Delegate Staking Functionality
Delegate Staking on ChainGPT Pad
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Delegate Staking on ChainGPT Pad
Last updated
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Delegate Staking allows users to give their staking points to others and to share their staking points to their other wallets.
This means a user can assign (delegate) their points to another user, who can then use them for other functionalities of the application. With the staking points they receive, they can achieve a tier level, which grants them allocations for IDO pools, participation in pools, and access to other features.
Sharing points across multiple wallets of their own also allows them to engage in the ChainGPT ecosystem with more ease. And also adds an added layer of security.
Additionally, users have the ability to take back (revoke) the points they previously delegated or remove (delete) them entirely.
Before delegating staking points, users will see a staking summary panel displaying their current staking balance and delegation status. Below is a breakdown of the key metrics shown:
Total Staking Points: Displays the total staking points a user owns.
Points Available to Delegate: Shows the number of staking points that can still be delegated.
Total Staking Points Delegated: Represents the total amount of staking points the user has already delegated.
Staking Points from Delegation: Indicates the number of staking points received from other users via delegation.
Delegation allow users to temporarily assign their staking power to another wallet. This means that users can temporarily assign their staking power to another wallet. The recipient can use these delegated points for staking-related benefits, such as participating in IDO pools, increasing their tier level, and unlocking additional functionalities within the platform. The original owner retains control and can revoke or delete the delegation at any time.
Navigate to the Staking Pools Page: Open the application and go to the Staking Pools page.
Select the Delegate Staking Tab: Find and click on the Delegate Staking tab.
Start Delegation: Click on the Delegate Points button to begin the delegation process.
Enter Delegation Details: A modal popup will appear where you need to:
Provide a valid wallet address of the recipient.
Enter the number of staking points you wish to delegate.
Confirm the Delegation: Click on the Submit button to complete the delegation process.
Sign the Transaction on MetaMask: After submitting, a MetaMask popup will appear asking the user to sign the message. This step is required to authorize the delegation of staking points.
Delegation Successful: The system will update the recipient’s balance to reflect the delegated points.
Revocation allows users to take back staking points that they previously delegated to another user. This feature gives flexibility by letting users reclaim their points if needed. When a user revokes staking points, those points are removed from the recipient's balance and returned to the original user.
Navigate to the Staking Pools Page: Open the application and go to the Staking Pools page.
Select the Delegate Staking Tab: Find and click on the Delegate Staking tab.
Find Your Delegation: Locate the list of delegated staking points and select the delegation you wish to revoke.
Toggle the Revoke Option: Use the Revoke Toggle switch next to the selected delegation to enable or disable revocation.
Sign the Transaction on MetaMask: After submitting, a MetaMask popup will appear asking the user to sign the message.
Revocation Successful: The system will update both balances, returning the revoked points to your staking balance.
Deletion allows users to permanently remove staking points they have previously delegated. Unlike revocation, where points are returned to the original user's balance, deletion completely erases the delegation record. This can be useful if the user wants to remove old or unnecessary delegations.
Navigate to the Staking Pools Page: Open the application and go to the Staking Pools page.
Select the Delegate Staking Tab: Find and click on the Delegate Staking tab.
Find Your Delegation: Locate the list of delegated staking points and select the delegation you wish to revoke.
Click on the Delete Button: Press the Delete button next to the selected delegation.
Sign the Transaction on MetaMask: After submitting, a MetaMask popup will appear asking the user to sign the message.
Deletion Successful: The system will remove the delegation record, and the points will no longer be counted in the recipient’s balance.
Tier Changes with Staking Points: When a user receives staking points from another user, their tier level changes accordingly. Similarly, if the original owner revokes the delegated staking points, the recipient’s tier will be adjusted again.
Restriction on Delegated Points Redistribution: A user cannot delegate staking points that they have received through delegation from another user. Delegation is only allowed from the original staking points owned by the user.
Delegation Impact on Degenpad: If you delegate staking points to another wallet, 50% of your staking points will be deducted from DegenPad. Similarly, the recipient who receives the staking points will gain 50% staking points on DegenPad.
Delegation Restrictions for Active IDO Pools:
A user cannot delegate staking points if they or the recipient have already participated in an active IDO pool.
Similarly, the user cannot revoke or delete delegated points if the recipient is still part of an active IDO pool.
If a user tries to delegate, revoke, or delete staking points while they or the recipient have already participated in an active IDO pool, they will receive an error message.
Definition of Active IDO Pool: An IDO pool is considered active if:
The swap time has started, but the swap has not yet ended.
The pool is not yet filled.
If the pool is filled or ended, it is no longer considered active.
Begin delegating your $CGPT stake today by heading over to the ! —
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