How to buy, swap and delegate FET
You can delegate $FET and get more than 53% APR
For this we will use:
- Binance to buy $FET (erc20). My referal link will give you 10% discount: https://www.binance.com/en/register?ref=GIKI9ZQ0
- MetaMask.io to withdraw $FET (erc20) and use bridge for swapping
- Token Bridge from Fetch.ai to swap $FET (erc20) →$FET (native)
- Cosmostation Wallet App to create fetch-address and delegate $FET (native)
At first, go to Binance to buy some $FET (erc20)
Find FET and click “Trade”. Choose one of 3 pairs:
You will see this:
- Choose Amount (You will need to pay fee for withdrawinf — 44 $FET)
- Click “BUY FET”
- Return to your Binance-wallet
Choose “Withdraw” and you will see:
- Make sure that you choose to withdraw $FET
- Input your Ethereum-address from MetaMask.io
3. Input amount for withdrawing (Don’t forget about fee for withdrawing — 44 $FET)
4. Submit Withdraw. Binance will ask you to input codes, that you will get on your email. It will take 1 min to submit withdraw.
5. While you are waiting for approving of withdraw, go to Cosmostation Wallet to create nativefetch-address
- Choose FETCH.AI (Cosmostation support 15 different chains for now)
- Click on “+” to create native fetch-address, after choose “CREATE”
After you will get Mnemonic Phrase (not memo). I can’t make printscreen, because Cosmostation Wallet App block all possibility to make a screenshot of private information, like a pin-code or Mnemonic Phrase.
Mnemonic Phrase is a 24 words (can be 12 or 16), that is unchangeable password for your address.
Don’t miss it with memo!
Memo is any text, that you can add to your transaction!
It’s important only when you send funds TO centralized exchanges, like a Binance. But not important if you send funds to your address!
Never share your Mnemonic Phrase! Never send it to nobody! Never input it to memo field! NEVER! NEVER! NEVER!
If you lose Mnemonic Phrase nobody can restore it!
After you create your native fetch-address, copy it!
After you copy your native fetch-address go to Token Bridge in browser with MetaMask
Token Bridge will automatically connect to your MetaMask extension, and you will see your Ethereum-address. $FET (erc20) need to be at your balance.
Open MetaMask extension and find a balance of $FET (erc20).
Input your balance to field “Amount”.
Paste your native fetch-address, that you copied in Cosmostation Wallet App.
Be sure, that you want to swap from ETH to Native (not from Native to ETH)
If everything is right, then click “Transfer”
You will need to pay fee in $ETH 2 times!
First time to approve bridge, Second time for transaction!
Nobody loves fees in Ethereum, only miners of Ethereum and Vitalik Buterin
After you was paying crazy ethereum fees, you need to wait a little bit, until native $FET will be on your native fetch-address. Go to Cosmostation Wallet App.
When you see $FET on Available Balance, click “Delegate”.
After choose “Top” category to see the list of all validators.
Use filter by APR, to see the validators with biggest APR at the beginning of the list.
APR — it’s how much reward you will get in 1 year.
Commission — it’s how much validator take for itself.
More commission →Less your reward.
If you like my guide — choose POSTHUMAN validator. I have only 1% commission until the end of year, and I will not sell reward. I will reinvest it! So, price of $FET will goes up because of me)
But I’m not the only one validator, so the best is to delegate to several validators to prevent centralization!
After you choose validator, you will see this:
- Choose amount to delegate. You can choose MAX. Fee is zero!
- You can input anything, or write nothing in Memo Field, but NEVER input your Mnemonic Phrase! NEVER!
- Zero Fee is Amazing! Much more better then in Ethereum!
- Check all details of transaction (To delegate, to send, to reinvest, to vote — all of it is transactions in the blockchain!)
- Remember, that to undelegate your funds, you will need to wait for 21 days of unbonding period. After this period your funds automatically will be at your Available Balance. To change validator, use function “Redelegate”, not “Undelegate and than delegate to another validator”
- If you was doing everything right — you will see “Success” in the top-left corner! Now you are the Delegator of Fetch.ai!
You will get reward for delegation (staking) with every block.
If you want to claim reward, or to reinvest it to get more reward, go to “Delegate” and click on validator in the category “My”:
You will see the name of validator and different parameters.
Est. APR — is your reward in a year. It can be changed in future, depends of how many people stake $FET.
More people stake $FET → Less reward for delegation. But more price of $FET!
“Delegated Amount“ — the amount of $FET, that are delegated to the validator.
“Unbonding Amount” — if you undelegate funds, they will be transferred from “Delegated Amount“ to “Unbonding Amount”. They will stay there for 21 days, after which they will be transferred to the “Available Balance”.
Delegate — Click to delegate additional funds that are on “Available Balance”.
Undelegate — Click to withdraw funds to “Unbonding Balance”. The funds will be on the “Available Balance” in 21 days.
Redelegate — Use this function to redelegate funds to another validator.
Reward — the number of rewards that you can claim right now.
“Daily Return” — How many rewards you will receive from the validator per day.
“Monthly Return” — How many rewards you will receive from the validator per month.
Claim Reward — transfer the reward from this validator to the “Available Balance”.
Re-Invest — delegate the reward from this validator back to the same validator. This will increase the number of next rewards — will make the percentage grow. The more often you reinvest, the more you end up with. You pay nothing for reinvestment.
Everything I’ve wrote — is my personal experience.
Nobody pay me for this! I live with donations!
$ETH and Binance Smart Chain: