It was a moment of clear understanding as Uptrennd Africa delivered how to stake 1UP using Metamask and Trust wallet as a typical example during Ask Me Anything facilitated by EngrSamest on Monday 21st September 2020. Staking has been one of the features common to the Decentralized Finance sector and having a clear understanding will trigger the reader to get involve and invest while expecting a reward at the completion of the contract.
Here is the recap for the benefit of those that miss out on the live event.
Uptrennd known as social media platform ventured into DeFi with two features: Yield farming and Staking. The discussion focused on how to stake using Metamask and trust wallet as a case study. Staking was explained as the act of saving a token/coin for a reward or interest after the completion of the contract (duration/period).
As the discussion progress, Solarlee signaled to dwell more on the literal meaning of DeFi knowing that's there are newbies in the house. DeFi was revealed as an Open Finance or Decentralized Finance in a simple term means a monetary system built on public blockchain which is accessible to all. It was a welcomed description attested by Khrispy, Solarlee, and Ibrahim Usman Mogaji.
The discussion continued as it was made to know that DeFi has so many features attachment, lending, staking, governance, payment, and many others but the staking feature was the focus.
Staking is more like normal savings we do in banks... You keep your money in your bank account and unknowing to you, your bank use your money to trade and you receive little or no interest by the end of every month. tezzmax (Nucleus) replied
Hmmmm....Naso! Solarlee declared:
Let me say is like fixed saving account and khrispy concluded,
we receive little but at the end of the day they collect it back as SMS fee or maintenance fee (banks eh).
Can you imagine keeping your fiat worth about $200 for example, which is about 80,000 in naira if I consider $1 at 400.... and by the end of the month you nearly record interest on that amount... do I have a testified? Strange expressions were submitted by participants knowing that its a real deal from our traditional finance sectors.
Now let's look into how DeFi try to solve this issue common to traditional institutions (Banks)
There is every possibility you hold a token (1UP) in your wallet and not ready to use it for anything, instead of allowing the token to sit in your wallet and serve you nothing, fixed it and get a reward after the signed contract between you and the protocol or the portal or the platform. An important fact about staking is, you already know the fixed percentage incentive you will agree with....You already know your profit before staking! Eurogee declared,
Yes. That's it.
You don't need to enter what you don't know... DeFi is open finance, so everything is clear to you before you invest.
Ibrahim Usman Magaji
: Yes boss, Gradually he is explaining everything to us about it. I liked the way he's doing.
For any platform to have a staking portal it must have its particular staking currency and get this clear understanding, some networks adopt a two-token system where the rewards are paid in a second token. We will come to this later. Now... We have our staking portal started in Sept 1st 2020 and we are already on the last staking pool which will ends in less than 6days from now
For those joining us for the first time, you can load uptrennd.com/portal
as I take you through how to stake correctly with the benefit of receiving 40% profit!
I understand many of us would have a question about how is uptrennd able to determine the incentives or you ask how is DeFi protocol settle down to reward the stakers accordingly.
submitted a question during the discussion The only available staking pool says 40,000,000 1up, I don't understand what that figure stands for.
lol... Keep your question sir. I will soon finish this task and we can submit our questions. I hope we already load the portal page (https://uptrennd.com/portal
For you to stake, you must already have the token you want to stake inside your ERC20 wallet and since 1UP is a case study and it's on ethereum blockchain, ETH is a must which will fuel your transaction and validate it.
I will start the step first with those on PC, get the understanding first and you can apply it when you are ready.
If you are on PC, you need metamask extension
on your browser and import your ERC20 wallet right there (A wallet with Private Key). If you don't know how to import your wallet, there are tutorials on youtube and you can ask the admin here or chat me... Metamask only applicable on PC for now... though I sighted this on the iPhone store though I am not too sure if this is real.. So stay put on the extension. If your Metamask is already on your browser and wallet imported all you need to do is a single click on uptrennd.com/portal
and click on "i want in". Like we know the only pool available is 40,000,000 1UP
The moment you click on the "I want in" and Go ahead to click allow, this will signal to your metamask to open automatically then connect. The moment you connect, the portal connects you to the main network.
The moment you click on stake... the network will reveal the quantity of 1UP in your wallet. if you have no 1UP in your wallet it will display 0. Input the amount of 1UP you want to stake.
You need to agree to the terms and conditions before you continue.
After you input your desire amount, continue
Take note of the information below the approve and stake
There are two-steps to carried out
For the two steps you need gas... make sure you have enough eth in your wallet before you proceed, these two processes are one at a time. The moment you approve, you proceed to stake and wait for the network to confirm your transaction.
Congrat if you complete the step and your token is staked.
So Let me quickly run through trust wallet because I know that's where many have an issue. Grap your smartphone and open your trust wallet
The moment you click on allow, your wallet is connected automatically and you can proceed to finish up your staking exercise.
It was really a nice moment together as many questions were answered. You can join us in our telegram group and ask any questions you are not clear with.