Stake dYdX with Blockdaemon via Keplr
A step-by-step guide on how to stake dYdX via Keplr with Blockdaemon validator.
Blockdaemon supports dYdX, a Cosmos SDK-based blockchain using CometBFT for consensus. DYDX tokens are the main protocol tokens for dYdX Chain. dYdX token holders can stake or run a Validator to participate in securing and governing the network.
Below is the key specific information about dYdX.
| Parameters | dYdX |
|---|---|
| Minimum Staking Amount | 1 DYDX. |
| Bonding Time | - |
| Unboding Time | 30 days. |
| Slashing Risk | There are risks involved for stakers: - Downtime refers to any period when a validator is offline and unable to produce blocks or validate transactions. During this period, there will be jail time, and no rewards can be earned. - Double-signing occurs when a validator signs conflicting blocks, which causes instability and unpredictability in the network. This leads to the validator's removal from the validator set, and they will no longer be able to earn rewards again. |
| Staking Rewards | Staking rewards must be claimed manually. Rewards are distributed in both USDC and DYDX tokens, but USDC cannot be automatically converted to DYDX. |
| Rewards Distribution | You earn rewards proportional to your fees paid divided by the total fees paid by all traders during that epoch. Rewards begin to accrue after 1 block (~1 second). |
| Inflation Rate | The perpetual inflation rate is fixed at a maximum of 2% per year. |
Stake dYdX
This guide will walk you through the process of staking dYdX tokens with the Blockdaemon validator using Keplr wallets.
Step 1: Open Keplr Dashboard
- Open your Keplr browser extension and select the Staked option.
- Select Stake with Keplr Dashboard. This will open the Keplr dashboard in a new browser page.
Step 2: Select Network and Validator
- In the Keplr dashboard, select the dYdX network.
- Select Blockdaemon as the validator of your choice.
Step 3: Stake dYdX
- On the next tab, specify the amount to stake.
- Click Stake to proceed.
Info:
- Don't stake all available dYdX tokens because you'll need some tokens to cover transaction fees.
- Tokens are locked when staked and require a 30-day unbonding period when unstaked.
Step 4: Confirm Transaction
- A pop-up of your wallet will appear, select Approve to confirm the transaction.
- Once you’ve confirmed, you will see a Transaction is in progress notification in the top right corner of the wallet.
- Wait for a moment. You will see a notification saying Transaction successful.
- You can view the list of your validators, your dYdX balance, and your staked balance on the Staking tab in the dashboard. Furthermore, you can manage your staking with more options, such as claiming rewards, unstaking, redelegating, or staking additional tokens.
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Updated about 2 months ago