How to stake on Fetch Mainnet using Cosmostation Mobile Wallets

Apr 26, 2021

UPDATED: October 8, 2021

EDIT — Current APR rates are between 23–24%

Disclaimer — Please note the following:

  1. With the exception of Binance and HitBTC, all other exchanges are currently offering ERC20 FET tokens. We continue to speak with them and will announce as and when they list the native FET tokens. Please do not send your tokens from your exchange directly to the Cosmostation Wallet unless your exchange has integrated native FET. We request you to use only Metamask and follow the steps outlined below. If you send your ERC20 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 and the token bridge.
  2. FAQ section is at the end of the blog. Please read through it as well.

Applicable for users holding FET on Binance

Binance has completed the Fetch.ai (FET) mainnet integration. This means Binance has integrated Native FET tokens which can be staked easily on Cosmostation without relying on token bridge. Please follow the below steps:

Step 1: Please consider if you wish to stake FET using Cosmostation iOS or Android mobile apps

For Mobile users: iOS and Android

For Ledger users: Cosmostation Web Wallet

Step 2: Create Cosmostation address for Fetch.ai chain. There is a detailed pdf from the Cosmostation team explaining how to create an account.

Step 3: Send a small amount of $FET from your Binance account to your generated cosmostation address. Make sure the addresses are correct and above all the chain chosen for your generated address is Fetch.ai chain on Cosmostation.

Step 4: If the tokens arrive, send the rest.

Step 5: Delegate to your preferred validators and start staking.

Applicable for exchanges with ERC20 FET

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)

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

1. How do I choose a validator? Can the Fetch.ai team recommend one?

We recommend you to do your own research and examine the pros and cons of delegating stake to a validator on the Fetch.ai Mainnet network. All the validators are on our Discord channel so if you are interested in learning more, join us there and you can chat with them.

2. Which address should I use to send my ERC20 tokens to the Mainnet 2.0 on the native address field on the token bridge?

Refer to step (g)

3. How much can I stake on the Fetch.ai Mainnet?

The bridge is limited to a certain amount of transactions and they are:

  • 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)

Please keep this in mind before you start staking.

4. When can I start staking on Mainnet 2.0?

You can start right away. Just remember the following:
The bridge is limited to a certain amount of transactions and they are:

  • 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)

5. What is the lock in period once I have staked my tokens on Mainnet 2?

21 days

6.What is the current APR offered by each validator?

You can view the current APR offered by the individual validator on your wallet app. The current APR right now is between 27 -29% but this will continue to decrease over time as more and more tokens are delegated.

7. How is the current APR calculated?

Calculated as per: Yearly inflation* (divided by) Total FET Staked

*Yearly inflation is calculated: (0.03 * Market Cap) divided by Price.

8. What is a validator and do they take commissions?

Validators take a certain % of the staking reward because they are running a node on the network. You can check their commission rates on your cosmostation wallet.

9. Can I send my tokens directly to the Cosmostation Wallet?

No, you cannot. We request you to use only Metamask and follow the steps outlined above. 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.

Once we announce officially that exchanges are listing native FET token, you will be able to send your FET tokens directly to your Cosmostation Wallet, without using Metamask or ETH

10. What should I do if a validator node stops working and misses a certain amount of blocks — will delegators lose their tokens as well?

Your staked tokens are safe and the validators were chosen based on their experience with Cosmos SDK validator nodes. If a certain validator’s node stops working, there is an inbuilt risk of slashing in case of node downtime or double signing. Here are the terms and conditions provided by the Fetch.ai team to validators onboarded:

  • A minimum of 5% of the blocks in the last 16h window must have been signed or else a validator will be slashed for downtime. To nurture network launch, a lenient uptime requirement is recommended that can later be increased by governance.
  • Validators slashed for downtime are jailed for ten minutes. This provides a disincentive for validator downtime.
  • Validators who equivocate (double-sign a block, and thereby compromise safety) and are caught are slashed by 0.5% of their bonded stake.
  • Validators who are slashed for downtime and thereby compromise the availability of the network are slashed by 0.01% of their bonded stake. This is to provide additional disincentive for validator downtime.

TL;DR — the fail-safe mechanisms outlined above are to deter any instances of unoperational nodes.