BEAM Staking Tutorial
The 21st of October 2021 launch of $BEAMX will kick off with the first BEAM Staking Campaign, distributing 1,000,000 BEAMX over the first 3 months (or 131,400 blocks).
Things worth mentioning:
- Your BEAM will be locked in the contract and won’t be used for any liquidity provision, avoiding any Beam loses due to liquidations or impermanent loss.
- Withdraw BEAM at any time with no penalty.
- Withdraw BEAMX rewards at any time as well.
- Learn more about how the BEAM staking rewards are calculated and the mathematical formula behind it.
Let’s start with the step-by-step guide and a visual tutorial for staking BEAM!
Step 1: Download the Beam Desktop Wallet
The wallet should be downloaded from the Beam website.
Step 2: Deposit BEAM onto your Beam Wallet
BEAM is available on various exchanges
Press the “Receive” button to generate your Beam Wallet address.
Copy the address to the desired exchange and send BEAM to your wallet.
In rare cases the regular address is not recognized by an exchange, press on “More details” and copy the SBBS address:
Stay online while withdrawing and BEAM will appear in your wallet.
Step 3: Launch the DAO Core DAPP
The DAPP appears in the in-wallet DAPP store or can be directly launched from the side menu bar.
Step 4: Deposit BEAM
To start staking BEAM needs to be transferred from the wallet to the DAO Core DAPP. Press “Deposit” to start the process.
Enter the amount of BEAM to transfer. The righthand side of the dialog will help to estimate the reward. Press “Deposit”.
Verify the amount and press “Confirm”.
An “In progress” transaction will show up under the transactions tab.
Await transaction completion.
Your BEAM should now appear in the DAPP, with staking starting automatically. You can deposit more or withdraw at any time.
Step 5: Claim rewards
Voila! After Beamers successfully stake their BEAM, watch the BEAMX balance grow and claim rewards at anytime, paid out block-by-block (~60 blocks/hour, so BEAMX stake rewards increase each minute!).
Select “Claim rewards” in the DAPP.
Click “Confirm” to withdraw BEAMX from the smart contract to your wallet.
BEAMX is now deposited to your Beam Wallet. The balance is visible under the Wallet screen
In the near future, BEAMX might be listed on exchanges, meanwhile, from the next Desktop Wallet release users will be able to swap BEAMX for any asset on the Beam blockchain through decentralized Asset Swaps.
Community governance and voting will also soon be enabled within the DAO Core DAPP, allowing all BEAMX holders to govern the future of the Beam Foundation and the BeamX DeFi protocol.