At 12:00 pm UTC, on the 15th of March 2022, AssetMantle’s StakeDrop campaign went live.
Since then, the Mantle team has been getting several queries from the community on how to go about earning Mantle tokens ($MNTL) through staking and when will the stakers be rewarded for their efforts.
This article will walk you through step-by-step how to go about checking the eligibility, staking the tokens, performing a magic transaction, and finally claiming $MNTL.
Read this article to know what StakeDrop is.
Checking Eligibility for the StakeDrop
To extend support for as many users as possible, the Mantle team would be airdropping $MNTL to stakers across 6 different networks, namely;
- Cosmos ($ATOM)
- Persistence ($XPRT)
- Terra ($LUNA)
- Comdex ($CMDX)
- Juno ($JUNO)
- Stargaze ($STARS)
Users that have the native tokens of the abovementioned networks staked during the course of the StakeDrop campaign on any active validator are eligible to receive $MNTL.
How to Stake the Tokens for StakeDrop?
Follow these simple steps to stake your tokens on the chain of your choice:
Step 1: Acquire any of the aforementioned 6 native tokens.
Step 2: Ensure that your tokens are in a non-custodial wallet like Keplr or Ledger.
Step 3: Lastly, stake your tokens through an active validator.
How to Perform a Magic Transaction for the StakeDrop?
After staking the tokens, the users are required to perform a “magic transaction”.
A magic transaction, simply put, is the process of the user sending a very small and insignificant amount (0.000001) of their token to a designated address specified in the magic transaction guide so that the participation is confirmed in the StakeDrop campaign of the respective chain.
To perform the magic transaction, users should head over to the AssetMantle StakeDrop page, select the chain on which they’d like to stake, connect their wallet and perform a magic transaction when prompted.
How to Calculate and Claim Mantle Tokens ($MNTL)?
Firstly, users get to calculate their rewards 24 hours post the campaign launch.
For instance, if the StakeDrop campaign for Cosmos network went live today at 12:00 pm UTC, users would be able to calculate their rewards tomorrow at 12:00 pm UTC, i.e., after 24 hours.
Users can claim their $MNTL tokens after the launch of the mainnet, which would be in the first week of April 2022.
What is the Daily Quiz?
Stakers are required to participate in the daily quizzes to unlock 40% of their calculated rewards.
The daily quiz consists of 3 questions per day, for 6 days, i.e., 18 questions in total.
Further, the number of rewards unlocked will depend on how many questions have been answered correctly.
For example, if the user has answered 9 out of 10 questions correctly, they will unlock 20% of the rewards.
In simpler words, the percentage of locked rewards that would be unlocked is directly proportional to the percentage of questions answered correctly.
When Will The Quizzes Start?
Quizzes begin 24 hours post the launch of any campaign.
For instance, if the MantleDrop StakeDrop campaign for $XPRT were to begin today at 12am UTC, the user can take the quiz the following day 12am UTC onwards.
Frequently Asked Questions (FAQs)
1. How many Mantle tokens ($MNTL) can I get?
The number of $MNTL tokens that users would be rewarded depends on how many they have staked.
In an effort to prevent market manipulation by large whales, the Mantle team has capped (limited) the reward at 5,000 MNTL per wallet.
2. How can I maximize my rewards?
There are two ways by which stakers can maximize the number of $MNTL tokens that they receive.
- Stake a larger number of tokens.
- Start staking early.
Note that regardless of how many tokens users have staked or how early they began staking, the maximum number of $MNTL that they can receive via StakeDrop is 5,000.
3. Will I receive my tokens?
To receive $MNTL tokens, the users have to claim them on AssetMantle’s website in the first week of April when the mainnet goes live.