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Staking Guide
Learn how to participate in the tokenomics of the Dragon X project. This guide will walk you through the process of staking your DAX tokens step-by-step.

Introduction

Staking is a process by which new tokens are created in a token economy, this is done when token holders "stake" their tokens, locking them into a smart contract for a set period of time. In exchange for staking, the smart contract rewards the token holder with new tokens. Rewards can be redeemed at any time.
For the Dragon X project, we've decided to use the proof-of-stake token supply mechanism to produce new DAX tokens and this guide will walk you through the process, from start to finish, of staking your DAX tokens.

Requirements Checklist ๐Ÿ“โ€‹

To get started with staking, you need to have the following.

1. Desktop or laptop device.

While it's possible to do staking on a mobile device, we recommend using a desktop device or laptop.

2. Web3 wallet (e.g MetaMask).

You'll need a compatible ethereum web3 wallet to interact with the blockchain and the staking platform.

3. Ether balance (ETH) for gas fees.

You'll need some ETH to pay gas fees so make sure to have a small balance of ETH available in your chosen wallet.

4. DAX tokens to stake.

Finally, you'll need some DAX tokens to stake. There's no minimum or maximum balance and you can choose how much DAX you want to stake.
Once you're set with all the above requirements we can get started. If you're having trouble getting set up with any of these requirements, reach out to the community on telegram or discord and someone will help you get set up.

Getting Started

Let's first start by connecting our wallet to the Dragon X platform.

1. Open the Dragon X Staking App.

Navigate to the Dragon X staking app at https://www.dragonx.appโ€‹
Here, click the "Staking Pools" button to open the app.

2. Connect Your Wallet.

If this is the first time connecting to Dragon X you'll be prompted to connect your wallet, click the wallet you want to connect and connect your wallet to proceed to the staking pools section.

3. Approve Pool

After you've connected your wallet, you'll be taken to the staking pools page. Here you can see all the available staking pools you can use to stake your DAX tokens.
To proceed, first you have to give the pool permission to use your DAX tokens. Press the "Approve" button on the pool you would like to use, accept the wallet transaction and wait for it to complete to continue.

Staking Pools

Now you're ready to use the staking pools. Before we get started, let's talk a bit about about how staking pools work and what the information displayed on them means in more detail.
The pools displayed in this guide are demo pools, the pools shown here may not be the same as the live pools on the platform.
Each pool has the following metrics.
  • Pool Name
  • Total Value Locked
  • APY
  • Bonding Period
  • Your Stake
  • Your Rewards
  • Your Bond
Let's talk about what these metrics mean.

1. Pool Name

This is the unique name of a pool, used to differentiate it from other staking pools.

2. Total Value Locked

The total value locked is the total amount of DAX currently locked into the staking pool.

3. APY

APY, short for Annualized-Percentage-Yield is the percentage of your stake that will be rewarded by the pool in a year.

4. Bonding Period

The bonding period tells you how long your DAX tokens must be locked in the staking pool before they can be withdrawn. For example, for a bonding period of 30 days will require your DAX tokens to remain in the pool for 30 days before they can be withdrawn.

4. Your Stake

The total amount of DAX tokens you've staked into the staking pool.

4. Your Rewards

Your rewards that have been earned staking DAX. These can be withdrawn at any time.

4. Bond

The remaining time in days until your bonding period has expired.

Staking DAX

To start staking your DAX, click the "Stake" button on the pool.
Once you've clicked the stake button, a menu will appear.
In the input field labeled "Your Stake" enter the amount of DAX tokens you want to stake. You can see your balance in the Balance field above.
You can also use the percent buttons below the input to automatically select a percentage of your balance to stake.
You can also see an estimation of your daily, monthly and yearly rewards in the fields below the input.
Once you've decided how much DAX you want to stake, press the "Stake" button and accept the transaction on your wallet.
Remember! Once you stake your DAX tokens you will not be able to withdraw them until the bonding period expires.
When the transaction has completed, you should see the pool is now updated, showing you your stake, your rewards and your remaining bond.

Adding To Your Stake

At any time, even if you already have an existing DAX stake, you can press the "Stake" button to stake more DAX, increasing your stake.
If you do add to your stake your bond will be reset and you will have to wait for another full cycle of the bonding period before you can withdraw your stake.

Claiming Rewards

Now that you've staked your DAX, you can claim your rewards for staking.
Rewards are updated in real-time and should start shortly after staking your tokens.
Rewards can be claimed at any time regardless of the bonding period and are updated by the second.
To claim your rewards, simply press the "Claim Rewards" button on the pool.
Your wallet will ask for you to confirm the transaction, confirm to proceed.
After the transaction is confirmed, your wallet will be sent your reward of DAX tokens.

Withdraw Your Stake

Your staking rewards are automatically paid to you along with your initial stake when you withdraw your stake.
To withdraw your stake, simply press the "Withdraw Stake" button. Accept the transaction to withdraw your stake plus any outstanding rewards.
You can only withdraw your stake if your bonding period has expired. The withdraw stake button will be grayed out until your bonding period has expired.
After the transaction has completed, your stake will be sent to your wallet plus any rewards earned and you will see your DAX balance update in real time as shown below.
Last modified 3mo ago