step by step guide to Stake the umbrella network native token (UMB)
Staking the UMB token to earn rUMB rewards can be done by connecting any web3 compatible wallets like.
Trustwallet : (acquired by binace) with great ux and easy features, easy to use
Metamask : Developed by consensys good in tracking record.
Huobi wallet : developed by the huobi team that is well known for it’s exchange with the same name. great UI and features
all of the above listed web 3 wallets support dapps broswer which means you can go directly to the wallet to switch to the dapp interface to yield a fast connection of your wallet in which you hold your UMB token.
PLEASE NOTE THAT THERE ARE MORE THAN THE WEB3 WALLLET LISTED ABOVE, THE ABOVE MENTIONED ARE THE MOST PROMINENT IN THE CRYPTO SPACE.
The rUMB rewards can be redeemed 1:1 to UMB tokens on the achievement of distinct business goals or the passage of a fixed duration of time.
Now lets dive in Directly on how to Stake Your UMB tokens to Earn rUMB. in this Post we are going to be Taking about using Trustwallet
NOTE : you can use another web3 wallet but this example uses truswallet as the example
-To stake your tokens, you need to first connect your Trustwallet to the Umbrella Network’s web3 staking platform. you can Get the iOS app and the Android app.
Once done, copy the umbrella network staking URL. https://staking.umb.network head over to your trust wallet.(verify that you’re on the secure site)
Navigate to your trustwallet dapp broswer to paste the umbrella network Staking url.
(The presence of the lock icon on the address bar means that you are on the secure site)
-after ensuring you are on the right site: click on the ‘Connect Wallet’ button.
-On a successful connection, your trustwallet status ought to change from ‘Not Connected’ to ‘Connected’ if showing “not connected” then you will have to click on the right sight again to click on the “connect wallet button” then approve.
-Additionally, on the staking portal secure site, you’ll see a green dot on the top right with the word ‘Connected’ right next to it and your wallet address to its right within square brackets to its right.
on seeing that it’s said that you are succesfully connected
-Ensure that the connected wallet address holds your UMB token, and the same wallet address shown in your Trust wallet is showing in the staking portal is the same.
Now, you’ve successfully connected your Trust wallet to the Umbrella Network’s staking platform and it is save and ready to stake your UMB tokens to earn rewards.
To Stake Your UMB token,
On the same page, you’ll see the headings — ‘Stake’, ‘Withdraw’ and ‘Your Wallet’ as bold and clickable buttons
-Click on Stake and it will start to glow Blue as depicted above.
-Your UMB Balance will automatically show up under the ‘Balance’ section, right next to your wallet.
-Click on ‘MAX’ to stake all your tokens at once OR enter a number within the limit of your Balance.
-Next, you will be asked to provide an ‘Allowance’
-This is your UMB token amount that will NOT be staked and stay in your wallet.
-Click on the ‘Staking’ radio button and click ‘Okay’ to commence staking (depicted below).
-To skip the ‘Allowance’ step, click on the ‘Trust contract forever’ checkbox and click on the ‘Stake’ button to commence staking
Now You have succesfully staked your UMB tokens
Withdrawing Your UMB Tokens
Click on the heading that says ‘Withdraw’ and it will glow blue
Enter the number of UMB tokens you wish to withdraw
-To select all of your staked tokens, click on the ‘MAX’ button
-Click on the ‘WITHDRAW’ button to commence the withdrawal of your staked UMB tokens back into your wallet
-For 1-click withdrawal of all your staked UMB tokens and your earned rUMB tokens, simply click on the ‘CLAIM REWARDS & WITHDRAW ALL’ button
You can now Claim Your reward (rUMB tokens)
On successful completion of the staking/withdrawal process, your net balance shall display under the heading ‘Your Wallet’