Secret Staking Derivative Tutorial by Shade Protocol(stkd-SCRT)
Dive into Shade Protocol's tutorial on Secret Staking Derivatives. Learn how to stake SCRT, mint stkd-SCRT, and earn rewards in a privacy-preserving way.
Apr 1, 2022
Greetings Shade Community,
Shade Protocol is bringing privacy-preserving SNIP-23 liquid staking derivatives to Secret Network, enabling users to secure Secret Network and other application protocols without exposing their privacy, all while earning staking rewards.
Simply purchase or mint a liquid staking derivative (such as stkd-SCRT) and immediately start to privately accumulate staking rewards while simultaneously putting your staking derivatives to work with liquidity providing, lending, trading, and more.
~3 minutes of time
Landing Page: https://shadederivatives.io/
Staking Derivative App: https://app.shadeprotocol.io/staking-derivatives
Buy/Sell stkd-SCRT: https://www.youtube.com/watch?v=GONuj-Vud1E
Navigate to app.shadeprotocol.io/staking-derivatives
Connect your keplr wallet
Create stkd-SCRT viewing key
Stake SCRT, Mint stkd-SCRT
Withdraw Collateral + Rewards
Step 1 — Navigate to Shade Staking Derivatives Page
Navigate to the Shade Staking Derivatives Page which allows users to deposit SCRT to mint stkd-SCRT.
Step 2— Connect Your Keplr Wallet
Click on the “Connect Keplr” button in the upper-right corner to connect your Keplr wallet to the application.
Your SCRT balance will appear once connected
Step 3— Create stkd-SCRT Viewing Key
Before minting stkd-SCRT via minting SCRT, you will first want to create your stkd-SCRT viewing key in order to be able to view your encrypted balance. To learn more about viewing keys, read the following article:
To create your stkd-SCRT viewing key, click on the “Get Viewing Key” button located on the right side of the webpage next to stkd-SCRT:
Next, click “submit” on the viewing key creation transaction:
Finally, approve the viewing key creation transaction:
After the successful creation of the viewing key, you should now be able to view your encrypted balance of stkd-SCRT:
Step 4— Stake SCRT, Mint stkd-SCRT
Next, enter in the desired amount of SCRT you’d like to stake, and mint the corresponding amount of stkd-SCRT by clicking “stake”:
Congratulations, your transaction succeeded and your stkd-SCRT balance is updated. and you are now passively earning staking rewards, while also being able to use your liquid stkd-SCRT token for buying, selling, and liquidity providing!
Step 5— Withdraw Collateral + Rewards
Overtime, your stkd-SCRT will actively earn auto-accumulated SCRT staking rewards that accrue to your token. To realize the rewards that accrue to your token overtime there are two options:
(1) Sell your stkd-SCRT instantly for SCRT (no 21 unbonding required)
(2) Deposit your stkd-SCRT, wait 21 days for your collateral + rewards
To buy or sell stkd-SCRT with no bonding times, use the following tutorial. To withdraw your collateral and rewards by depositing your stkd-SCRT first navigate to the “Withdraw” page:
Next, enter the desired amount of stkd-SCRT you would like to deposit — the corresponding SCRT that you will receive is your initial collateral + accrued staking rewards in the staking pool. Next, click “Withdraw”.
After the transaction succeeds, you will see that the stkd-SCRT has been updated accordingly. After the 21 day unbonding period completes, you can then withdraw your collateral and rewards. Scroll down on the staking page to the “unbonding” section and click on “Claim Unbondings”.
Finally, claim your unbonding after the next batch of collateral is available for claiming! Batch unbondings are done for security reasons:
Congratulations, you have now successfully claimed your unbondings. Welcome to the world of Shade staking derivatives (more products to come).
Shade Staking Roadmap
Q1 2022: stkd-SCRT
Q2 2022: stkd-SHD
Q3 2022: integrate with lending products
Q4 2022: governance + cross-chain staking derivative products
Shade Protocol Community
Stay tuned for more updates!