IMX TOKEN STAKING — QUICK GUIDE

Last update — 13 Dec 2022

0. IMX staking dashboard

IMX staking dashboard has been released https://imx.community/staking Visit it for all staking activity

This information below is already outdated... but might be helpful...

1. Get IMX wallet

IMX wallet (ImmutableX wallet, Layer 2 wallet) — You don't need to download anything. You only need to connect your L1 wallet to ImmutableX to register your Layer 2 wallet (Your L2 wallet ID is the same as your L1 wallet ID). For example, click Connect wallet here in the upper right corner and follow the steps

You can view your L2 wallet balance using Inventory (or Inventory on any other marketplace built on IMX protocol)

2. Deposit funds

To be eligible for staking you have to deposit your IMX tokens to your L2 wallet. If your IMX tokens are held on a CEX exchange, you should first transfer them to your L1 wallet. Then go to Inventory and deposit the required amount of tokens into your L2 wallet. After the deposit you can see your tokens on the balance in the L2 wallet

If you want to withdraw your tokens back to L1 Ethereum you can also do it through Inventory. Withdrawal can take up to 24 hours

3. Minimum quantity & cycles

Minimum amount for staking is 10 IMX tokens. Only tokens that have been kept in your L2 wallet during a cycle participate in staking

For example, you deposited 100 tokens and kept them for an entire cycle. But you deposited and withdrew 1,000,000 tokens in a few days. Only the 100 tokens that have been held for the entire cycle participate in staking

If you withdraw another 20 tokens from 100 tokens without waiting for the end of the cycle, then during the full cycle you will have a minimum of 80 tokens and only they will be eligible for staking

4. Required NFT trading

You have to make at least one NFT trade on Layer 2 ImmutableX during a cycle to be eligible for staking

In other words, you have to buy at least 1 NFT token using your Layer 2 wallet. You can buy it using any tokens in your L2 wallet (ETH, IMX, GODS, OMI etc.)

This is not a problem as for example in the Gods Unchained collection there are a lot of NFTs for less than $1. You only need to buy one of them during each cycle. You can view your purchased NFTs in your Inventory

You can buy NFTs on this marketplace imxflow.com or on any other marketplace built on IMX protocol

5. Cycles & rewards

First staking cycle will be from 1 July 2022 0:00 UTC to 30 July. Then the cycles will last 14 days each

The first cycle will include the rewards that have been collected since the launch of protocol fees (2 June). This is a great opportunity to get rewards for 2 months within 1 month of staking

Staking rewards pool is 20% of the 2% protocol fees charged on each NFT trade on Immutable X

Update: 27 July 2022

The first cycle of the Staking program will end on 30/07 23:59 UTC. Rewards will be calculated and distributed via airdrop by 01/08

Moving forward the Staking cycles will run for 14 days with the next starting on 31/07 00:00

To be eligible for this cycle, please ensure that you have

— Minimum 10 IMX deposited into L2 (DO THIS BEFORE 31/07 00:00 UTC)
— Trade at least 1 NFT on any IMX marketplace between 31/07 and 14/08

6. APY?

APY is unknown at the moment because it is unclear what % of tokens will participate in the staking and what size of the pool will be during the cycle

7. Helpful links

https://immutascan.io — Like Etherscan but for IMX Layer 2. Search for your wallet ID there and you can view your balance and transactions details

0xe0e2953ca1cf5412cdc8b991cee9143909dbddf4 — Immutable X wallet with already collected protocol fees