Deposit and Stake

Learn how to deposit and stake tokens on Homnifi. Explore eligible tokens, deposit options, and how to earn rewards with seamless staking on the Homnifi platform.

This guide explains the step-by-step process for using this feature, its configurations, and frequently asked questions (FAQ) to help users make the most of this functionality.

1. Accessing the Deposit and Stake Feature

• Navigate to the Deposit screen on the Homnifi platform.

• You will see two deposit options:

  • Deposit Only: This option deposits tokens without staking.

  • Deposit and Stake: This option automatically stakes the deposited tokens into Computer Devices.

2. Selecting a Deposit Option

• Choose between Deposit Only or Deposit and Stake option.

3. Selecting a Token

• A list of available tokens for deposit will appear. Currently only LYK is be available for Deposit and Stake which is auto converted to mLYK at 1:1 for staking in the machine.

• Select your token for deposit. Ensure that:

  • The token meets the minimum deposit amount on platform.

4. Selecting a Computer Device

• Once you select a token, the list of eligible Computer Devices is displayed. The Computer Devices shown must:

  • Have available stake capacity.

  • Not have expired.

• If you do not own a Computer Device: You can proceed to purchase a Computer Device through the product calculator page.

5. Choosing a Network Chain

• Choose the desired network chain for the deposit.

6. Generating Wallet Address

• Click Submit to generate a wallet address and QR code for the deposit.

• The deposit-and-stake request is created and appears in the transaction history with a unique Request ID for tracking.

7. Request Validity

• Each request has a set validity time post creation (shown on the UI)

• If revisiting the page: Details of any active request (including the wallet address) will display. A new request can be created after the current one expires, is completed, or cancelled.

8. Completing the Request

• Upon successful deposit:

  • The amount will be staked as per your chosen Computer Device(s).

  • The request will update to Success in transaction history.

• If the request expires without a deposit: The status will update to Expired.

• If cancelled: The request status will change to Cancelled.

• Partial Success: If staking fails and deposit was successful, the deposit will appear in your wallet balance, and the transaction history for the request will show a Partial Success status.

9. Request Cancellation

• If needed, you can cancel an active deposit-and-stake request. This will update the request status to Cancelled and allow you to create a new one.

FAQ

Q1: What happens if my staking request partially fails?

In case of a partial failure, the deposited amount will be credited to your wallet. The transaction history will show the status as Partial Success, with details available in the popup.

Q2: Why can’t I create a new request?

An active request has to either complete, expire, or be cancelled before a new one can be created. Check your transaction history for the request status and try again.

Q3: Can I deposit using any token in my wallet?

No, only specific tokens are eligible for the Deposit and Stake feature. Check the token list on the Deposit screen for eligible tokens.

Q4: What should I do if my Computer Device reaches its staking limit?

If your selected Computer Device reaches its staking capacity, the deposit amount will be credited to your wallet. Ensure to check Computer Device limits or buy new Computer Device with available limit in advance to avoid this.

Q5: How long do I have to complete a deposit after submitting a request?

Each request has a specific validity period, shown at the time of submission. If the request expires before a deposit is made, you will need to create a new request.

Q6: Can I deposit to multiple Computer Devices at once?

No. In Phase 2, users with multiple eligible Computer Devices will be able to distribute the deposit across them. Ensure that each selected Computer Device has adequate staking capacity.

Q7: Is there a different fee for Deposit and Stake than for regular deposits?

No Additional fees for deposit and stake. The fees will apply depending on token type, network, same as normal deposits. Fees will be displayed on the deposit page for transparency.