Struggling to manage FIL Staking
Since months ago I am trying to understand how the FIL staking works. What I mean is to be able to Re-stake the Rewards, be able to send new coins and increase my staking and to know how to un-stake it when the moment arrives or whatever amount I want to use in any moment. I was very busy working at evening until last August that it was impossible for me to put more time on this pending.
I can see my staking, but once I got to the page I don't see any place to Un-stake.
You identify the staking become once you stake FIL it become cIFIL.
Well... after one hour writing this I came back to the stage of Staking I click an arrow and voilà, I found the Unstaking step!!
I was clicking the first arrow at left but nothing happens. Now moving down I clicked the other arrow and Bingo. Well, anyway I left the post as it was going as it is part of the learning process... What is next it's just practice to see how it works.
My antecedents on Staking
Since some years ago, around 7 years, I have discovered the fantastic universe of Bitcoin and Crypto-coins. During the halving of 2020, I did some great benefits doing the strategy of Staking. One of the first to use was ADA in the native wallet using Yoroi. Later I have discovered some other projects like ONE, ATOM, and also I heart about DeFI, I tried a project (WOONKLY) wich gave a great income thanks to a hacker I got disapointed of the efficiency of Metamask, wich is necesary for the DeFI projects. Then I withdrawn the left of that project Woonkly Staking in two native coins: WOOP and KUBIC. All that coins converted in Fiat allowed me to invest in a Pizza project. It gave a great year of passive income while the crypto market was going down… All this thanks to the Hacker who took at the moment the value of 28K USD. Later I came back to try some staking at the same project in the native coin KUBIC (which just months ago Mr. Santos reduced to one coin instead of two and KUBIC become (for the ones who holdl it) to WOOP. Well in the conversion there was some loss, but at less better than total loss. Some weeks ago the project showed a big re-born. I bought some WOOP and sell when it was hight, I kept half amount for later. right now the level of the coin came back to last lows. So, even if it sounds an interesting project it is still uncertain what will happens.
I am just reviewing my records. After some lost (more than 1000 USD) with a compromised wallet I waited until I got my Ledger installed and planned to move funds there.
Unfortunately the hacker was still there and as soon as my funds got unstaked and available in my Metamask he/she re-sent it to another wallet. It didn't pass even two minutes I was doing the process to send it to my Ledger, but nothing happens. I checked again thinking that maybe the unstaking did not process. Well, it was very painful to see how my funds were going to an unknow wallet. It that moment it was equivalent to 35.375 BNB. I know the equivalent because the process i used to do was converting the native coin to BNB. But no matter what coin, once it was available in my wallet the hacker took it every time. The one who helped me to rescue still around 10,000 USD explained me that in some way the hacker found out to get the Private Keys. Something very technical that I still cannot understand, like when you open your Metamask there could be a time window for the hacker to copy the Private keys. So no need of the seed words. It was devastating. But as I still was keeping some 60% of my investment I felt myself lucky to have the value the hacker took. It could be terrible if those funds weren't mine, but form investors!!
After the hacked experience, I don’t stake but using Ledger Nano. Still I am feeling I need to learn more about possible changes in this Crypto ambience. For example, last year there were some changes in the Harmony ONE project, and for any raison I am unable to move my coins. Well, I need to explore about that project in order to look for a possible solution. It is not much at the moment, just some 300 USD in value, but I am loosing the Staking income of ONE.
My first FIL staking
Well, in the middle of this research for options to put Staking and get rewards before the bull arrives I did FIL staking. I just put 100 USD in value on May 2024. At the moment the value is much lower, but in this moment it doesn’t matter the value of the amount I put, but the possibilities to put more FIL before the value flies.
All this to say that I am trying to find out a couple of things related to FIL:
- How is the process to Re-staking the Rewards?
- Also how is the process to Unstake and how long it takes?
Usually I prefer to do some practices before to continue increasing the staking. And how I wish to buy little by little some other FIL coins and increase my staking but I will not increase it until I don’t find out how to move the funds.
The platform where I began FIL staking is https://app.collectif.finance/. I can see my Rewards, but I don’t find out how to take the Rewards and how to Re-stake it and also at the moment to withdrawn how to. In these things I am tryng to learn how to proceed. Estimated APY by today 21 September 2024 is 13.63%.
Looking for other choices to Stake FIL i found this platform as one more practical and similar to others I have used before; for example WOOP and KUBIC. Unfortunately it is not available in Hong Kong: https://www.bakeryswap.org/#/swap
In the meantime, I will continue to look for solution to my questions and share it when I solve it. Otherwise, it will be sad to see growing its value but not to be able to touch.
Thank you for reading!