As announced in the Introduction to the AllianceBlock Staking Program article published recently, today we introduce you to the AllianceBlock Staking Program through a full tutorial.
In this tutorial we will show you how to participate in the Staking Program, how to Withdraw your tokens, what the different staking campaigns entail, what the cooldown periods mean and how you could migrate your stake to another staking campaign.
What you'll need to know before you get started
Please note that all values used throughout this tutorial are indicative and do not represent the actual values and parameters that are available on mainnet.
In order to find the Staking Program Portal, head to https://lm.allianceblock.io/, connect your wallet using the "Connect wallet" button (either through MetaMask or Wallet Connect).
Once connected to your wallet, go to the menu and select "Staking":
Once there, you will see the full overview of all available staking campaigns:
Staking periods
Users will be able to choose from 4 staking periods: 3, 6, 12, and 24 months.
The difference between each campaign is in the duration of the campaign. In the top left corner of each campaign you can see the total duration of the campaign it was set for and the current time remaining for the campaign to end.
All staking contracts will act as “open door” contracts allowing new participants’ entrance throughout their whole duration, meaning that some users might enter the “12 months lock” contract with three months already elapsed. However, it’s important to note that once a user enters a given staking pool, they cannot exit the pool until the end of the given expiration date ("Exp. time"). Each pool will have a maximum token cap; once reached, users will not be able to stake additional assets.
Cooldown period
To provide fair and transparent withdrawals at the conclusion of the staking period and prevent any significant “supply shocks,” we have decided to introduce a concept of Cooldown windows for user withdrawals. There will be a fixed amount of assets (such as ALBT) that users will be available to claim every 24 hours for each contract. The time will be measured in blocks. If the amount of tokens to be claimed is exhausted, then users won’t be able to claim but will instead be put in a “cooldown” queue. Users will be able to see on the dashboard how much time is left until the cool-down period is over. Once this cool-down period is completed, Users will be served on a first-come-first-served basis.
Available campaigns
Fast Alberts
Pool Duration: 3 months
Maximum deposit cap: 6,000,000 ALBT
Withdrawal limit: 700,000 ALBT per day
Maximum cooldown period: 9 days*
Visions of Future
Pool Duration: 6 months
Maximum deposit cap: 7,500,000 ALBT
Withdrawal limit: 450,000 ALBT per day
Maximum cooldown period: 17 days*
Iron Hands
Pool Duration: 12 months
Maximum deposit cap: 12,000,000 ALBT
Withdrawal limit: 510,000 ALBT per day
Maximum cooldown period: 24 days*
No Mercy
Pool Duration: 24 months
Maximum deposit cap: 13,000,000 ALBT
Withdrawal limit: 310,000 ALBT per day
Maximum cooldown period: 42 days*
* this is the theoretical maximum period a cooldown can last when the max cap has been reached. When not reached, the cooldown period will be less.
In order to provide a fair and equal chance to each member of our community to join our staking program, we have decided to introduce a contribution cap per wallet of 300,000 ALBT per contract per wallet.
When you press the stake button on a staking campaign, you will see the limits for that campaign and whether you have reached those limits already or not:
Staking
After making sure you have connected your wallet to the portal with ALBT in it (and some ETH for the transaction fees), choose the campaign that suits your situation best and hit the stake button:
In the "Stake ALBT" dialog, enter the amount of ALBT you want to stake:
If you enter more than is allowed by the contract and wallet limits, you will see a warning below:
Once you have entered a valid amount, the Approve button will get enabled. You will need to Approve the spending of your tokens before you can execute the Staking transaction. Click the Approve button. MetaMask will pop up asking you to confirm the transaction. Approve the transaction and wait for it to be completed. You can see the "Transaction processing" indicator on the top right of the portal:
After the Approve transaction has finished, the Stake button will get enabled. Click the Stake button and follow the steps again in MetaMask to confirm the transaction.
Once confirmed and completed, the staking campaign will move to the top (if it wasn't already). It will look a bit different this time to show your stake with this campaign:
If you feel like you want to add more tokens, you can always use the Staking button again to add more tokens until you have reached the limit per wallet or the contract's limit. If you would do this, you can easily see in the dialog how much you have staked already in this campaign for reference:
When the staking campaign ends, you will be able to withdraw your staked tokens, initiating the cooldown period. After the cooldown period has ended, you will be able to actually claim your tokens. You could also choose to use the Migrate feature in order to move your stake to another staking campaign, automatically claiming your rewarded tokens (skipping the cooldown period).
- You use the Withdraw button to remove your stake after the campaign has ended and to initiate the cooldown period.
- After the cooldown period has ended, you can use the Claim button to get the tokens + rewards back into your wallet.
- You use the Migrate button to move your stake to another campaign without having to deal with the cooldown period.
In order to perform a migration you simply click on the Migrate button:
Which is followed by the following dialog where you are able to select the Staking Campaign where you want to migrate your tokens to:
After pressing the migrate button, you will need to confirm the transaction through MetaMask.
About AllianceBlock
AllianceBlock is building the first globally compliant decentralized capital market. The AllianceBlock Protocol is a decentralized, blockchain-agnostic layer 2 that automates the process of converting any digital or crypto asset into a bankable product.
Incubated by three of Europe’s most prestigious incubators: Station F, L39, and Kickstart Innovation in Zurich, and led by a heavily experienced team of ex-JP Morgan, Barclays, BNP Paribas, Goldman Sachs investment bankers, and quants, AllianceBlock is on the path to disrupt the $100 trillion securities market with its state-of-the-art and globally compliant decentralized capital market.
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