PSY 2.0 - How to Stake Your PSY to Start Participating in PSY 2.0 Governance

This document is in a draft state and is open for comments from the community

The new sPSY realms will require staked PSY to be used for governance purposes. That means to get started participating in the future of PSY, users need to first stake their PSY.

  1. To stake your PSY head over to the PSY stake page.

  2. Next, choose how many PSY tokens you want to stake. Keep in mind that these tokens will be locked, and you will receive sPSY in return.

  3. Now choose how long you want to lock your PSY for. The longer you lock your PSY, the more voting weight your stake will have. Voting power increases linearly from the minimum lockup to the maximum lockup. You can see your multiplier change in real time on the PSY Stake page as you change the lockup duration.

  4. When you have entered the desired settings, click stake and sign the transaction to lock your PSY and receive sPSY in return.

Congrats, you are now able to vote on the future of PSY 2.0!

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