VAIOT is excited to announce that we are launching $VAI Single Assets Staking. The VAI Staking Service is available on the Polygon network and it is governed and delivered to the user through stake.vaiot.ai — VAIOT’s existing staking portal. We will explain later in the article how to add Polygon network to your MetaMask wallet (which we will use as an example in this article) and how to bridge $VAIs from Ethereum to the Polygon chain.
In this article, we will guide you step-by step on using the VAIOT Single Assets Staking platform.
Let’s get started
Connecting your wallet
To get started, first navigate to: stake.vaiot.ai and go to “VAI Staking” in the upper left corner of the screen.
You should see the dashboard for the Single Assets Staking platform as in the picture below.
To get started with staking, you need to connect your wallet. The current staking portal is available on the Polygon network. If you already have e.g. a MetaMask wallet but don’t know how to add the Polygon chain, visit this link: https://vaiotltd.medium.com/connecting-your-metamask-wallet-to-polygon-network-548930cd1b49.
To get started with the staking, you need Polygon-based VAI Tokens. Follow the article from VAIOT’s Medium https://vaiotltd.medium.com/vaiot-how-to-bridge-polygon-vai-to-eth-vai-d950fcce88c3* to bridge your ETH VAI to Polygon network or go to https://www.sushi.com/ and purchase VAI on Polygon network directly.
- *In the Polygon Bridge dashboard, select option of depositing tokens from Ethereum to Polygon chain.
Once the Polygon network is available in your wallet and you have your Polygon-based VAI tokens, you can choose an option “Connect to a wallet”. A pop-up will appear in which you can select a wallet of your choice. Click on the one you want to use for staking.
The MetaMask will open their pop-up for you to login.
There might be a situation that MetaMask will direct you to the Ethereum chain. To switch to the Polygon network, you need to click on the top right of the dashboard and select “Switch to Polygon”.
If the connection is successful, you should see your wallet address in the top right of the screen like in the image below.
On the dashboard, choose option “Manage” or “Deposit” (depending on whether you already have assets deposited or not) and you will be directed to another panel as in the image below.
On the dashboard, the different available actions are listed under “Deposit”, “Withdraw Immediately” or “Initialize Withdraw”.
First available options when you don’t have any VAIs is “Deposit”. Select the option and fill out the number of $VAI that you’d like to deposit. Select “Approve”, your wallet provider will ask you for the spending cap (amount of VAI that you approve to be staked), confirm the transaction, click on “Deposit”, confirm the transaction, and that’s it! You are now earning $VAI!
With withdrawals the mechanism is the same as in case of depositing. Choose one of the options “Withdraw Immediately” or “Initialize Withdraw”.
The MetaMask pop-up will be showed on the screen, you will need to confirm the transaction in your wallet and you are all set.
- IMPORTANT! Please remember that there is a 10% fee in immediate withdrawals and 7 days grace period in case of initialize withdrawal.
“Claim Rewards” button will direct you to the screen as in the image below.
To withdraw your earned rewards, simply click on the ”Claim Rewards” button, confirm the transaction in your wallet and you will see your changed balance on the dashboard.
If you encounter any issues, please go to https://vaiot.atlassian.net/servicedesk/customer/portal/2/create/9?customize=true and fill out the ticket that will be forwarded and handled by our development team.
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