This tutorial will guide you through the process of staking your Moonriver tokens (MOVR) on Moonriver using the dApp built by the Moonbeam Foundation.
The dApp works both on Moonbase Alpha (for demo purposes) and on Moonriver, where you’ll be able to claim your Moonriver Tokens (MOVR). Make sure you select the right network that you want to interact with the dApp.
Note: You need to have MetaMask installed.
Get Started with the Dashboard
To get started with the dashboard, navigate to apps.moonbeam.network/moonriver. MetaMask will pop up and ask you to sign in. Once signed in, you will be prompted to select the account to connect to the dApp with, and accept permissions.
You will also need to connect MetaMask to Moonriver. Moonriver MOVR tokens are not ERC-20s but native protocol tokens. Therefore, you must add Moonriver as custom networks in MetaMask. The dApp will help you switch to the right network, but if you need help, please check out our documentation on connecting MetaMask to Moonriver (or Moonbase Alpha if that is the case).
Upon accepting permissions and changing the network to Moonriver, you’ll be redirected to the main dashboard where you’ll find details about your accounts balance, last transactions, crowdloan rewards data, and staking data.
In the top right corner, you will be able to toggle back and forth between the Moonbase Alpha TestNet and Moonriver. For testing purposes, you can switch to the Moonbase Alpha TestNet and try staking with DEV tokens (they have no monetary value). However, to stake your MOVR tokens and earn staking rewards, you need to be switched to Moonriver.
How to Nominate a Candidate
Token holders can nominate a collator candidate by staking tokens and adding to the collators stake. In return, the collator will share the rewards received from producing blocks amongst all of their nominators. So, your reward will be based on how much you contributed versus the total contributions the collator received. For more information on reward distribution, check out our documentation on staking reward distribution.
To nominate a candidate, head to the staking dashboard by scrolling down to the Staking section and clicking on Manage nominations.
From the staking dashboard you will be able to add stake and nominate collator candidates, modify existing stakes, and get an overall glimpse of your staking activity.
This example uses the following collator candidate account: 0x4c5A56ed5A4FF7B09aA86560AfD7d383F4831Cce – Please do your own research on which collator candidate to select.
If you click on Select a collator, the collator menu will open up and you’ll be able to see data for each of the collators in the active and waiting pools.
You can toggle between the Active Pool tab, which contains collators who are producing blocks and earning rewards, and the Waiting tab which contains collators who are not yet producing blocks or earning rewards. To move from the waiting pool to the active pool, a collator must be in the top 40 collators by stake. Please note that the number in the active pool can change over time via democracy.
To choose a collator, you want to ensure that your nomination will be in the top 100 nominations by stake for that collator so that you can start earning rewards. If you’re not in the top 100, you will not be eligible to receive rewards. To check out more information on the nominations for each collator, so you can determine the amount you would need to stake to start earning rewards, head to: https://moonriver.subscan.io/validator
To find a specific collator from the list, you can search for them by address. To see a list of the nominators for the collator, click on the number under the Nominator column.
You will be redirected to the list of nominators where you will be able to see the amount staked under the Voted column.
To determine the amount you would need to stake to earn rewards, scroll to the bottom of the page, and then navigate to the very last page, and again scroll to the bottom of the page. You will need to stake more than the amount staked by the very last nominator in the list. For this example, and at the time of writing this, you would need to stake more than 5.7961 MOVR tokens to earn rewards.
You can switch back to the staking dashboard tab in your browser, and from the collator menu, simply click on the collator you would like to nominate.
Now, you can proceed to add stake and nominate the collator, you’ll need to:
1. Verify you selected the correct collator and the address looks correct
2. Enter the amount of tokens you would like to stake. This example uses 10 MOVR tokens, as it is done on Moonriver
3. Click Nominate
Please note that the minimum nomination amount is 5 MOVR tokens on Moonriver (and 5 DEV tokens for Moonbase Alpha).
MetaMask will pop-up and you will be prompted to sign a transaction.
Once you have signed the transaction, in the top right corner you’ll see a Nomination transaction sent notification.
If successful, you’ll see a Transaction confirmed notification and your dashboard will be updated to include the nomination.
If you check your MetaMask account, you will see that your balance has decreased by the amount of tokens staked (plus gas fees). Please note that it could take a couple of minutes for MetaMask to reflect any changes to the free balance.
How to Make Changes to Nominations
Any nomination in the list of Nominations can be modified to bond or un-bond funds. Please note that if you decide to unbond a portion of your funds, you will still need to meet the minimum nomination requirement of 5 MOVR tokens on Moonriver (and 5 DEV tokens on Moonbase Alpha). If you want to remove the entire nomination, skip ahead to the next section.
To try bonding additional funds:
- Click the pencil icon next to the collator candidate you want to modify
- The Edit stake pop-up will appear and you can choose to bond or un-bond funds for the selected collator candidate. For this example, you can click on + Bond funds to increase the staked amount.
Now you can actually change the total amount staked for this specific collator by entering the amount you would like to add to the stake. To do so:
- Enter the amount you would like to bond, 2 MOVR tokens will be used for this example
- Click Send.
MetaMask will pop-up and prompt you to confirm and sign the transaction. Once you have signed the transaction, in the top right corner you’ll see a Nomination transaction sent notification.
Once the transaction has been confirmed and you receive the Transaction confirmed notification, the dashboard will update automatically to include the new bond amount. Now you have staked a total of 12 MOVR tokens.
This same process can be done for un-bonding tokens and removing a portion of the stake.
How to Remove Nominations
If you want to remove a nomination entirely and receive your staked tokens back, you can:
- Click on the trash icon
- A pop-up will appear asking you if you are sure you want to revoke the stake. Click Revoke
You will be prompted to sign a transaction in MetaMask. Once you have signed the transaction, in the top right corner you’ll see a Nomination transaction sent notification.
Once the transaction has been confirmed and you receive the Transaction confirmed notification, the dashboard will update and show you a message next to the revoked nomination stating that the nomination is being revoked and that the change takes two rounds (at the moment of writing 300 blocks/round, but this can be changed through governance) to take effect.
After the change takes effect, your balance will be updated and the nomination will be removed from your list of Nominations.
That’s it! Now you’ve successfully nominated a collator candidate, updated the nomination amount, and then removed the nomination. You have all the tools necessary to get started with staking on Moonbase Alpha and Moonriver!