How to Lock CHESS
- 1.
- 2.Connect your wallet to the platform.
- 1.Tranchess now supports Metamask, Wallet Connect and Binance Chain Wallet.
- 2.In our guides, we will use Metamask as an example.
- 3.CHESS locking feature can be found under "Staking". Access "Staking" by
- 1.Navigating to the fourth tab on the front page and click "Mine with tokens"
- 2.Or choose "Staking" from the top
4. To lock CHESS, first harvest your mined CHESS by clicking on “Harvest” under “CHESS rewards”. Confirm the transaction in your wallet and wait for the “success” notification.
5. You are now ready to lock CHESS. Start locking by clicking on any of the two places as indicated in the screenshot below.
6. Click on “Lock CHESS”, put in the amount of CHESS you’d like to lock and choose the desired duration. Please note:
- You will NOT be able to withdraw the locked CHESS until the chosen locking duration is up.
- The longest locking duration is now set at 6 months. The longer options will be enabled gradually in the future.
7. You will be given an estimate amount of veCHESS you can get and an estimate amount of BTCB rebate you would receive. Locking CHESS for the first time would require you to approve CHESS first. Click on “Approve CHESS”, confirm the transaction in your wallet and wait for the “success” notification.
8. Now click on “Lock CHESS”. Please make sure to read carefully the message shown on the pop-up window. Choose “Adjust time” if you are not comfortable with the chosen locking duration. Click on “Yes, continue to lock” if and ONLY IF you have fully understood the given message and have decided to lock your CHESS for the given duration.
9. Once clicked on “Yes, continue to lock”, confirm the transaction in your wallet and wait for the “success” notification.
10. You will see the numbers updated under “Your locked CHESS” and “Your eligible veCHESS”. You can always lock more CHESS or extend your locking duration.
11. Congratulations! You have now successfully locked your CHESS tokens. You are now eligible for:
- Enjoying the BTCB fee rebate;
- Voting in the interest rate ballot;
To find out more, check out “How does veCHESS work”.
Last modified 2yr ago