DRAFT Stake & Earn guide

Staking Fan Tokens

By staking your Fan Tokens, you can earn Reward Points on a daily basis, and possibly get quick access to great Socios.com rewards and activities!

What is "Stake & Earn"

When browsing your assets in your Socios.com Wallet (the homepage of the Socios.com app), you can see a "Stake & Earn" button attached to each team for which you have obtained a Fan Token.

You can stake some of your Fan Token (or all of them) for any team.

Each staked Fan Token will join an existing pool of rewards points, made of all the Fan Tokens staked by all Socios.com users. The pool then works for all users, and the more Fan Tokens you have staked, the more reward points you can obtain in return.

How to stake your Fan Tokens

For now, you can only stake whole numbers for Fan Token, no decimals are allowed.

By clicking the "Stake & Earn" button attached to a give team, you are asking to stake some of your Fan Tokens for this team.

Choose the team/partner whose Fan Tokens you want to stake. Click the Stake & Earn button.
The staking interface opens, at first hidden behind a reminder modal window. Read it then close it.
The staking interface displays key information:
- How many FTs you have for this team/partner.
- How many FTs you want to stake. Click to edit the field.
- How much reward points you could earn daily for the number of staked FTs you indicated
- Information the reward pool for this team/partner.
Click the "Stake" button to start the staking process.
The "Review" interface appears. We strongly advise you to pay attention to its information:
- Stake: The amount of FT you want to stake.
- Estimated earning: A reminder of you possible daily earnings in reward points.
- Est. Network Fee: An estimation of how much CHZ the FT staking will cost you. Indeed, because staking is a blockchain transaction, it comes with a small cost. That cost is taken from the amount of CHZ that you have on your Socios.com Wallet.
- Smart Contract: You can check the smart contract to which your FTs are sent to, thanks to blockchain transparency.
Click the "Confirm" button. For security reasons, Socios.com will ask for your Socios.com passkey, which you must have stored, either on your current device or your phone.

And voilà!

If you don't have enough CHZ on your Socios.com Wallet right now, you will not be able to stake.

If that happens, you need to either:

Buy more CHZ ("Top-up" button on the homepage).
Send some CHZ to the Socios.com Wallet if you have CHZ in another wallet ("Receive" button on the homepage).

Once you have more CHZ on your Socios.com Wallet, you can start staking again.

How to unstake your Fan Tokens

You can unstake your Fan Tokens anytime you want.

As in most blockchains, Chiliz Chain has a "cool down" period for staking.

You must wait 7 days between the moment when you unstake Fan Tokens, and the moment when you can claim these unstaked Fan Tokens — meaning, it takes 7 days before you can use them again for other Socios.com activities.

During those 7 days, your unstaked Fan Tokens are "locked": you cannot yet use them, and they don't earn any new reward points.

To unstake some Fan Tokens, follow these steps:

From the Socios.com app's "My Assets" section, click on the team whose Fan Tokens you have staked and want to unstake.
In that team's page, scroll down to the "Staked" section.
Click the "Click to unstake" link.
In the interface that opens, indicate how many FTs you want to unstake, then click the "Unstake" button.
Verify the information from the "Review" screen, and click "Confirm". Make sure you have enough CHZ for the transaction!
Click the "Confirm" button. For security reasons, Socios.com will ask for your Socios.com passkey, which you must have stored, either on your current device or your phone.

You're done!

Staking CHZ

This feature is currently being developped. For now, if you want to stake your CHZ, the remmended way is to use the Chiliz Chain Governance site.

See the Staking documention for Chiliz Chain for complete details.

Last updated 3 months ago