A Complete Guide for PHNX Spot Staking dApp - Public launch Version 0.1

A Complete Guide for PHNX Spot Staking dApp - Public launch Version 0.1


Hello Community,

The time has come - One of our biggest milestones to-date! 

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  Installation and Configuration:  

MetaMask Installation

An Ethereum Wallet in your Browser. MetaMask is an extension for accessing Ethereum enabled distributed applications or "dApps" in your browser.

  • Go to your browser extensions and search for MetaMask and then add that extension to the browser.

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MetaMask configuration

  • Initially, you will be asked to import the wallet or create a new one
  • If you have already created a wallet before then import it using it’s private key otherwise select to create a new one.

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  • MetaMask will provide you with the secret phrase this is required for recovering a private key. Download it, Memorize it or write it down someplace safe and make sure no one else can get access to it. If you are to lose this and lose access to your funds they are lost!

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  • On the next step it will ask you to enter the phrase in the same order as it was originally presented.
  • And then just after reading and agreeing to their terms and conditions Boom!, your decentralized wallet is created on MetaMask. To access it click on the MetaMask icon on the top right corner of your browser (where you will also find your other extensions.

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Getting into app and connecting wallet

  • Open the app Staking dApp and select on the top right corner to connect wallet
  • Select MetaMask to connect the wallet

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  • Select the account you want to connect to and click next.

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  • The connect section will change in app and started to show your wallet address

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  • Make sure you switch your network to main-net (Main Ethereum Network).
  • For confirmation, click on the extension of the MetaMask. On top if Main Ethereum Network is not written then click on drop-down and select Main Ethereum Network from it.

Import Token in MetaMask:

  • Open meta mask and select add token on the bottom

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  • Select Add custom token tab on the top

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  • Add contract address here and click next.
    Token address : “0x38A2fDc11f526Ddd5a607C1F251C065f40fBF2f7”

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Features of the App:

Stake 

To Stake $PHNX tokens, follow the steps below.

  • Navigate to the Stake (icon) section from the left sidebar.

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  • When you stake for the very first time, You will need to approve PHNX Tokens by clicking on the Approve PHNX button and sending an approval transaction.

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  • After you have approved the tokens the ‘Confirm Stake’ button will appear, enter the amount of $PHNX you want to stake and set the duration for staking, click on the ‘Confirm Stake’ button,  you will then be prompted to do a MetaMask transaction then your tokens will now be staked.

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Max Stake limit : 20,000
Max Duration : 365 days
Max Spot Interest:  20% APR

 

Unstake

To Unstake Phoenix Tokens, follow the steps below.

  • Navigate to the Unstake section from the left sidebar.

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  • Enter the amount you want to unstake. Then click on Confirm Unstake to withdraw your Tokens.

 

  • Here we will automatically calculate the early withdrawal fee required, this calculation is based on Amount of PHNX multiplied by the remaining days of the contract, divided by the total days. 

If you staked 10,000 PHNX for 365 days and wanted to unstake after 100 days, 7,260.27 PHNX will be burn from the user staked amount for the early unstake transaction. User will get return 2739.73 PHNX instead of 10,000 PHNX.


Dashboard

  • To view information about staking, visit dashboard.

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  • PHNX Tokens available in your wallet will be shown under Available PHNX.
  • PHNX Tokens you staked will be shown under Staked PHNX.
  • Staking Information displays the stake amount & the date when they will be released.
  • Completed Stakes displays the stakes whose duration has been completed.
  • Hover state this feature allows you to hover over transactions to see the details per transaction in more detail
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PhoenixDAO (PHNX)
PhoenixDAO (PHNX)

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