How to stake on Mainnet 2 using Cosmostation Wallet

Apr 26, 2021

Disclaimer – Please note the following: 

  1. Please do not send your tokens directly to the Cosmostation Wallet. We request you to use only Metamask and follow the steps outlined below. If you send your tokens directly, they will not appear on your Cosmostation wallet and they cannot be recovered under any circumstances. Therefore, it is in your best interest to interact only with Metamask.
  2. At the moment, all exchanges are offering ERC20 FET tokens. We will speak with different exchanges and will announce in due time when they list the native FET tokens. Which is why we request you to use only Metamask and acquire sufficient ETH to stake on Mainnet 2.0. Once the various exchanges are supporting the native FET (officially), you will be able to send them directly to your Cosmostation Wallet, without using Metamask or ETH.
  3. Also note that the token bridge transactions are currently limited as follows
  • Months 1–2, March 31st to May 31st, 2021: 60 million FET
  • Months 3–4, June 1st to July 15th: 120 million FET
  • Months 5–6, July 16th to September 30th: 250 million FET
  • Months 6+, October 1st onwards: Replacement of the current bridge with Gravity bridge (open)

This means if you’re keen to stake on Mainnet 2, the bridge is limited to the above mentioned metrics. Until May 31st, the maximum amount of FET which can be staked on Mainnet 2.0 is 60 Million FET, until July 15th – 120 Million and so on. 

How do I stake on Mainnet 2.0 (ELI5 version)

What you will need: 

  1. A Metamask extension for your browser
  2. A Cosmostation Wallet (iOS and Android) – Please note the android version has a bug on how much you can delegate to the validators and this is being worked on by the Cosmostation team.


Steps:

a) If you do not have the metamask extension installed on your browser. Download it and create an account. Never give out your metamask private key, never give out your mnemonics, and store your password safe.

b) Set your metamask to receive FET. Click on add token and click on “custom” and add the ERC20 FET address – 0xaea46A60368A7bD060eec7DF8CBa43b7EF41Ad85

c) To send your tokens from your exchange to Metamask – We will take Binance as an example here. 

  • Go to Wallet/Overview FIAT and SPOT. 
  • Withdraw your FET and ETH to your metamask account. You will need some ETH to pay for withdrawal. You can also buy ETH on Metamask directly. To withdraw your FET, copy and paste your Metamask address into the field. Always use the ERC20 network to send your FET.

If you’re on any other exchange, please send your tokens directly to Metamask.

d) Then you wait for Metamask to receive your FET and ETH which may take a few minutes. If you are stuck, please refresh your page but be patient. If you start to get worried, head over to etherscan.io and check your tx hash. If it is successful, it is down to ETH network congestion but your tokens are on their way.

e) Download the Cosmostation Wallet for your phone. Create an account on it. Remember to choose Fetch Mainnet when you’re asked to choose a Cosmo network. Once again you will be asked to store your mnemonics so write them down and keep them somewhere safe.

f) After you have successfully created your wallet on the Cosmostation wallet app, you can go to https://token-bridge.fetch.ai/. Ensure your metamask is connected to the token bridge. Once you have your tokens, connect your metamask with https://token-bridge.fetch.ai/. A new window will pop up and you will be prompted to approve the request to connect. 

g) Enter your metamask address in the Ethereum Address, your Cosmostation Wallet address in the Native Address field. Enter the amount of FET you wish to transfer, note that you must send a minimum of 100 FET across the bridge. 

Enter the amount – click transfer – pay for the first little transaction with ETH to approve – once the transaction is approved, a metamask pop-up should come asking to pay for the swap. Please pay the second transaction with ETH.

If the first transaction succeeds but nothing comes on the page to pay the second transaction : just refresh the page, copy paste your addresses again, enter again the amount, and you should see the “swap” button now.

h) Once you have transferred and swapped on step “g”, check your Cosmostation wallet and wait for a few minutes before the transferred tokens show up.

i) Once they have arrived you can delegate them to a validator of your choice. Congratulations you have successfully staked on Fetch.ai Mainnet 2.0.

FAQs