This guide outlines all required steps to allow you to place your Beams into the BeamX staking contract, and receive your farmed BeamX. Firstly, you will need to ensure that you have the most recent version of the Beam desktop wallet installed on your computer (staking is not currently available on mobile wallets).
This guide uses the Beam testnet wallet, but we want to stake REAL BeamX on mainnet so if you don’t have it installed already, please head on over to https://beam.mw/downloads and install your operating system’s version of the mainnet desktop wallet.
Mainnet staking activates on 21st October 2021.
Once the wallet is installed and running – making sure it is fully synchronised to the Beam network, as you will need to send your Beams into it.
Once your wallet is installed and you have received your Beams into it, you can then seek out the DAO core contract screen within your wallet, please see (1).
In that screen you will see a deposit button (2) click the button and choose the number of Beams you want to deposit into the staking contract.
Overview of the staking screen
As you can see in your own wallet, the transactions history list is a pull-up tab and can be compacted away in a tidy toolbar at the bottom of the wallet screen,
Deposit Beam and receive BeamX
Clicking the deposit button, a window will appear which enables you to customise your investment into the BeamX staking contract.
Choose how many Beams to deposit into the staking contract and the length of time (lock period) to enable you to farm BeamX.
Confirm sending Beam into the BeamX staking contract. Note that transaction fees are paid in Beam and the transaction shows like any other TX in your wallet with info on the block the transaction was committed by.
Transaction fees are paid both when depositing Beam into the BeamX staking contract, and when withdrawing Beam from the BeamX staking contract.
The staking screen will show your chosen amount as balance in the BeamX staking contract.
Your BeamX will accrue over the length of time you have chosen as the lock period.
At any time, you are able to claim your farmed BeamX, deposit more Beam into the contract, or withdraw your allocated Beams.
As you can see in the screen above, I have sent 200,000 testnet Beam into the BeamX testnet staking contract.
Note: values shown here are not necessarily inline with rewards values expected on mainnet and rewards accrued will differ from calculations shown here.