The primary way to stake CXT is through the Covalent Network Staking Dashboard. Here, you can stake your CXT to a number of Covalent Network Operators. As a reward for doing so, you stand to earn CXT proportional to how much you have staked.

Staking has now migrated to the Ethereum Mainnet from Moonbeam. There is no longer a need to bridge your CQT(deprecated) across in order to participate in securing the network.

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Getting Started with the Covalent Network Dashboard

To get started with the dashboard, navigate to the Covalent Network Staking Dashboard. You will be prompted to connect your wallet. If you have not already, you will need to connect to the Ethereum Mainnet network via your wallet.

On the staking dashboard, you will be able to delegate to network operators, modify existing staked positions, and get an overall glimpse of your staking activity.

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Stake your CXT to a Network Operator

1

Connect your wallet to the Staking Dashboard

Upon connecting your wallet to the Covalent Network Staking Dashboard.

2

As a Delegator, you can delegate to any Network Operator by staking tokens and adding to the Operator’s stake.

3

  • You should see a number of Network Operators, all of which perform a specific network role as Block Specimen Producers.
  • On the dashboard, you can view the name, operator’s staked amount, commission rate, APY, amount of CXT delegated to this operator, and the delegation room available.
4

  • In selecting a Network Operator, it is important to consider the commission rate and delegation available to stake.
  • To stake, select an operator, click stake and choose the amount of CXT you wish to delegate.
  • From there, you have to first approve the contract interacting with your wallet and second, make and confirm the transaction. Once you have completed both of these actions, you have officially staked your CXT.

When you return to the Staking Dashboard after successfully staking your CXT, you should be able to view your staked position.

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Topping Up your staked amount

  • To top up your staked amount:
  • On the staking dashboard, select the ‘Top Up’ prompt after delegating your CXT.
  • Here, you can either:
    • Stake more CXT from your wallet to the Operator. This follows the same process as described above.
    • Or, if you have rewards you wish to claim and stake, you can do so.
  • The new staked amount should now be reflected on the dashboard.

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Redeeming your CXT rewards

Rewards can be redeemed immediately. There is no cooldown period for rewards. To redeem:

  • Under ‘Staked’, a tab labeled ‘Available to Redeem’ is displayed where you can view how much you can redeem. This is the interest you have earned on the staked amount.
  • Select ‘Redeem’, choose how much you wish to redeem, pay the transaction fee and the reward amount is deposited into your wallet. This can be the original wallet you used or a beneficiary address.
  • Note, the redeem amount is the Total Earned minus the Commission Fee of the operator you have staked with.

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Unstaking your CXT

There are some points to consider when unstaking your delegated CXT:

  • For Delegators, there’s an unstaking period of 14 days.
  • For Operators, there’s unstaking period of 6 months.
  • As a reminder, the length of both of these figures can be changed by the contract owner.
  • Note that this is different from redeeming rewards. Redeeming rewards involves claiming your interest earned whereas unstaking involves removing a portion or your full amount of staked CXT.

Scenario 1: Delegator chooses to unstake themselves

  • Under ‘Unstake’, select ‘Transfer out’.
  • You will be presented with the below prompt. Here you can select how much you wish to undelegate. Then it is a matter of paying the transaction fee.
  • Once the transaction has been confirmed, the cooldown period will begin.
  • Once the cooldown period is over, you can transfer your unstaked CXT to your wallet.

Scenario 2: My operator got disabled

A Network Operator may become disabled for two 2 reasons:

  1. They unstake and no longer operate on the network
  2. Misbehave

In both cases:

  • You can choose to unstake or simply move the staked amount to another operator.
  • It is the Delegator’s sole responsibility to monitor if the Operator they have delegated their CXT to has been disabled or not.

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Recover your Unstaked amount

During the cooldown period that follows unstaking your CXT, you can go back and recover the unstaked amount; staking back the unstaked amount to the operator.

That’s it! Now you’ve successfully delegated to a Network Operator, updated the delegation amount, and then removed the delegation. You have all the tools necessary to get started with staking on the Covalent Network!

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