THALES Staking Guide
All the relevant information and a comprehensive guide for THALES staking
Thales staking contract is a contract in which users lock their THALES tokens to receive voting power on the protocol. THALES staked balances will be used to determine voting power for governance votes. To incentivize staking 15% of THALES tokens will be distributed to THALES stakers.
Any further utility of THALES staking is to be decided and voted on by Thales community governance and their chosen representatives, the Thales Council.
Current THALES rewards for L1 Stakers are 50,000 THALES tokens weekly.
Staking rewards are claimable on a weekly snapshot basis.
Staking rewards are allocated to you once a week, depending on your
My Staked Share percentage value.There is no pressure to claim staking rewards on a weekly basis as the unclaimed rewards for the current week are added to your next weeks claim amount.
First step is to connect your Ethereum wallet with THALES tokens to the Thales dapp. Click the button on the top right corner, select your Ethereum wallet of choice and you should be connected.
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Connect wallet button positionTHALES Staking tab is a part of THALES token page. You can navigate to the THALES token page by using the sidebar on the left side of the front page:
Position of the THALES token page
After you open THALES token page, you can find the Staking tab below the token dashboard, as pictured below:
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Position of the Staking tab
In the top left corner of the Staking tab, you can see the Stake section.
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This section is used to deposit your THALES into the Staking contract and start staking. On it, you can see the amount of THALES tokens you have available for staking.
Before you can stake, you need to Approve THALES to allow Thales dapp to lock your THALES tokens. Click on the
Approve THALES button and confirm the transaction.After the Approval transaction is confirmed:
- 1.Input the amount of THALES you want to stake into the
AMOUNT TO STAKEinput field - 2.Select the Gas price (gwei)
- 3.Click on the
Stake <amount> THALESbutton - 4.Confirm the transaction
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Congratulations! You are now staking THALES!
On the right side of the Staking tab, you can see the My Staking Balance dashboard and below it Staking Rewards section.
My Staking Balance and Global staking sats dashboard is showing:
- How much THALES you have staked directly and how much is staked from your escrowed claims.
- Total THALES staked from all users
- Your share (%) of total THALES staked
- Estimated rewards you should be getting for the current week on the end of Period countdown found below the My Staking Balance dashboard.
Estimated rewards for this period value is calculated as:
Number 50,000 is the amount of THALES allocated to stakers as weekly rewards.
This estimation shows how much THALES rewards from staking you should be getting by the end of the current period, if the total amount of THALES staked does not change until then.
My Staking Balance and Global staking sats dashboard
Once THALES staking rewards have been claimed, those are then moved to the Escrow contract with 10 weeks vesting. The escrowed balance is included in the staked balance for governance voting power and staking rewards. Escrowed rewards that are redeemed are no longer included in the staked balance unless those are staked through the staking contract.
Staking rewards section is showing how much THALES rewards you have available for claiming from the following sources:
- 1.As THALES staker - Rewards accrued from THALES Staking
- 2.As SNX staker - Rewards accrued from distribution to Ongoing SNX Stakers
- 3.From previous period - Rewards left unclaimed from previous weekly claim periods
- 4.Total - All of the previously mentioned claimable amounts combined
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If you want to claim your accrued THALES rewards that are showing in the Total section:
- 1.Select a Gas price (gwei)
- 2.Click on Claim <amount> THALES button
- 3.Confirm the transaction
After your transaction is confirmed, your claimed THALES tokens are moved to the Escrow contract with 10 week vesting.
To Vest your THALES staking rewards means to finally transfer the THALES rewards into your wallet after 10 weeks of vesting have expired since you claimed them.
Vesting is located in a separate dedicated page from the Staking page, as seen on the screenshot below:
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Position of the Vesting page
On the Vesting page, you are shown how much THALES you have Available to vest. To transfer them to your wallet you just need to input/choose a Gas price (gwei), click on the
Vest <amount> THALES button and confirm the transaction. After you transaction is confirmed, you should be able to see THALES rewards in your wallet.In the Vesting schedule table you can see when and how much THALES rewards you will have available for vesting.
Unstaking is subject to a 7 days unlock period during which no rewards are distributed for the amount being unstaked. When the unlock period is over, the unlocked THALES amount can be redeemed.
You can find the Unstake section on the bottom left of the Staking page, as shown in the following screenshot:
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If you wish to unstake your staked THALES:
- 1.Input the amount of THALES you wish to unstake in the AMOUNT TO UNSTAKE input field.
- 2.Select the Gas price(gwei) for your unstaking transaction.
- 3.Click on the
Start unstaking <amount> THALESbutton and confirm the transaction.
After your transaction is confirmed, a cooldown timer will appear during which you can always cancel the unstaking process by clicking the
Cancel unstaking <amount> THALES.After the cooldown timer reaches zero, the
Unstake <amount> THALES button will appear. When you click on it and confirm the transaction, your unstaked THALES will be withdrawn to your wallet, or if you changed your mind you can click on the Cancel unstaking <amount> THALES button to return your THALES into staking.