This article is part of the RootstockCollective 101 series dedicated to guiding developers and community members through the ecosystem. From getting and staking RIF to submitting and voting for proposals, you’ll find what you’re looking for in this series.
In the first article of our 101 series, we explored how to get your hands on RIF tokens. Now that you’re equipped with RIF, it’s time to take the next step: staking.
Staking RIF allows you to take part in Rootstock governance, from deciding which grant applications should receive funding to supporting projects you believe will have a positive contribution to the Rootstock ecosystem.
In this article, we’re exploring the journey to stake RIF into stRIF in a step-by-step manner.
Key Facts About stRIF
- RIF is the main governance token of the DAO.
- The staked version of RIF (stRIF) is 1:1 pegged to RIF and is used to gain voting rights, create and influence proposals, and participate in governance.
- The voting power you’ll have within RootstockCollective is directly related to the amount of stRIF in your wallet.
- In terms of voting power, the DAO will adopt the rule of assigning one vote to each stRIF token. See RootstockCollective whitepaper.
- You must have RBTC, the native token of the Rootstock ecosystem, in order to stake your RIF. See how to get RBTC here.
Step-by-Step Guide to Staking RIF
Step 1: Get your RIF for staking
Here’s a comprehensive list of all the places you can get your RIF from. Remember that RBTC is used as a gas token, so you must have RBTC in your wallet to stake RIF.
Step 2: Log into app.rootstockcollective.xyz
Click on “Connect Wallet.” For the time being, you can use MetaMask to log in.
Step 3: It will bring you to the main screen of the DApp. Click “Stake”
Step 4: Choose the amount of RIF to be staked
Step 5: Request allowance, which will direct you to the MetaMask screen to showcase the RBTC fee
Step 6: The staking process will initiate
Step 7: Once complete, you will see the confirmation and updated amount of RIF and stRIF
All done. Now you have stRIF, try creating proposals and voting!