Everything you need to know about staking FUSE.
You can Stake your FUSE tokens with a Metamask wallet set to the Fuse Network and on the Fuse.io website here staking.fuse.io.
Before you Stake make sure to check out the Staking Rewards Asset Profile Page for FUSE to help bet a better understanding of this choice.
Get ready to enjoy around a 56% reward annually based off current parameters! Make sure to stay up to date with all current Fuse network participation as this is a factor that can change the expected rewards earned.
You will be delegating your FUSE to a validator to stake FUSE so be sure to make yourself familiar with the list of validators running on Fuse here.
What is FUSE Staking?
First you must be sure to have native FUSE and not the ERC20 version of FUSE that was used to bootstrap their network. Secondly we are using Metamask for this tutorial so you should make sure your network is set to the Fuse Network.
After you have some FUSE you can delegate it with Metamask to earn staking rewards.
You can unstake at anytime and regain the ability to move your FUSE, consider a lockup time of 1 epoch (~2 days) when unstaking.
Prerequisites
For starters, you need to own some FUSE. You can buy these from a supported market such as Uniswap.
Next you should make sure to have a Metamask Wallet set up to the Fuse Network.
Lastly you’ll want to make sure you have some knowledge on the options for Validators which you can research on the FUSE Staking Rewards Providers page.
How to Stake FUSE
Step 1
First you want to set up your Metamask with the Fuse Network.
Click on the network selector at the top of the app and then choose “Custom RPC” from the list:
Step 2
Then in the “New RPC URL” enter this address: New rpc URL: https://rpc.fuse.io
Optionally you can add the full parameters:
Additional: https://rpc.fuse.io
ChainId: 0x7a
Explorer: https://explorer.fuse.io
Symbol: Fuse
Click “Save” once set.
Note: Please make sure you send Fuse assets to only other fuse chain wallets and not any exchanges. We won’t be able to retrieve the funds in case fuse assets are sent to non Fuse chain supported wallets/exchanges.
Step 3
Navigate to staking.fuse.io and login to your wallet through metamask. Make sure you are on Fuse network.
Step 4
Once you are logged in you can see your address on the right hand top corner.
You can also see various parameters like
- Your wallet balance
- Amount Staked
- Total amount staked
- List of validators with details like fees, uptime, total amount staked by individual validators etc.
Step 5
Select the Validator node where you want to delegate your tokens by considering various factors like fees, uptime etc. – you can research Validators on the FUSE Staking Rewards Providers page here.
You should see the “stake” option when you hover over the Validator you want to delegate your tokens to and click on stake.
You should see the name of the validator you selected on the right hand side.
Enter the amount you want to stake and click on “Stake”.
Approve the transaction on Metamask and wait for the confirmation on-chain.
Step 6
You will also see the APY on staking when you enter the amount of FUSE you want to stake. You can see the staked amount right next to the validator name to whom you have delegated you stake to.
This is another helpful bit of information for you to estimate your Staking Rewards.
Once the transaction is confirmed on the blockchain you are considered to be Staking!
Congratulations!
Step 7
Unstaking your FUSE
Click on the Validator name and you should see the validator name with address on the right hand side.
Click on “unstake” and enter the amount you want to unstake and click on “unstake”.
Confirm the transaction on Metamask and wait for the on-chain confirmation.
Once the transaction is confirmed the unstaked amount is transferred back to your address.
Conclusion
Fuse Network is an EVM meaning you can manipulate the Metamask Network to link up with Fuse Network. This makes things very easy if you are use to using Metamask for Ethereum transactions. This process is very similar to using Binance Smart Chain. Overall the experience was very fluid and easy to execute. The website staking.fuse.io looks very clean and I am a big fan of the different validator statistics that are shown. There is no minimum when staking Fuse and no lockup periods which is very nice to see from a user perspective, which means reduced risks. There is currently a low number of total FUSE staked in the network which means a very high APY – users may want to consider staking with a validator on FUSE to get this high APY. Overall I am impressed with the ease of the process and compatibility with Metamask, low gas fees, plus the high staking APY. I would highly recommend staking FUSE, it is also nice to see the low market cap on this project making it a bit of a gem.
For more information on FUSE please visit the Staking Rewards Asset Profile – Happy Staking!