Marlin staking for Dummies

Our previous article walked you through the economics of staking in the Larvanet. This post provides step-by-step instructions on how to stake and delegate (M)Pond using the Relay app.

Understanding the User Interface

https://app.marlin.pro/relay/operator is the site to visit for all staking-related activities. It defaults to the Operator tab which shows a list of Cluster Operators to whom users can delegate their (M)Pond.

The Register tab is be used by individuals/entities looking to register as a Cluster Operator. A cluster requires a minimum delegation of 0.5 MPond to operate on the Marlin network. Individuals/entities looking to run a cluster on the Marlin network can visit our documentation for more details and reach out to us on Discord in case of queries. 

The registration page automatically switches to an update page to modify a cluster’s on-chain parameters when logged in through an address that already serves as a Cluster Operator.

The Delegate tab allows users to view their existing delegations, update them or even create new delegations as an alternative to using the Cluster Operator page.

Connecting your wallet

You can connect your wallet by clicking on the Connect Wallet button at the right top.

We currently support Metamask and WalletConnect. Hardware wallet users can connect using Metamask by choosing the Connect with Hardware Wallet option.

Users are required to be on the Ethereum Mainnet Network in order to use the staking portal.

Once connected, the truncated address connected to the dapp can be seen at the place where the Connect Wallet button was present. Additionally, the wallet to the left now displays the POND and MPond balance in the connected account. 

Note that the wallet has two tabs - Delegator and Cluster. The Delegator tab shows aggregate information relevant to the logged in address when it is delegating (M)Pond to one or more clusters. On the other hand, when logged in as a Cluster Operator, the Cluster tab shows info about delegations to the cluster. If the same address is functioning as both a delegator and cluster operator, different information will be displayed under them.

Now, depending on whether you run your own cluster or plan on delegating to another, proceed to the next section or skip to the section after.

How to register your own cluster?

  1. Click the Register button on the top navigation bar or directly go to https://app.marlin.pro/relay/operator/register
  1. The operator address will automatically load to the connected account.
  2. In the network dropdown, choose the blockchain network you would like your cluster to support. At the moment, only Ethereum is available as an option. However, as new networks are added, supporting one network over the other might become more profitable.
  3. Enter the address you would like your commissions to be allocated to. This address can be the same or different from your operator address.
  4. Enter the client key loaded in your cluster machines.
  5. Enter the fees (0-100) you would like to charge your delegators. The commission is applied only on the rewards and not the principle delegated.
  6. Once registration is complete, you should be able to see your cluster in the list of clusters at https://app.marlin.pro/relay/operator. Feel free to use the search bar! If you would like to have a moniker displayed next to your operator address, please fill the following form: https://form.typeform.com/to/rpWoSXNw.

You can update any of the above values anytime by logging in using the same operator address and visiting the Register tab. The updates take 0 to 6 hours to take effect depending on the nature of the update. You may also unregister the cluster by clicking the Unregister button next to the Update button. Unregistration takes 30 days to complete.

Once registered, others holding POND or MPond as well as you yourself can delegate to your cluster. Note that for your cluster and its delegator to be eligible for rewards, a minimum of 0.5 MPond needs to be delegated to it.

Delegating your POND or MPond

(i) Go to https://app.marlin.pro/relay/operator

(ii) If you know a cluster you would like to delegate to, key in its operator address in the search bar. If not, use the metrics displayed under staking and performance tabs to identify a cluster to your liking. Since, there’s no slashing risk in the Larvanet, APR is probably the metric most users would be interested in. Clicking on POND or MPond under APR sorts the clusters in increasing/decreasing order of APRs. Note that the APR for POND can be different from the APR for MPond for the same cluster.

(iii) Once you have zeroed in on a cluster, click the Delegate button in the last column.

(iv) A popup will open with the operator address of the cluster chosen pre-filled. Enter the amount of POND and/or MPond you would like to delegate and click the approve button next to them. Once the approve transaction has been mined, click Confirm to create a stash with the entered amount of POND and/or MPond tokens and delegate it to the chosen cluster.

Note that both the fields corresponding to POND and MPond can be non-zero i.e. POND and MPond can be added to the stash and delegated in a single transaction.

Also, if for any reason, the browser window closes while the Approve transaction has been made but is yet to be mined, you can reattempt this step and if the entered amount of POND or MPond is smaller than what was approved earlier, the Approve buttons will automatically disable and show Approved. You can proceed to click Confirm under such a scenario.

(v) Once delegated, you can see a new stash in the list under My Stashes. It will show the operator address (cluster) the stash delegates to and also the total amount of tokens (in POND) in the stash. You can also see the breakdown of POND or MPond in the stash by clicking on Show Delegated Tokens.

(vi) To delegate more tokens, you can either click on Add Tokens under an existing stash or begin again from Step 2 to create a new stash.

The Add Stash button under My Stashes is an alternative to Step 3 and requires an operator address to be filled in manually in the popup that appears in Step 4.

(vii) Withdrawing tokens from a stash requires the stash to undelegate first. Click the undelegate button to do so. After an unbonding period, currently set to 30 days, tokens can be withdrawn from the stash.

Thus, the flexibility of creating multiple stashes doesn’t only allow you to delegate parts of your tokens to different operators but also allows you to undelegate and withdraw part of your tokens while still delegating the rest in another stash.

(viii) When tokens are added to a stash, they move to a smart contract from your account holding those tokens. As a result, you will see your POND or MPond balance in your wallet reduce accordingly.

Redelegation

Users can redelegate to another cluster (operator) by clicking the ‘Request to Undelegate’ button in the Delegate tab. A pop-up will appear requesting the user to put in the new operator address and confirm the transaction on MetaMask (by paying gas fees). Redelegations have a delay of 6 hours.

After the 6 hour redelegation delay is over, users will need to click on the 'Redelegate' button to complete the process. 

Reward management

  1. Rewards are distributed once per day.
  2. Unclaimed rewards (in POND) appear under My Stashes at https://app.marlin.pro/relay/stash.
  3. Click the Claim button to withdraw rewards. Rewards can be withdrawn at any time and do not affect on-going delegations. Due to the structure of the smart contracts, the first delegator to withdraw rewards awarded to a cluster after the last daily reward distribution will have to pay a higher gas fee.

And that’s about it. You’re all set to start staking.

Important points to keep in mind before staking: 

  1. You CANNOT stake POND from an exchange. To stake POND, you will have to send your POND from the exchange to your wallet. Ensure that your wallet also has ETH as staking requires gas fees to be paid in ETH. 
  2. For FlowMint users, your MPond needs to be on the Ethereum Network (not Matic Network) in order to stake. After harvesting your rewards on FlowMint, you’ll need to use the Matic Web Wallet to transfer your MPond from the Matic Network to the Ethereum Network. One of our community members has shared a handy guide for this (although the guide shows the use of Matic’s V1 wallet, please use V2 wallet when moving your MPond from the Matic Network to the Ethereum Network).
  3. If POND delegated to any particular cluster is 0, APR is calculated assuming a delegation of 1 POND so users may see some abnormally high APRs. This will balance out over time as more users delegate to said clusters.

Let us know on Discord if the above tutorial doesn’t cover any queries you have. Happy staking!

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