🪙Staking
How To Stake FISH
Last updated
How To Stake FISH
Last updated
BabelFish DAO uses a fork of Sovryn’s Bitocracy — which gives weighted voting rights to participants who have their tokens locked in the Vesting and Staking Contracts.
To gain voting power, FISH holders must lock their FISH for a given period. BabelFish — just as Sovryn — uses a quadratic equation with a mapping system to measure the total amount of tokens that are unlocked on any given day. This enables the protocol to compute the Voting Power of all the tokens locked up to a given point in time.
Staking FISH for Voting Power is a feature that is permissionless and openly available in a voluntary manner to anyone who owns liquid, unlocked FISH tokens in their wallet. You can read more about the technical details of staking and voting power here. The shortest staking period is about 2 weeks, the longest up to three years.
FISH locked in the Vesting Contracts (Pre-Sale, Team, Early-Supporters, Bounty Rewards) also receive voting power but, unlike voluntarily locked FISH tokens in the Staking Contract, won’t receive staking rewards. Token holders who stake their FISH will receive staking rewards proportional to their share of the total voting power. For example, a staker with 1% of the voting power will receive 1% of the staking rewards.
Go to https://babelfish.money/ or https://app.babelfish.money and connect your browser wallet (Liquality and Metamask wallets are supported). You will have to confirm the connection request in Your wallet. After that move to the “Stake” tab. Please make sure that Rootstock / RSK Mainnet is selected.
Enter the amount of FISH which you intend to stake. You can type the amount or use predefined amounts of 10%, 25%, 50%, 75% and 100% of FISH tokens held on your wallet.
Next select staking duration by choosing the year, month and day to unlock your stake. You will be able to see the received Voting Power and Tx Fee above the “STAKE” and “CANCEL” buttons. Once everything is as you have chosen — click the “STAKE” button. If in doubt — there is always a “CANCEL” button available.
On the wallet pop-up windows users are asked to give permission to their token and to confirm the staking.
Once staking is confirmed - users can check execution of both actions in blockchain explorer.
Users can have multiple stakes to different dates.
After successfully staking users are now ready to go to the Bitocracy and participate in the FISH Governance.
Users have the ability to perform some actions with their stakes. By clicking the ”…” button under ACTIONS assigned to a specific stake. It is possible to “INCREASE”, “EXTEND”, “UNSTAKE” and “DELEGATE” features, as explained below.
Please note: Confirmation in the wallet pop-up window will be required to have each type of action effective.
“INCREASE” is for adding more FISH tokens to the existing Staking Contract. It will not change the staking duration. You can see additional Voting Power displayed after an amount of additional FISH is added.
“EXTEND” is for extending the duration of the existing Staking Contract. An additional amount of Voting Power is displayed after the extend date is selected.
“UNSTAKE” is used to withdraw your FISH tokens. Please note that there will be no penalty if unstaking happens after the Staking period. In the example shown below there is a penalty of 2% = 5.0400 FISH for early unstaking. You can find the table of unstaking penalties here.
If a penalty applies additional information for the user is provided.
“DELEGATE” is to delegate your Voting Power to another wallet address. This is useful if you have multiple wallets holding FISH or if you want to delegate your Voting Power to a trusted person, who is active in the BabelFish Community and is always participating in the voting.
If users want to remove his delegation, he can do it by going again to "DELEGATION" feature and clicking the “CANCEL DELEGATION” button.
He can also delegate his voting power to another address.
