Staking Basics

Select a supported wallet and fund it with LOOM and ETH

Loom Basechain staking currently supports the following wallets:

Desktop wallets

  • Metamask
  • Ledger Nano
  • Trezor (via Metamask)

Mobile wallets

  • Cobo Wallet (HD wallet only)
  • imToken
  • Trust Wallet

Important: Make sure to fund your wallet with LOOM (ERC20) tokens and a small amount of ETH to pay for Ethereum network transaction gas fees.

On desktop, go to My Account. You should see the following page:

Staking Basics

Select your wallet and follow the instructions to map your Ethereum address to a Basechain address. You will also see this pop-up the first time you use an Ethereum address on the dashboard:

Staking Basics

If successful, you will see the following page (My Account), which shows your Ethereum mainnet LOOM balance, your Basechain balance, the election cycle timer, your current Rewards amount, and a list of your delegations.

Staking Basics

Deposit LOOM to Basechain

  1. Select LOOM amount to deposit

    Go to the Deposit/Withdraw page. Press the “Deposit” button next to the asset you wish to deposit (LOOM).

    Staking Basics

    A pop-up will ask you to select an amount to deposit and confirm.

    Staking Basics
  2. Sign approval request

    You should be asked to sign the approval request transaction on the Ethereum network.

    Staking Basics
  3. Sign deposit request

    When the approval request has been confirmed, you will be asked to complete the deposit by signing the deposit request.

    Staking Basics

    Confirm the deposit transaction. Note that if you got the yellow warning bar (see Step 2), you will not see the “Complete deposit” pop-up, but you’ll be asked to confirm the deposit transaction straight away.

    Staking Basics
  4. Wait 10 Ethereum blocks for confirmation

    Wait 10 Ethereum block confirmations to see an update in your Basechain balance. You can find the number of block confirmations on the History page.

Delegate LOOM to a validator

  1. Select a validator

    Go to the Validators page and click on the validator you would like to delegate to.

    Staking Basics
  2. Scroll down and press “Stake Tokens” button

    On the specific validator’s page, scroll down and press the “Stake Tokens” button.

    Staking Basics
  3. Select amount of LOOM

    A pop-up will ask you how many LOOM you wish to stake. Select a locktime bonus.

    Staking Basics

    Press the “Delegate” button.

  4. Sign two transactions

    You will be asked to sign the transaction twice. The first time is to approve the transaction details and the second time is to actually sign the transfer of funds.