Staking on Rakeoff
An easy, straightforward way to earn ICP governance rewards
Last updated
An easy, straightforward way to earn ICP governance rewards
Last updated
The Rakeoff dApp utilises the ICP cryptocurrency and you can stake the ICP token to participate in governance of the ICP network by voting on proposals. By staking ICP you earn new ICP tokens. You don't need to worry about manually voting on proposals in the Rakeoff dApp as your staked ICP is set to automatically vote for you.
When you stake a new amount on Rakeoff, you'll see a pre-set lock-in period of 184 days (the minimum needed for rewards) and an initial APY estimate. You can later increase both of these using the staked ICP configuration tools within the dApp. Look for the 'Increase lock-in' button after you've staked a new amount.
You can purchase ICP tokens on any popular cryptocurrency exchange like Coinbase.
Log in to Rakeoff and select the 'receive' option in your wallet. This action will display your account address, which you can click 'copy'.
Paste the copied address into any exchange to transfer the funds to your Rakeoff wallet. To begin staking, a minimum of 1 ICP is required.
Log back onto Rakeoff, your ICP will be in your wallet and the 'Stake' button will unlock. Click it and begin Staking.
Your ICP will then start the staking process. We appreciate your patience as this takes a little time. Once complete, you'll receive a confirmation message, as shown below.
Use the 'Details' button on your staked ICP in the Rakeoff dashboard to view its progress on rewards or to further configure your stake.
Use the "Spawn rewards" button to spawn your new ICP tokens from your stake when your rewards reach a minimum of 1.06 ICP. These new tokens can then be entered into the prize pool, or disbursed normally as ICP - the choice is yours.
You can achieve different badges / levels by staking an ICP amount, if you hit one of the predetermined stake amounts for a particular level you get an ICP bonus! This is free ICP that is added to your stake for simply just staking on Rakeoff. The achievements can be found within the “Details” section of your staked ICP. To be eligible for an achievement bonus, you must hit one of the achievement levels minimum stake requirements and your stake must be at least 2 weeks old. Be sure to check your eligibility status and claim your ICP bonus after staking on Rakeoff!
The asset monitor is designed to provide you with a comprehensive overview of your assets USD values that are held on the Rakeoff platform.
