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  • Writer's pictureMoondance Labs Team

How to Stake DANCE on Dancebox, Tanssi’s TestNet

Staking has just landed on the Tanssi dApp! 🎉 Let’s take an in-depth look at how you can stake DANCE tokens on First, head to the Staking Dashboard and Press Connect Wallet in the upper right corner.

Staking in Dancebox, Tanssi's TestNet, Guide - Step 1

Getting DANCE Tokens from the Faucet

You’ll also need some DANCE tokens on the Tanssi Dancebox TestNet, which you can get from this faucet. You can log in to Airlyft with one click by signing a message, and then you’ll be prompted to connect a Substrate address to receive your DANCE tokens.

Staking in Dancebox, Tanssi's TestNet, Guide - Step 2

Select your desired wallet from the options list. Unavailable or disabled wallets will be grayed out. For this example, Talisman is selected.

Staking in Dancebox, Tanssi's TestNet, Guide - Step 3

Then, take the following steps:

  1. Click on the account you’d like to connect to the Tanssi dApp.

  2. When prompted, press Approve to sign the message in your wallet.

Staking in Dancebox, Tanssi's TestNet, Guide - Step 4

Choosing a Block Producer

You need to choose a specific block producer to stake your tokens with. It's essential to stake your tokens with a block producer who is either in the Active set producing blocks or the Upcoming set, meaning they are scheduled to produce blocks in the next round. Choosing a block producer from the Waiting set means you won’t receive rewards until they enter the Active Set. However, there are reasons to consider this option, such as supporting them to accumulate enough total stake to become active.

The Active block producer set comprises block producers with the largest total backing stake. In the rightmost column, you'll find the estimated reward rate for each block producer. Remember that these estimates are dynamic and will change as the delegation amounts to each block producer vary over time. The list of block producers is arranged by total stake, from highest to lowest. Typically, those at the top offer lower reward rates. This is because their larger total stakes mean rewards are distributed across a wider pool of staked funds, resulting in lower reward rates. Conversely, block producers at the bottom of the list tend to have higher reward rates due to their smaller total backing stake. However, their position in the active set is more precarious. The entry of new block producers with sufficient backing stake into the active set can displace existing ones.

You do not need to stake all of your tokens with the same block producer; you can spread your stake among as many block producers as you like. To start staking, press Stake next to the block producer you’d like to delegate DANCE tokens to.

Staking in Dancebox, Tanssi's TestNet, Guide - Step 5

Then, take the following steps:

  1. Enter the amount you’d like to stake.

  2. Select the auto-compounding percentage. If you choose 0%, you can manually claim your rewards as they become available, and they will not be autocompounded. If you choose 100%, all your rewards will be automatically re-staked, and none will be available to claim manually. We’ll choose 50% for this example, so two equal delegations of 50% each will be initiated.

  3. Review your projected stake position and press Execute. Then, confirm the resulting transaction pop-up in your wallet.

Staking in Dancebox, Tanssi's TestNet, Guide - Step 6

You’ll notice that your Portfolio Distribution has changed to show some DANCE tokens as Pending. Each staking operation involves initiation and execution. The execution step, however, is automatically completed on your behalf when using the Tanssi dApp. Your pending request will be executed promptly, and you can view the estimated countdown until completion. After the pending operations have been executed, your Portfolio tokens will shift to the corresponding Manual Stake or Compounding Stake.

Staking in Dancebox, Tanssi's TestNet, Guide - Step 7

Managing your Staking

If you’ve auto-compounded 100% of your rewards, you’ll have no rewards to claim manually. Otherwise, you can claim your accrued rewards by taking the following steps:

  1. Click on the button specifying the number of DANCE tokens next to Manage.

  2. Confirm the transaction in your wallet. And your DANCE rewards will be delivered!

Staking in Dancebox, Tanssi's TestNet, Guide - Step 8

You may also be interested in tweaking your delegation, such as increasing or decreasing the amount you have staked. To do so, click on Manage. In the sidebar, you can choose from the following options to adjust your staking:

  • Increase your stake

  • Decrease your stake

  • Change the amount you have auto compounding vs. manually staked

  • Stop staking entirely

Staking in Dancebox, Tanssi's TestNet, Guide - Step 8

Remember that the Manage button pertains to your staking for one particular block producer. If you have multiple delegations you’d like to modify, you’ll need to repeat the desired changes for your delegation with each respective block producer.

That’s it! Stay informed about upcoming Tanssi features by joining the Tanssi communities and for more technical details, make sure to visit the Tanssi Docs Site.

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