How to Stake and Get Rewards using FUND

TL;DR

  1. You can make a new wallet using our Chrome browser extension
  2. Inside this wallet you can securely delegate FUND to nodes who will stake these for you and keep a commission % of the rewards.
  3. The commission % will be decided by the node and hard coded so they can’t increase it past max amount. (Validator.cc commission is 5%)
  4. You always own your private keys and FUND, so a rogue node cannot steal your FUND.
  5. You can always re-delegate your FUND to another node which is an instant process or unbond and withdraw it. Unbonding FUND from staking for transfer to another wallet takes 21 days cool-down.
  6. Enterprise purchased FUND is locked so it can only be used to pay for network resources and cannot be transferred or staked
  7. You can transfer FUND and view Transaction history using FUND network explorer

Wallets and Accounts — Creating a Wallet

The first thing you will need to interact with Mainchain is a wallet. Your wallet will contain your private key which — will be used to sign transactions for Mainchain — and your address. A wallet can be created using either the undcli binary, or by installing the FUND Web Wallet Chrome browser extension. We’ll cover just the Chrome browser extension here.

First, install the UND Web Wallet Chrome extension, available here: httpss://chrome.google.com/webstore/detail/und-web-wallet/mkjjflkhdddfjhonakofipfojoepfndk

Once installed, click the FUND Web Wallet icon in your toolbar to open the wallet extension .

  1. Click on “My Wallet” followed by “Create a Wallet”
  2. Enter a secure password. This password will be used to encrypt and subsequently unlock your wallet file. Click “Create”
  3. Before your wallet file can be downloaded, you will be shown your mnemonic — you will need to write this down somewhere safe, as it is the only way you can recover a wallet if you lose or delete the file. The mnemonic can also be used to import your wallet into undcli. Once you have confirmed that you have saved the mnemonic, your wallet file will download.

Your wallet file will be called something along the lines of und_wallet_90a58407-4cdf-405c-9f88-fefb0c297b1f.json

Wallets and Accounts — Unlocking your Wallet

Once you have created a new wallet file, you can unlock it to view your current balance, and execute Mainchain transactions. Before doing any of the following, ensure the network selected is MainNet. The “Network” in the top nav-bar should read “FUND-Mainchain-Mainnet-v1”.

  1. Click on “My Wallet” followed by “Unlock Wallet”
  2. Select your wallet file and enter the password you used when you created it
  3. Click on “Unlock”

Once unlocked, you should see details regarding your balance, wallet address, and the options available such as Transfer, Transactions and Staking.

If you have unlocked a brand new wallet, your balance will be 0 FUND. You can’t really do anything with 0 FUND, so you can use the following excahnges to buy some FUND:

After you have purchased the FUND tokens you will need to transfer them to your wallet. Make sure to doublecheck your address in your web wallet.

Network Explorer

You can use the block explorer available at httpss://explorer.unification.io/ to view the current status of the network, blocks, all transactions (including failed transactions), and account details. Visiting httpss://explorer.unification.io/transactions will list the latest transactions submitted to the network, while searching for your wallet address will bring up details specific to your wallet

Staking — Delegating FUND

Staking plays a large role in the running of Unification Mainchain. However, not everyone wants to (or can) run a full node and become a full EV node operator. Thankfully, it’s still possible to delegate your UND to an existing validator and earn commission from any blocks they produce. This can all be handled via the UND Web Wallet.

We’ll run through the steps for delegating your FUND to an existing validator below.

  1. Unlock your wallet.
  2. Click on the “Staking” tab, followed by the “Delegate” tab below this.
  3. Select Validator.cc from the drop-down list of existing validators.
  1. Enter 10 as the amount to delegate and click the “Delegate” button.

Once confirmed, your transaction will be signed and broadcast to the network.

After a few seconds, you should notice that your wallet summary has changed and now includes information regarding your staked UND

Your Available Balance has been decreased by the amount you delegated. The Available Balance is the amount of FUND available in your wallet for transfers and further staking.

The wallet now also displays your “Total Balance”. This balance is all FUND in your wallet, including your available balance, along with any FUND delegated to a validator, any FUND currently unbonding, and any locked Enterprise FUND.

The Staking summary tells you how many validators you have delegated UND to, along with the total number of shares, staked UND and rewards you have yet to claim from validators.

Staking — Viewing Delegation Details, Undelegating, Redelegating and Claiming Rewards

You can view your current UND delegations via the “Delegations” tab in the Staking section of your wallet. Clicking on the “Show Details” button will display a number of options along with further information regarding the validator you have delegated FUND to.

Undelegate

You can undelegate (unbond) FUND from a validator by clicking the “Undelegate” button. You cannot undelegate more FUND than you have staked in the validator, and unbonding has a 21 day cool-down in order to protect the network. This means that the unbonded amount will be available for you to transfer, re-stake etc. in 21 days.

Further, you can view the progress and completion date of undelegated FUND in the “Unbonding Delegations” tab

Claim Rewards

After some time, you will accumulate commission from each validator you have delegated FUND to. Once your rewards for that validator are more than 0nund, the “Claim Rewards” button will become visible and you will be able to claim the rewards. These rewards will then be credited to your wallet.

The more FUND you delegate, the higher your rewards will be.

Any outstanding rewards are automatically claimed when you either undelegate, redelegate, or delegate more FUND to a validator you are already currently delegating to.

Notes on Denomination

The native coin denomination on Mainchain (MainNet, TestNet and DevNet) is nund, or “Nano FUND”, such that 1,000,000,000 nund = 1 FUND. Under the hood, all transactions, fees, delegations etc. are executed and paid for using nund

Web Wallet automatically converts FUND to nund for you when transferring and delegating etc. You may notice, however, that some information in your wallet (such as rewards, balance, and transaction details) will sometimes be displayed as nund instead of UND if the value is less than the sensible threshold. For example, instead 0.000024FUND, you will see 24000nund.

References

  1. Excellent blog post by Codegnosis: https://medium.com/unificationfoundation/devnews-how-to-stake-get-rewards-and-use-the-und-web-wallet-98dc9e8db535
  2. Great video by Unification CEO Neyma Jahan: https://youtu.be/hjzwHLIEXEg