On-Chain Staking Guide

Welcome to the comprehensive guide on how to stake on-chain with Project Serum. If you have met the prerequisites please continue to Section Two: Getting Started. If not please meet these requirements

Staking your Bonfida (FIDA) on Serum offers a variable APY% rate. You can see the current monthly APY% at Bonfida - Staking. There are a few factors the determine the variable rate, these are:

  • Price of FIDA

  • Fees generated

Rewards are paid in half locked and half unlocked. Stakers should note that there is a 7 day unstaking period. Locked FIDA will commence unlocking linearly from December 31st 2021.

Prerequisites

  • SPL compatible wallet (Sollet.io is recommended)

  • Have SOL in your wallet for transaction fees.

  • Have a FIDA address in your wallet and deposit FIDA

    • Minimal staking amount on Serum is 500 FIDA.

Getting Started

1 - Go to https://stake.projectserum.com/#/

2 - Read and accept the pop-up Agreement:

No statement or warranty is provided in relation to the utility of this program, the safety of its code or its suitability for your use, and by using it, you agree to bear any risk associated with such potential vulnerabilities, including, but not limited to the potential loss of tokens.

2A - If you have not done so already, press "CONNECT WALLET" on the upper-right of the page.

You must connect with your wallet, otherwise you will see that you are “Disconnected”.

You must hold some SOL for network fees. Otherwise, you will receive: "Error: Transaction was not confirmed in 30.00 seconds".

Users are also able to stake with Ledger and sollet.io through sollet.io's "Add hardware wallet" feature when connecting.

3 - Create a staking account by pressing "create"

Approve the transaction.

This will open in a new window in your browser.

When successful, you will see a page like this:

Depositing and Staking

4 - Press STAKE and deposit your FIDA tokens according to the instructions in the box. Every 500 FIDA gives you 1 pool token.

Once your FIDA is deposited, press "STAKE" to transfer funds to your stake vault and create newly minted pool tokens as proof of your stake deposit.

These tokens represent your proportional right to all rewards distributed to the staking pool.

Once staked, your FIDA cannot be immediately withdrawn. The staking program will enforce a one week timelock before funds are released.

To stake your locked balances, press the "Locked balances" toggle at the bottom right.

Collecting Drops / Rewards

5 - When you are ready to realize your rewards, press on the REWARDS tab. Choose an address and click "process".

Staking rewards are an equal mix of locked and unlocked FIDA. Rewards are calculated using the sum of your locked and unlocked stake pool tokens. Note that locked tokens are separate from unlocked tokens.

When rewards are dropped, one must prove that they were staked during the time of drop by sending a transaction to the staking program to process the reward.

Rewards are distributed once monthly. On a certain day, rewards are dropped on the staking contract. You will see the “process” button when your reward is ready; otherwise, you currently have no rewards to claim.

The "process" button only processes a single reward and not all at once. You may need to process multiple rewards one by one.

5A - For unlocked rewards, select the token address to transfer the reward to.

Unlocked rewards are immediately released.

5B - For locked rewards, a locked vesting account will be created upon being claimed. Press on the LOCKUP tab to realize your locked rewards.

Locked tokens are realized upon completely unstaking and incurring the unbonding timelock. If you never unstake, you will never receive locked token rewards. See the section below to learn how to unstake.

5C - The "Drop Rewards" button under the REWARDS tab is for distributing rewards to the stakers.

Unstaking

6 - You can unstake tokens from the STAKE tab following the same instructions for staking tokens.

To unstake, you must incur an unbonding period where funds will not be retrievable until the unbonding period ends.

At the end of the unbonding period, click the blue checkbox next to your pending transfer. If the checkbox is grey, your unbonding period has not yet completed.

You must process all your unlocked rewards before unstaking. The "process" button only processes a single reward at a time.

At the end of the unbonding period, click the blue checkbox next to your pending transfer. If the checkbox is grey, your unbonding period has not yet completed.

At this point, your exit from the stake pool is complete and your funds are ready to be used again.

You will not need to create a "New Vesting Account" in order to unlock any locked rewards.