How to Get Rewarded with IOPAY V2 Crypto Wallet Staking
Once again, another opportunity to earn presents itself.The ioPay crypto wallet is useful for a number of reasons. For one, it helps one stay up to date with XRC20 tokens and other smart contracts. But one other thing it is useful for is earning through staking and voting for delegates.
Staking is when you decide to lend some of your tokens to a blockchain platform. The entirety of loaned tokens helps the blockchain validate transactions (a form of mining) more efficiently and securely through a mechanism called Proof of Stake. You get the benefit of providing that security in the form of token rewards. At IoTeX, the staking interest is up to 11% APY. Staking also guarantees trust, as you are essentially acting as an investor/miner in the blockchain by ensuring the validity of new transactions being added. While your tokens are being used by the chain, you will be rewarded with a percentage of interest back over time, as well as certain voting powers.
To participate in the voting process, IoTeX token-holders stake IOTX tokens and receive one vote for every IOTX staked (1 IOTX = 1 vote). Those that show long-term commitment by setting a predefined stake duration will be rewarded with “bonus votes” that increase the staking rewards received. In addition to stake duration, there are several parameters a voter will choose when creating a new vote, and they will be highlighted and discussed below.
For people who are mobile users of the app, the voting website is integrated into the ioPay app; access it on the “Discover” tab. Choose the “IoTeX Staking” app, click “My Votes” and authorize ioPay to login via your wallet address.
For PC users, visit https://stake.iotex.io/ and ensure that you’re logged in to the ioPay desktop app.
Finally, click “New Vote.” After that, you can select your delegate and voting parameters. The parameters include the amount, stake duration, and auto-stake. you input the number of tokens you wish to use to vote for the selected delegate. Stake duration involves the amount of time you wish to stake your tokens (valued between 0 and 1050 days, in multiples of 7). The more you stake, the more bonus votes and rewards you get! Bonus votes will be reduced every day and eventually converge to zero when your stake duration expires. Regarding auto-stake, if it is turned on for the current vote you’re staking for, your bonus votes will be retained indefinitely until you turn off auto-stake. If auto-stake is turned off, your bonus votes will reduce every day and eventually converge to zero, after which you may unstake your tokens.
You may change the delegate you vote for at any time. You can increase the number of tokens and stake duration at any time (note: this cannot be decreased). You may turn the auto-stake on or off at any time.
After picking your delegate and selecting your voting parameters, click “Proceed to Vote” and confirm the staking/voting transaction. For desktop users, confirm the
transaction details on the voting website. Then, in the ioPay Desktop app, sign the transaction. You will see a confirmation screen in ioPay with your transaction hash. For mobile users, confirm the transaction details and sign the transaction. You will see a confirmation screen with your transaction hash.
After successfully completing your staking and voting, you could monitor and wait to unstake and receive whatever rewards you’ve accumulated on it.
Staking Native IOTX with ioPay: Step-by-Step Guide
1) Download ioPay for Desktop or Mobile
The official IoTeX wallet, ioPay, is now available for desktop and mobile! ioPay is not only a good place to keep your IoTeX assets, but it also makes it easy to stake on the IoTeX Mainnet.
2) Log in to ioPay
Login to ioPay from the address you wish to stake or vote from. You can create a new address or login to an existing wallet via ioPay:
Create a new address: if you do not have a native IOTX address, create one. When prompted, record your address, private key, and mnemonic phrase. You may also save your credentials as a keystore file.
Login to existing address: if you already have an IoTeX address, you may import it using your keystore file, private key, mnemonic phrase, or Ledger hardware wallet.
3) Visit the voting website to start staking
IoTeX stakeholders can stake/vote using either desktop or mobile ioPay:
For Desktop users: make sure your ioPay Desktop app is open before proceeding to the voting website. Then click My Votes → New Vote.
Staking is now available on ioPay Mobile! Access it via the Home “Wallet” tab by clicking the Stake → New Stake.
4) Select Your Voting Parameters
We recommend you diversify your staking portfolio by creating several buckets and voting for multiple Delegates. After clicking “New Vote” you can create a new voting bucket by defining the following parameters:
Delegate: there are 60+ delegates that contribute differently to IoTeX and pay different amount of rewards to voters. You can switch your vote to another Delegate at any time.
Amount: the # of IOTX you wish to stake and vote. You can add IOTX to an existing bucket after your initial vote (must have auto-stake on).
Stake Duration: the amount of time you wish to stake your tokens (must be between 0–1050 days). The longer your stake duration, the more bonus votes and rewards you get. You may extend your stake duration at any time, but it cannot be decreased. Once your stake duration expires, your bonus votes will drop to zero.
Auto Stake :By turning auto-stake on, you will receive even more bonus votes/rewards (i.e., 14 days with auto-stake ON gets the same # of bonus votes as 28 days + auto-stake OFF) but your stake duration will be “paused” until you turn off auto-stake. After you turn auto-stake off, you will lose your bonus votes/rewards and your stake duration will resume counting down to zero.
NOTE: you will NOT be able to un-stake your tokens until your stake duration expires. The un-staking process lasts for 3 days, after which you may withdraw your tokens to your wallet. If you want to be able to un-stake your tokens at any time, select a 0 day stake duration.
5) Sign transaction via ioPay
After selecting your Delegate and voting parameters, click “Proceed to Vote” and confirm the staking/voting transaction.
For Desktop users: confirm the transaction details on the voting website. Then in the ioPay Desktop app, sign the transaction. You will see a confirmation screen in ioPay with your transaction hash.
For Mobile users, confirm the transaction details and sign the transaction. You will see a confirmation screen with your transaction hash.
Congratulations, you staked and voted with Native IOTX via ioPay.