【FNCT101 ⑤】What is FNCT Staking? : Participating in staking

FNCT Staking is an important function that enhances the security of transactions within FiNANCiE app and supports the value of FNCT. In this article, We will explain how to participate in FNCT Staking and receive the reward from it.

Participate in staking as a delegator

In this article, we explained there are two ways to participate in FNCT Staking, as a Validator and a Delegator.

However, since participating as a Validator can be difficult and complicated, so we recommend participating as a Delegator instead.

As a Delegator, please take the following steps to participate in.

1. Prepare FNCT on Polygon network
2. Log in FNCT.xyz with crypto asset wallet
3. Determine the amount of staking (Lock)
4. Determine the Validator to delegate
5. Lock into staking contract

Then, let’s take a look one by one.

1. Prepare FNCT Polygon network

We explained that FNCT exists on both Ethereum and Polygon networks in this article. When staking, it’s neccessary to have FNCT on the Polygon network.

To make sure which network your FNCT is on, you can check your crypto asset wallet. If you’re using Metamask, it should appear as follows.

The above indicates that this particular FNCT is on the Ethereum network, which means it cannot be used for staking. (Anyway it shows 0 amount…)

This time, the above indicates that FNCT is on the Polygon network, which means it can be used for staking. (even though it is 0 balance again…)

If you face the following issues, please refer to this article.

Issue 1 : The amount of FNCT you have on the Ethereum network isn’t indicated.
Issue 2 : You cannot see or switch to the Polygon network.
Issue 3 : The amount of FNCT you have on the Polygon network isn’t indicated

If you only have FNCT on the Ethereum network, you can bridge the FNCT into the Polygon network. For bridging, please refer to this article.

For your reference, the FNCT rewarded by Community Token Holding will be FNCT on the Polygon network.

2. Log in FNCT.xyz with crypto asset wallet

Once you prepare FNCT on the Polygon network, log in FNCT.xyz with your crypto asset wallet.

Open the pull-down list from the upper right corner and select “Connect your wallet”.

After clicking “Log in with wallet apps”, your wallet will launch, then follow the wallet instructions. Note that you may encounter issues unless you switch to the Polygon network beforehand.

Once you successfully log-in, the dashboard will show up. Again, please make sure you have FNCT on the Polygon network.

3. Determine the amount of Staking (Lock)

You can determine how much FNCT you want to stake. Please be noted that it will be locked for 180 days and cannot be withdrawn, once FNCT is staked.

Select “Staking” from the left menu list.

Click “Start FNCT Lock”.

Input the amount you want for Staking (Lock) and click ”Amount confirmation”

Now, your amount to be locked is ready.

4. Determine a Validator to delegate

You will select a Validator as a Delegator. In other words, you will delegate your FNCT to the Validator decided in this step.

Once you have determined the Staking (Lock) amount, you will see a screen like the one below,

It shows two Validators, so please select one of them. we will explain the information used for the determination to delegate.

• Name: Validator name
• Staking share: It indicates % share of FNCT that is Staked (Locked) by both Validators and Delegators, out of the overall FNCT amount that is staked.
• Fee: This is the transaction fee which will be deducted from the delegation rewards.
• Participation rate: How often the Validator has participated in encryption tasks correctly since its beginning. (This is not the rate at which rewards will occur)
• Estimated APR: This indicates how much yield under these current conditions.

Based on the above criteria, please carefully select the Validator.

Note that you can change the validator once per day.

5. Lock into staking contract

After determining the amount and Validator, you can finally lock your FNCT into the FNCT Staking contract.

The contract is like a wallet that works autonomously; the logic is part of the blockchain and cannot be changed or stopped by anyone, even us.

(Note that this explanation is a simplification but is provided for easy understanding. For more detailed information, please conduct your own research.)

In this step, you will need to transfer your FNCT to the lock contract and pay the transaction fee using MATIC.

It is important to note that you will need to pay transaction fees twice during this process.

1. When you approve the transfer of your FNCT to FNCT Staking contract.
2. When you actually transfer your FNCT to FNCT Staking contract.

In the above screen, you approve transferring your FNCT to the contract.

In the above screen, you transfer your FNCT to the contract.

The amount you locked is shown as “Locked” instead of “Owned in Polygon wallet”

Now you have completed all steps and Staking begins. Great job!

Thank you for reading.
Please enjoy your Staking!