Figment is pleased to announce that the Skale Network is now on our Hubble Web 3 Explorer. What’s better? You can stake SKL directly on Hubble via Metamask. Learn more by reading below.
What is Hubble?
Hubble is a Web 3 explorer that allows token holders and network participants to analyze and interact with the SKALE Network in real-time. Hubble has reinvented what a typical network explorer should be by enhancing and highlighting the available protocol data for validators and token holders.
Validators will use Hubble to monitor the SKALE network, manage proposals, and obtain valuable insights into their delegator base. Token holders use Hubble to stake SKALE, vote on network proposals, and track their rewards. Through Hubble, users can also receive real-time alerts for network events.
The NODE Foundation will be supporting the launch of SKALE on Hubble with a community grant. Details on the structure of the program and quantity of tokens will be released next week.
Explore the Skale Network and 12 other Web 3 protocols with Hubble here.
What is the SKALE Network?
SKALE is an Ethereum orchestrated multichain network that offers developers customizable and decentralized chains compatible with Ethereum. SKALE aims to provide the next generation of Web 3 infrastructure through Dapp specific SKALE Chains that help with scalability and efficiency.
Through this blockchain elasticity, SKALE provides the architecture to service many decentralized applications. Some of the decentralized applications in development on SKALE include social media sites, games, DeFi, marketplaces, and more.
The $SKL Token on the SKALE Network is utilized for staking, fees for renting SKALE chains, rewards and governance.
What’s happening within the SKALE ecosystem?
Near the end of April, SKALE announced the “Denali” network mainnet upgrade successfully went live. With Denali being SKALE’s largest network upgrade to date, the SKALE Network is now ready to deploy decentralized applications seamlessly connected to the Ethereum Network. This network upgrade also improves blockchain speeds and developer functionality to the SKALE chains.
How to stake SKALE: Step-by-step Guide
Install MetaMask, send over SKL tokens
To get started staking SKALE, install the MetaMask wallet to a compatible browser like Google Chrome, Brave, or Firefox. As a reminder, always ensure to backup your seed words and private key when setting up a new MetaMask wallet. Once you have set up the MetaMask wallet, send over your SKL tokens to the wallet. Ensure the MetaMask wallet is also funded with Ethereum for transaction fees.
More details on how to set up a MetaMask wallet here.
Staking SKL on Hubble
Navigate over to: https://hubble.figment.io/skale/chains/mainnet
Hubble allows you to:
- Stake SKL via MetaMask
- Track total SKL staked
- Asses active delegations, nodes, and validators
- View validator info such as status, fee rate, and notes
Scroll down to the list of validators and find “Figment Networks” using the search bar.
Once you have selected the Figment validator, you should now see the “Stake Now” option in the top right of the screen. Click on the “Stake Now” button, and you will see a “How staking SKALE works” message box pop up, read through the steps, and click “Start staking”
Next, connect your MetaMask wallet to hubble, and then continue below:
Once you have connected your MetaMask wallet to Hubble, select the number of tokens you wish to delegate, and sign the transaction with MetaMask. Please note there is a 10,000 SKL minimum to delegate. Once the transaction completes, after a couple of minutes, you have officially delegated SKL to a Figment validator. See a delegator address example below:
Reward Rate & Risk Information
Delegators staking SKL receive rewards through validators operating nodes, validating blocks, executing smart contracts, and securing the network. When delegating, users will choose a time period to lock tokens. Validators and delegators can expect an approximate annual reward rate of 12% if staking in 2-month increments.
The longer tokens are locked up, the more rewards a delegator can potentially earn. A significant risk factor to consider is token holders who decide to stake cannot trade their tokens and will be subject to slashing if the tokens are moved before the entire duration of the specified time period.