In the past few days, we have been polishing up the first release of the Melalie staking program. In this article, we will explain how you can stake your $MEL and start earning rewards.
Important to know before you start: For our staking program we use Polygon (former Matic). By doing so, we can keep the internal transaction fees low while have maximum flexibility in terms of development. This also means that you will have to swap your $MEL tokens from the Ethereum network, to the Polygon network during the process of staking your $MEL
In order to stake $MEL, you need MATIC tokens (Polygon cryptocurrency). Around 0.002 MATIC should be enough. If you don’t want to buy MATIC, you might still get some MATIC for free here.
How to stake your $MEL
Now, let’s go to the fun part! Below we will explain step by step how you can stake your $MEL tokens.
Step 1: go to: https://wallet.matic.network/
- Select Metamask
- Sign the Signature request to prove you have access to your wallet. This won’t cost you any Ether.
- You are now in your Polygon (Matic) wallet
Step 2: move $MEL from the Ethereum mainnet to the Polygon network
(Note: the deposit of funds from Ethereum to Polycon can take about 7 to 8 minutes)
- Click “Move funds from Ethereum to Polygon”
- Click on the arrow pointing down
- Search and select Melalie
- Submit the amount of $MEL you want to transfer to the Polygon network
- Click transfer
- On the next screen, click continue
- On the Transfer Overview screen, click continue
- On the Confirm Transfer screen, click continue
- On the Transfer in Progress screen, click continue to confirm the deposit.
- Metamask will pop up, click on continue to confirm the transaction
- The transaction is now in progress. This will take about 7 to 8 minutes to complete. You can follow the transaction via the Etherscan link on the Transfer in Progress page.
Once the transaction is complete, this will be displayed on the screen.
Once you go back to your wallet ( https://wallet.matic.network/) you will now see your $MEL in your Polygon wallet! Your $MEL on the Ethereum network is now locked.
Step 3: let’s stake it!
With your $MEL on the Polygon network, we can also start to stake it.
- Go to staking.melalie.com
- Click on “Connect to Metamask” to connect your wallet to the Staking platform.
- Click on “switch network” to select the Polygon network.
You will see the amount of $MEL you transferred to Polygon, under the “My Account” section.
- Now click on Stake MEL”, displayed on the top left of the dashboard.
Now you are at the page where you can see all the details regarding the $MEL you staked.
- Click on the “Stake MEL” button in the blue square
- Submit the amount of $MEL you want to stake and click “Confirm Staking”.
- Confirm the transaction via Metamask (Please note, this is where you need MATIC tokens (Polygon cryptocurrency). Around 0.002 MATIC should be enough. If you don’t want to buy MATIC, you might still get some MATIC for free here.)
Congratulations! You have now staked your $MEL and you will receive more $MEL on a daily basis!
MEL S-1 Details
- Pool size: 3.000.000 $MEL
- APY: 10%
- Minimum deposit: 1000 $MEL
- Distribution: every 24 hours
Melalie is a peer-to-peer (P2P) mobility marketplace. On the Melalie platform, people can rent vehicles — bikes, scooters, motorbikes, cars, and trucks — from each other, without the need for intermediaries. The Melalie platform is complete, tested, live, and already lists over 400 local vendors in Indonesia and The Netherlands. The application can be downloaded in the Appstore (iOS) and the Google Playstore (Android). Check out and subscribe to our Youtube channel here.
The official Melalie channels