How to stake your DEV on Stakes.social
What is Staking in the Dev Protocol context
Staking a token or a cryptocurrency is the act of locking up your tokens in a node or contract to validate transactions on a Proof of Stake blockchain, the Staker usually gets paid for that action.
Since Dev Protocol goal is to sustainably fund Creators, in this context, Staking is the act of actively setting aside your DEV tokens in your Wallet to deposit them in your favorite Creator pool on stakes.social.
When you Stake your DEV on a project, currently, you will get a 30.07% APY while the Creator you’re staking on will get a 31.3% APY. For example, imagine you have 1000 DEV and you Stake on a project you like, with all the other things held constant, after one year you would have accrued 300.7 DEV while the Creator would have accrued 313 DEV from your staking.
- APY is constantly being updated. Please check Stakes.social for the latest data.
That doesn’t mean that your DEV are locked in the Smart Contract for a year, in fact you’re free to deposit and withdrawal any amount, including just the rewards any time you want.
How to Find a Project and Stake
First of all, I suppose you already have DEV in your wallet, if you don’t you can buy them on the exchanges listed on coingecko, I recommend Uniswap, because currently, it has the best liquidity by far. You will also need some Ethereum in your wallet to pay for the Staking and Withdrawal gas fees.
Go to stakes.social, you connect your wallet on the top right corner of the page, then on the Pools section, if you already know the project you want to stake your DEV in, you can type the name of the project you’re looking for, it should show up, you can also browse the list until you find it.
If you still don’t know in which project you want to stake your DEV, you can filter by the most Recent and most Staked projects, you can also filter the Asset Pools, selecting GitHub, npm and Creators.
If you find a project interesting, you can click on the banner, the project page will show up, there you can find the description and some useful things like Github, Twitter pages, YouTube channel, Website, etc. This could help you decide.
If you still can’t decide, my tip is, visit the official Discord or Telegram channel and ask the community. Always try to stake and reward active developers that promote Dev, this will be good for everyone on the long run.
On the blue box, you can type an specific amount of DEV you want to stake on that project, or you can just click on DEV, and total amount of DEV in your wallet will automatically show on that box. After that, you can click on the blue Stake button and transaction approval message will pop up in your wallet, you can check out the amount of gas required to Stake, by clicking approve, your DEV will be deposited on the contract and it will be staked.
Once staked refresh the page and your DEV will show on the ‘Your Staking Amount’ box. You will instantly start receiving Rewards and so will the Creator that you chose, those can also be seen on the dashboard.
A common practice on the Dev Protocol community is to withdrawal you rewards from time to time to stake them again, either on the same project or new projects. This way your yield will be manually compounded. Keep in mind that, with current high gas costs, Restaking might only be a financially wise idea, once you have accumulated a significant amount of rewards.
To withdrawal just the rewards you just type 0 on the grey box, click on the Withdrawal grey button and a confirmation will pop up in your wallet, you check the gas costs and hit confirm. All of your DEV that you originally staked will still be staked and you will only withdrawal your Rewards.
To withdrawal your DEV you do the same steps as above but you type the number of DEV you want on the grey box. Keep in mind that every time you withdrawal all your rewards are as well, so keep that in mind if you just need an specific amount of DEV. For example, you have accrued 30 DEV in Rewards, but you want to Withdrawal 100 DEV, you type 70 DEV on the box, once you have approved the transaction it’ll show up 70 DEV+30 DEV(Reward) in your wallet.
To Withdrawal everything, just click on the DEV button in the grey box and the total amount of DEV you have deposited will show up, click on the Withdrawal button, approve the transaction and everything will show up in your wallet.
Comments and other questions
Keep in mind that the gas costs are defined the by the usage of the Ethereum network, it’s not dependent on Dev Protocol. It is also variable, if it is too expensive to approve a transaction, it could get cheaper later, and vice-versa, if you’re confused, just ask other community members.