Staking CXT helps secure the network and allows you to earn rewards based on your staked amount and the performance of the chosen Network Operator. To stake Covalent X Token (CXT) on the Covalent Network, follow these steps:
1. Connect Your Wallet: Navigate to the Covalent Network Staking Dashboard. Connect your wallet to the Ethereum Mainnet. If you need assistance, you can find documentation on connecting your wallet.
2. Choose a Network Operator: Once your wallet is connected, you will see a list of Network Operators. Each operator has details such as their staked amount, commission rate, Annual Percentage Yield (APY), and available delegation room.
3. Stake Your Tokens: Select a Network Operator based on their commission rate and available delegation room. Click on "Stake" and enter the amount of CXT you wish to delegate. You will need to approve the contract interaction with your wallet and then confirm the staking transaction.
4. View and Manage Stakes: After staking, you can view your staked position on the dashboard. You can also top up your staked amount by selecting the "Top Up" option.
5. Redeem Rewards: Rewards can be redeemed immediately without a cooldown period. Navigate to the "Available to Redeem" section, choose the amount to redeem, and confirm the transaction to receive your rewards.
6. Unstake Tokens: If you wish to unstake your tokens, there is a cooldown period of 14 days for delegators. Select the "Unstake" option, specify the amount to unstake, and confirm the transaction. After the cooldown period, you can transfer the unstaked CXT back to your wallet.