Following the successful Fetch.ai stake migration from Ethereum to main-net, many people in the community have been asking how to stake tokens to earn the high ~20% rewards that are currently available.
In this article, we explain how to stake migrated tokens using the Cosmostation web-wallet. By following this process you will be able to directly migrate tokens from the Ethereum staking program and also stake tokens on main-net from the same wallet.
- The first step is to visit the Cosmostation web wallet here. After that you should click the “Connect wallet” link, followed by selecting the option to “Connect to Keystation.”
- You will then see a pop-up where you should click “Import Wallet”, and you will then be taken to this page.
3. Here you will be asked to choose an informative name for your wallet and you will also be asked to input “Mnemonics”, which are the 12, 16 or 24-word passphrases that you need to export your keys from Metamask. (Make sure the URL in your browser matches the image above: keystation.cosmostation.io) that you are in a private place where no-one can see your screen and that you have an anti-virus software installed.
4. The passphrase/mnemonic can be migrated from your Metamask extension by clicking the icon in the top right corner, then selecting “Settings” > “Security & Privacy” > “Reveal Secret Recovery Phrase” and then entering your password. This should be copied and pasted into the Cosmostation “Mnemonics” text box.
5. You will then be asked to input a 4-digit numeric PIN followed by a letter on this pop-up page. The page will also ask you to confirm your PIN.
6. This pop-up will then ask you to copy your encrypted passphrase (by clicking the link in the top right of the text box) and paste it in the box below. After doing this, you should click “Next”.
7. This will lead to another information page explaining how to safeguard your keys by storing the passphrase in the Chrome password manager. Finally, you can use the “Connect” button used to launch the wallet.
8. The final step is to create a second wallet using the Ethereum key generation method, which is slightly different to the one used by the Cosmos Ecosystem.
9. For this, you need to replace the text saying 14/118/0/0/0 with 14/60/0/0/0 (i.e. replace 118 in the text-box with 60) on this page and then clicking “Apply”. You will then be asked to repeat steps 3–9 with the new wallet address.
10. If you created multiple accounts in your Metamask software wallet you may need to modify the final digit in the “HD derivation path” box so that it is 1, 2, 3, … and the path reads as:
and so on. This will ensure that the key matches the address you used to stake on Ethereum. Once the address matches you will see your “Available amount” of tokens match the amount you migrated from the Ethereum staking program.
If you got this far; Congratulations! You are now ready to stake on main-net. The final task will be to select the “Reward” dialogue and you will have the choice to stake your tokens with any of the validators on the Fetch.ai network.
The wallet is full functional and also enables transfers along with the links to the block explorer. Staking on main-net will entitle holders to tokens through the Mobix staking program and other benefits.