What is Re-staking?
Re-stake is a convenient staking tool, allowing you to claim and compound your rewards individually or in bulk. This can save transaction fees and time, and many more features are planned.
“Re-stake” is an action to use reward tokens to be staked into the pool, the reward tokens being generated from a combination of total holdings are being staked, and the length of time being staked. Validator claims themselves for each re-stake transaction based on the balance of reward tokens.
Re-stake allows delegators to grant permission for a validator to compound their rewards, and provides a script validators can run to find their granted delegators and send the compounding transactions automatically.
Why do Meme holder do “Re-staking”?
As the best practices, all stakers would like to invest and obtain maximum profits, but stakers always ignore in taking advantage of the rewards token. That’s a great feature for the stakers, because this saves the time and efforts in getting more reward tokens.
Now, we’ve got some volunteers who had developed this feature in MEME token to streamline this re-staking step which will be explained in next paragraph to show you how easy to stake the MEME tokens and how to do re-staking in one click.
*The validators will pay the transaction fees for you.*
How do you do re-staking?
- Visit the re-staking dashboard here: https://restake.app/meme
- For now, MEME validators dashboard currently supports only Keplr. You need to have the Keplr extension being added to your browser. If you don’t know how to connect the MEME to your Keplr wallet.
- This is a step-by-step guide to help you to become a delegator on MEME token. There are no prerequisites in becoming a delegator on MEME token. All you have to do is to secure a Keplr account and MEME tokens.
View a list of all the eligible validator for re-staking
1. Your wallet address and the amount in MEME token are displayed in #1.
2. A list of Validators and re-stake status are in #2.
If there is a green tick in re-stake status, that’s mean validator can re-stake your reward token in a one click. Or else, there is no such this feature for this validator.
3. A Frequency and APY are in #3.
The frequency is a re-stake frequency, which state the frequency to re-stake automatically by the validator, and the APY is your current return rate to your total investment, taking into account the effect of compounding interest.
4. Last, the delegate button is in #4.
If you select the delegate button, which allow you to give permissions to that validator identity and thus grant the permission to allow the validator to re-stake on behalf of you.
1.Click on the above Delegate button#4.
2. The pop-up delegate form as below. Fill the amount you want to delegate. For example, say $70000 and click on the delegate on the right bottom of the pop up prompt.
3. Set up the gas fee on the pop-up notification from Keplr wallet. And click the approve button to complete your transaction.
4. Once the transaction is completed, you may need to refresh the page to display the delegation status. The Successful status of the delegation is shown as below.
Notice of re-stake
- Enabling re-stake will authorize the validator to send Delegate transactions on your behalf for 1 year using authorization.
- The validator will only be authorized to delegate to their own validator. You can revoke the authorization at any time and everything is open source.
Thank you for your time to read through the above. I hope this helps.