In what may be a first, Injective has enabled real INJ staking rewards for participating in their incentivized testnet, Equinox: https://staking.injective.network
Currently you can earn 15% rewards while staking INJ, and even more if you participate in various activities to boost your returns. Learn more by reading below.
Some things to note:
- It costs ETH for the transaction fees to transfer your tokens
- Your INJ will be subject to a 7-day lock on the Ethereum chain and an additional 24-hour lock once staked
- Your tokens may be subject to slashing for validator downtime or “double-signing”
- There are many steps in this guide, but the dashboard makes this process really easy
I tested this out using the Metamask browser extension after swapping ETH for INJ, the ERC-20 token found on Uniswap. I used the Injective team’s guide to convert my INJ and then to delegate them to Figment’s Equinox validator. In total it cost me about $30 USD worth of ETH to make the transaction fees.
With Metamask signed in, the Injective staking dashboard prompted me to sign a transaction to begin. Not sure why, but I had to sign twice. At the top menu bar I clicked ‘Stake’ and then ‘Approve transfer of ERC20 tokens into Injective.’
When the Metamask popup dialogue opened, I increased the gas price to be competitive using the ‘fast’ amount in Gas Now. Be careful setting the gas price–others have spent millions of dollars worth of ETH on transactions by setting the gas price too high.
In the dashboard I selected the maximum amount of INJ.
This initiated another Metamask popup, and again I set a more competitive gas price and signed the transaction. Now that I have a ‘pre-staked INJ’ balance in my dashboard, I selected ‘Wallet’ from the top menu bar.
As noted on the dashboard, I needed to switch Metamask from ‘Ethereum Mainnet’ to ‘Kovan Test Network.’
Now the dashboard wants me to sign in again with Metamask.
After signing, I selected ‘Wallet’ from the top menu bar again. Now I’m going to approve the transfer of ERC20 tokens into Injective. This is a transaction, but since it’s on the Kovan network, you’re not spending real ETH–just go ahead and authorize the transaction.
Same when it comes to transferring–there’s a Metamask popup, but you’re only spending testnet ETH now, so it’s actually a free transaction.
It may take a minute to show that you have INJ on the Injective Chain. Then select ‘Validators’ at the top of the menu bar.
I searched “figment” and found the Figment validator immediately.
I delegated all of my INJ to Figment by signing the Metamask pop-up dialogue.
Now when I check my wallet in the dashboard, I scroll down to see that I’m delegating to Figment’s Injective Equinox validator on the incentivized testnet.
Now you can experiment with governance functionality and check out how to boost your rewards rate.