staking dashboard by scrolling down to the Staking section and clicking on Manage nominations.
From the staking dashboard you will be able to add stake and nominate collator candidates, modify existing stakes, and get an overall glimpse of your staking activity.
This example uses the following collator candidate account: 0x4c5A56ed5A4FF7B09aA86560AfD7d383F4831Cce – Please do your own research on which collator candidate to select.
To add stake and nominate a specific collator candidate, you’ll need to:
- Select the candidate from the Candidates dropdown
- Enter the amount of tokens you would like to stake. This example uses 10 DEV tokens, as it is done on Moonbase Alpha
- Click Nominate
Please note that the minimum nomination amount is 5 MOVR tokens on Moonriver (and 5 DEV tokens for Moonbase Alpha). MetaMask will pop-up and you will be prompted to sign a transaction.
Once you have signed the transaction, in the top right corner you’ll see a Nomination transaction sent notification.
If successful, you’ll see a Transaction confirmed notification and your dashboard will be updated to include the nomination.
If you check your MetaMask account, you will see that your balance has decreased by the amount of tokens staked (plus gas fees). Please note that it could take a couple of minutes for MetaMask to reflect any changes to the free balance.
How to Make Changes to Nominations
Any nomination in the list of Nominations can be modified to bond or un-bond funds. Consequently, this will affect your staked amount. To do so:
- Click the pencil icon next to the collator candidate you want to modify
- The Edit stake pop-up will appear and you can choose to bond or un-bond funds for the selected collator candidate. For this example, you can click on + Bond funds to increase the staked amount.
Now you can actually change the total amount staked for this specific collator by entering the amount you would like to add to the stake. To do so:
- Enter the amount you would like to bond, 2 DEV tokens will be used for this example
- Click Send.
MetaMask will pop-up and prompt you to confirm and sign the transaction. Once you have signed the transaction, in the top right corner you’ll see a Nomination transaction sent notification.
Once the transaction has been confirmed and you receive the Transaction confirmed notification, the dashboard will update automatically to include the new bond amount. Now you have staked a total of 12 DEV tokens.
This same process can be done for un-bonding tokens and removing a portion of the stake.
How to Remove Nominations
If you want to remove a nomination entirely and receive your staked tokens back, you can:
- Click on the trash icon A pop-up will appear asking you if you are sure you want to revoke the stake.
- Click Revoke
You will be prompted to sign a transaction in MetaMask. Once you have signed the transaction, in the top right corner you’ll see a Nomination transaction sent notification.
Once the transaction has been confirmed and you receive the Transaction confirmed notification, the dashboard will update and show you a message next to the revoked
nomination stating that the nomination is being revoked and that the change takes two rounds (at the moment of writing 300 blocks/round, but this can be changed through governance) to take effect.