Testnet Staking
Instructions for testnet staking without running a node.
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Instructions for testnet staking without running a node.
Last updated
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As requested, here as instructions for staking in testnet. Please read the article regarding the testnet rewards program before starting here.
You will first need to buy ODIN tokens on the binance smart chain (BSC). If you are new in crypto, we might suggest holding your ODIN tokens in your GeoDB wallet, as this is beneficial for future NFT drops.
You'll need to start by importing your GeoDB wallet into an external wallet such as metamask, or trust wallet. To do this you will need your GeoDB wallet private key. In trust wallet, you import your GeoDB wallet as a smart chain wallet. In metamask, you import the wallet, then add Binance Smart Chain network to metamask networks.
Then you will need to buy some BNB to swap to BSC ODIN. This should be BEP20 BNB. There are a number of places to purchase BNB. Binance is of course an option. buy.moonpay.com is a second, and simplex.com is a third. There are likely others. Choose the one that suits you, but be sure the token type is BEP20(Binance Smart Chain).
You can swap for ODIN on Pancake Swap (https://pancakeswap.finance), or on poocoin (https://poocoin.app). Many find poocoin to be more user friendly. If you need any assistance with these steps, please join us on Telegram.
Once you have BSC ODIN in your wallet, go to your dapps browser in your external wallet app. Put the ODIN web testnet url in the dapps browser (https://testnet.odinprotocol.io)
After loading the ODIN Web testnet page in your external wallet dapps browser, you will generate an ODIN wallet. When you tap the generate button, ODIN web provides you with your wallet seed phrase. DO NOT lose this. You will need it for logging in.
After logging in, you will see the list of current validators, the balance of your ODIN blockchain wallet in Loki, the Metamask wallet button, and finally the logout button. Tap the Metamask button to deposit BSC ODIN tokens into the ODIN blockchain testnet. Bear in mind, once BSC ODIN are bridged into the testnet, they will remain locked there until ODIN mainnet. These transactions are subject to the ODIN tax. If your Loki does not show up within a few minutes, you'll simply need to be patient. Some transactions don't fully complete initially. There is a script that runs daily to address any of these transactions.
Once you have loki in your ODIN blockchain wallet, you can then stake to delegates or validators. At present, only the current set of validators displays in ODIN web. To stake to a validator, find the validator you would like to stake your loki on, and tap the delegate button next to your chosen validator. It is strongly recommended to keep 200,000 loki in your ODIN blockchain wallet at all times. This allows you to always be able to update your wallet.
Once you have delegated, you'll need to either delegate more or undelegate some, in order for your rewards from that validator to appear in your loki balance. This will need to be repeated for each validator you have staked with.
One important thing to remeber is that your rewards are based on how much you have staked. Not how much each validator already has staked. it is a good idea to delegateto several validators. This also helps to balance voting power, so that voting power is more distributed.
Finally, your bridged tokens, along with your share of the testnet rewards, will be distributed in the genesis block of ODIN mainnet, on ODIN's own blockchain.
