FET Staking Explained - A Guide to Your Staking Options
May 14, 2021
There are 3 ways you can stake your FET tokens.
Let’s review their respective pros and cons.
1 – Staking your native FET on Fetch.ai’s mainnet
You have 2 options for staking your native FET on mainnet:
The basic idea here is to send your FET from Ethereum to your Cosmostation wallet, and from there to delegate them to a validator. But be extra-careful: before you do anything to stake using Cosmostation, please note that you should absolutely NOT send your tokens directly to your Cosmostation wallet, or you will lose them with no option to get them back.
You will need to use MetaMask as an intermediary, as detailed in the post.
Besides being a Fetch.ai validator, Cosmostation also provides one of the best phone wallets in the space, and we’re very happy to have them as our technical partner.
- Using a Ledger Nano and our block explorer, as explained in our block explorer documentation.
- Higher APR than on Ethereum, up to 63% in the first two months
- Benefits on the longer term, such as future stakedrops
- Extremely low gas fees
- Accumulate rewards monthly / weekly / hourly
- Reinvest your rewards to earn more
- The Cosmostation Wallet UI is easy to use
- Welcome to the future: you’re already staking the right token on the right network
- You must first move your FET from Ethereum to mainnet
- Exchanges are yet to list native FET (we’re working on it) and there’s no direct transfer possible
- No Phoenix program on Mainnet 2 at present
2 – Staking your ERC-20 FET on Ethereum
It will connect to your MetaMask account, and then display Fetch.ai’s own interface.
The staking and unstaking processes are then pretty straightforward, and explained in this tutorial.
- You have a guaranteed 10% APY of FET tokens
- You’re eligible for Phoenix rewards in Mettalex and Atomix tokens
- If you are already staking your ERC-20 FET on Ethereum, you can keep doing it without anything to update, neither having to move your tokens to mainnet
- Lower APR than on Mainnet 2.0
- Congestion on ETH network leading to high gas fees, sometimes more than $100 per transaction (check ETH gas fees here)
3 – Holding your FET on Binance to receive MTLX rewards
Holding your FET on Binance is not staking them, as it will not reward you with more FET.
But if you hold a certain amount of FET tokens on your Binance account (around 10k) between April and June 2021, you will receive MTLX rewards, as explained in this post.
- MTLX rewards for holders of a sufficient amount of FET tokens
- If you buy your FET on Binance, you won’t need to move them anywhere
- No fees
- No FET rewards (this is not FET staking so only MTLX rewards)
- Not for small holders
Whatever you choose, have a nice staking!
Reach out to us on our Telegram for more questions.