ERC20 NOW Staking Tutorial
Hey! With NOW staking being out for a few months, we’ve recieved a few questions about how to stake your ERC20 NOW tokens, and not having released a proper tutorial has been a massive oversight on our part. Well, better late than never! Today we’re going to learn how to stake your ERC20 NOW tokens and get up to 25% APR on them!
Navigate to the token homepage — it’s located over at changenow.io/tokens. Click “Staking” once you’re there.
Side note — make sure you’re using a Web3 browser like Brave, Chrome, or Firefox in order for the Metamask browser extension to work.
If you haven’t had Metamask before, install the browser extension from metamask.io and create an account. You can import your existing ETH wallet into it by clicking your account icon and selecting “Import Account”. You will need to export your private key from the wallet that you normally use and paste it into the special field.
In order for your NOW balances to show up correctly, click on the “Add Token” button in your account, and navigate to “Custom Token”. Enter the NOW contract address in that field — it’s 0xe9a95d175a5f4c9369f3b74222402eb1b837693b. Metamask will automatically fetch the ticker and decimals from Etherscan. Then, click “Import”. Okay, you’re all set!
Once on the Staking portal, enter the amount of NOW tokens you would like to stake and the period of staking that suits you best. For the sake of the tutorial, we’re going to stake 150 NOW for a year. Once you’re satisfied with the amount of your stake, click the “Stake it NOW” button.
The staking menu will pop up. There, you’ll be able to choose what network you’ll be staking your NOW in and activate the tool that you will be staking with. ERC20 NOW will be the default option. Make sure the amount of your stake works for you (if you’d like to increase the amount of your stake, but don’t have any NOW, you can always get more — both with other crypto and with fiat) and click “Unlock Metamask”.
A pop-up “Connect with Metamask” window will appear. Pick an account with NOW on it and click “Next”. After that, click “Connect”.
After connecting your Metamask wallet, check your stake amount again and click “Approve NOW”. You will have to confirm an Approve transaction for spending your NOW; you will be able to see it in your wallet or check a sample one here.
After the Approve transaction is confirmed, click “Stake it NOW” and confirm the Stake transaction. The Stake transaction will take your NOW from your wallet and send you special NOW-STAKE tokens that confirm your stake.
NOTE: If you lose access to your NOW-STAKE tokens, you will not be able to gain access to your stake — your NOW will be lost!
After the Stake transaction that sends you your NOW-STAKE tokens is confirmed (you will see it in your wallet interface; here’s a sample one), you’re all set! Your first reward will be delivered to you in one week, we usually distribute them on Wednesdays.
From now on, you can visit the Staking page and view your staking balance, increase your stake, or unstake your tokens – all in one place.
NOTE: The minimal staking period is 1 week – you will not be able to unstake your NOW before that.
If you have any additional questions, please don’t hesitate to reach out to us over at [email protected].