The Fantom Network is designed to solve the scalability and speed problems faced by other blockchain platforms, while also offering delegates the opportunity to earn rewards in the form of FTM tokens. One way to participate is by staking FTM with a validator node such as Stakely, which is responsible for validating transactions and ensuring the integrity of the network.
From the Fantom wallet, fWallet, you can carry out actions such as delegating, locking your delegation, and even claiming and redelegating your rewards. However, currently it is not possible to increase active FTM delegations. In fact, the only options you have to increase your FTM in staking through fWallet are either to create a new wallet with a new delegation or to withdraw your delegation without completing the lockup period and face the penalty.
Is it possible to increase my FTM delegation without penalty and without having to create a new wallet?
The answer is yes, we'll show you how! To do this, simply follow these steps:
Access the Write Contract section of the Fantom contract on FTMScan and connect your MetaMask wallet.
Access function 5 of "delegate" and enter the ID of the validator node (49 in the case of Stakely) and the amount of FTM you want to delegate.
Click "Write" and confirm the transaction in MetaMask. You now have your FTM delegated to Stakely!
If you already had FTM locked in the node and want to lock these new FTM, go to the Read Contract section and click on function 18, "getUnlockedStake".
Enter your wallet in the first parameter and the validator ID in the second parameter (49 is the ID of Stakely).
Press the "Query" button and copy the value obtained.
Return to the Write Contract section and click on function 9, "relockstake".
Fill in the parameters with the validator ID (49); the time in seconds for which you want to lock your FTM tokens in the "lockupDuration" parameter (31536000 seconds is equivalent to one year); and finally, the amount of FTM you want to lock, which will be equal to the value copied in step 6 of this guide.
Click "Write" again and confirm the transaction in MetaMask.
You're done!
Stakely is an experienced validator node on the Fantom network. On our website you will find all the information you may need about Fantom staking, including a rewards calculator to estimate your monthly and annual earnings.
In conclusion, increasing your existing FTM delegation is a simple process that you can perform by following these steps. We encourage you to explore the staking opportunities on the Fantom network and choose the validator that best fits your needs!