As a holder of Flare or Songbird tokens, you possess the capability to wrapping your tokens. Wrapping and delegating them to an FTSO provider grants them increased vote power and allows you to partake in shared rewards. Here’s a guide to navigate this process.
Understanding Your Options
There are multiple paths to wrap and delegate your tokens:
- Wallets: The most recommended option, especially for beginners.
- DApps (Decentralized Applications): Some providers offer dapps for this purpose.
- Direct interaction with smart contracts: This is the most advanced and manual approach.
The Wrapping Process
First, your native tokens, FLR into WFLR or SGB into WSGB. The wrapped and native tokens have a one-to-one conversion rate. Make sure to keep some native tokens to pay gas fees. Once wrapped, you're ready to delegate your tokens.
Delegating Your Wrapped Tokens
Diversify your delegation across multiple FTSO providers. This not only supports the decentralization ethos but also allows for risk diversification. Each individual address has the capability to delegate to up to two different providers.
Utilizing the Bifrost Wallet
The most streamlined method to wrap and delegate is via the Bifrost Wallet. The wallet comes with native functionalities that support both wrapping and delegation right within the application.
Safety First: Using DApps and Manual Delegation
If you choose the DApp route:
- Exercise caution and ensure you’re interacting with a trustworthy DApp.
- Always review and audit transactions thoroughly before confirming them.
For those who prefer manual delegation:
The Flare Network provides comprehensive documentation on this process, guiding users through each step.