BlockchainGUIDES

LEDU staking: A step by step guide

LEDU staking program is an alternative method of earning LEDU. Through the LEDU staking program, LEDU holders can earn LEDU tokens by locking their LEDU for a period of time. The LEDU staking program is an automated method where the user interacts with the LEDU staking contract by calling the stake method of the LEDU contract.

LEDU token, the native token of Education Ecosystem, is an ERC20 standard token, whereas the LEDU staking contract is built on the Binance Smart Chain Mainnet. LEDU holders must bridge their LEDU ERC20, built on the Ethereum Mainnet, to LEDU Bep20, built on the Binance smart chain mainnet. Bridging LEDU ERC20 to LEDU Bep20 means converting LEDU ERC20 to LEDU BEP20. This way, the user will stake on the LEDU staking smart contract to earn a reward. 

Prerequisite to LEDU Staking

Before heading to stake LEDU on the LEDU staking contract, you must prepare a few things. Here are must-have before participating in the LEDU staking program; 

A wallet. It would help if you download and install a web 3.0 wallet, preferably Metamask. To install Metamask, head to this URL, download, install the extension and follow the processes shown. 

Some amount of LEDU, ETH and BNB. Since the LEDU staking contract is deployed on the Binance smart chain, you need ETH and BNB to cover the transaction fee required to bridge LEDU ERC20 to LEDU Bep20. 

Step by Step guide to staking LEDU

Here are the steps to stake LEDU; 

  1. Go to the LEDU staking page here.
  2. Open your Metamask Wallet and check that the Ethereum Network is selected. 

Here is a step by step guide on how to connect your Metamask wallet correctly; 

  • Click “connect” to link your wallet to the staking page. 
  • Choose Metamask
  • Choose the account to use and click “Next.”
  • Click “Connect” to finish connecting your metamask wallet to the staking page. 
  1. Click on the ‘Bridge’ as shown on the staking page to convert LEDU ERC20 to LEDU BEP20. You have to follow the processes explained on the LEDU Bridge guide to convert LEDU from Ethereum mainnet to Binance smart chain. After converting, head to stake your LEDU token. LEDU Bridge
  2. Stake your LEDU

Before staking LEDU, ensure you’re using the Binance smart chain network. Once you’re sure that your wallet is connected to Binance smart chain, proceed with the following; 

  • Put the number of LEDU to stake. 
  • Wait for a prompt showing the staking transaction to appear. 
  • Confirm and approve staking transactions.

Guide to Unstake LEDU

To unstake your LEDU, follow the steps below; 

  1. Head to the LEDU staking page. 
  2. Connect your wallet
  3. Switch to Binance smart chain
  4. Click unstake on the LEDU staking UI.

 

About author

Education Ecosystem is a decentralized learning ecosystem that teaches professionals and college students how to build real products. We are building the world's biggest learning ecosystem for future technology topics such as artificial intelligence, cybersecurity, game development, data science, cryptocurrencies, and programming.