How to stake your AMP on the Flexa Network

Given our influx of new members, I felt it would be helpful to repost a step-by-step guide to staking AMP on the Flexa Network. Reference the below for guidance on using Gemini and MetaMask wallet to stake AMP.

  1. Buy some AMP on Gemini using Active Trader. Download the MetaMask app to create a MetaMask wallet.
  2. In your mobile MetaMask wallet, click "+add token" then click "Custom Token." Enter in the official AMP contract address which can be found by scrolling down towards the bottom of https://amptoken.org/ and click the box below which should then auto-fill with the AMP token.
  3. In your MetaMask wallet, click "Receive" and copy your address. Go into your Gemini portfolio that holds your AMP, click on it and hit "Withdraw" and paste in your MetaMask wallet address. I believe Gemini covers a certain number of transactions/month so you most likely won't need to pay a fee to transfer your AMP to MetaMask.
  4. The AMP will arrive in your MetaMask Wallet after a few min
  5. Purchase $100 of ETH and send it over to MetaMask (I believe you can buy it on MetaMask as well). This will be needed for the gas fee to move your AMP into Flexa Network capacity.
  6. Go to the Browser on MetaMask and punch in app.flexa.network
  7. Click "Connect your wallet," then select MetaMask and you're ready to stake.
  8. Hit Start staking and transfer* the AMP in your MetaMask wallet into either Gemini Pay or SPEDN capacity to support the network and earn AMP tokens as rewards (currently 3.93% APY).

*Note you'll have to pay ETH gas fees to stake and un-stake AMP so evaluate how long you intend to hold and how much AMP you'll be staking to determine whether the gas fees will be worth it. I'm on EST where gas fees tend to drop late into the night (midnight - 6am) and usually on weekends.

**Staking supports the Flexa Network and can be very rewarding if you intend to hold. You'll quickly start earning AMP which continuously compound within your staked balance.

***What staking means and how it works:

This is how I understand it -- AMP token powers the Flexa Network. Owning AMP token is like owning equity in the Flexa Network. Owning AND staking AMP is like owning equity in the Flexa Network AND collecting distributions from earnings. When a transaction is processed on the Flexa Network, a fee is charged of ~1% to the seller. The collected fee is then used to purchase AMP on the market which is then distributed out to stakers as rewards.