The Graph is the decentralized indexing and query protocol for organizing and efficiently accessing data from blockchains and storage networks, accelerating blockchain application development.
Indexers are node operators that index data and serve queries in a query market. The Graph is currently being used by most of the popular Ethereum applications. Earlier this year, Figment joined The Graph as a core developer. We believe that the future of Web 3 is multi-chain and decentralized, and so does The Graph community.
Ready to Stake? Here’s what you need to know:
Key Staking Considerations:
- Rewards distribution differs by indexer
- There are no slashing penalties for delegators
- There is a ~28 day unbonding period
- Tokens are locked during the staking period
- Rewards are automatically compounded (re-staked)
For this guide, we will be using the native explorer on The Graph. This wallet is accessible on the Ethereum network via MetaMask. MetaMask requires the user to keep track of their own mnemonic phrase, password, and private key. To learn more about custody and best practices, check out our “What is Custody?” video.
Staking $GRT: Step by step guide
First, ensure that you have a MetaMask wallet installed. On this MetaMask wallet, you will need some $ETH for fees, and the $GRT tokens that you wish to delegate. For tips on setting up a MetaMask wallet, check out their website here.
To begin delegating the native Graph $GRT tokens, first head over to https://thegraph.com/explorer/participants/indexers
Here, you will find a list of Indexers on The Graph. From this screen, select which Indexer you wish to delegate $GRT tokens to, and proceed.
Once you have selected an Indexer, ensure your MetaMask wallet is connected to The Graph explorer. This can be found in the top right corner of the screen.
Once you have connected your MetaMask wallet and you are ready to delegate $GRT tokens, press the “Delegate” button in the top right corner.
When you press the “Delegate” button, a new screen will appear to the right side, prompting you to input the amount of $GRT you wish to delegate. Once you have entered the amount of $GRT you wish to delegate – you have two options: 1) Approve the delegate amount, or 2) Infinite Approve. We recommend going ahead and doing Infinite Approve, to hopefully save time and transaction fees for future transactions. In other words, Infinite Approve gives you the option to delegate more $GRT in the future if you want to, without having to sign an additional approval transaction.
Once you approve the transaction, you will be prompted to delegate on the Graph Explorer.
When you press “Delegate” you will have to pay $ETH fees for the transaction. At the time of writing this article, the fees are around 0.033 $ETH for the transaction.
Once confirmed, congratulations! You are now officially staking GRT tokens using the MetaMask wallet and native Graph interface.
In case you missed it, check out this great GRT delegation article from Gavin.