How to stake CFG (Centrifuge)

Overview

Centrifuge is building the operating system to connect the global financial supply chain.

Centrifuge is bridging real-world trade finance assets like company invoices into the world of decentralized finance through the Tinlake asset-backed lending protocol. Through Tinlake, users can tokenize non-liquid assets such as invoices (e.g. ConsolFreight) or streaming royalties (e.g. Paperchain) and borrow against these securitized assets.The Centrifuge Chain, which hosts the Tinlake protocol, is a Substrate-based Proof-of-Stake chain secured by a small set of validators including Chorus One. By delegating Centrifuge (CFG) tokens, stakers help maintain the network and its bridge to Ethereum, for which they earn staking rewards.

How to stake Centrifuge (CFG) tokens

1. Create a wallet using Polkadot JS extension

1. Download the extension here and add it to your browser.
2. Go to https://portal.chain.centrifuge.io and  authorize the connection to the extension
3. Go to settings and update the metadata.
4. Now go to the extension and create a new address by adding an account.
5. In the next step change the network name to Centrifuge Mainnet and create an account name and passphrase.
6. You can then refresh the portal, check the Accounts tab. Your address should appear there.

Make sure to note down your mnemonic seed in a safe place! You will lose access to your funds if you forget or lose it. It is not recommended to store them on an unsecured laptop

2. Create 2 accounts

To stake CFG tokens you require 2 funded wallets. Follow step 1 twice to create these two and some CFG to both.

1. The stash account - Main wallet.
2. The controller account - Used for transactions and thus requires a small amount of tokens only.

3. Selecting a Nominator

1. Once you have both the wallets funded with some amount head over to the Network tab and select Staking.
2. Under the Staking tab select Account Actions and add a nominator by clicking on +Nominator.
3. The Setup Nominator modal will appear. Make sure you select the correct stash and controller accounts.
4. In the value bonded field add the number of tokens you want to stake.
5. In the next step, nominate Chorus One as the validator.
6. Finally, click on Bond and Nominate and authorize the transaction by clicking on Sign and Submit.
7. Your nomination will become active in the next session and your CFG tokens will start earning staking rewards

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