Make sure you have GAMMA, Ethereum for gas, and everything is on the Ethereum Mainent (L1) network. Gamma staking is currently not offered on other networks.
2) Go to the Gamma dApp staking page
The place we want to start is in the staking section of the Gamma dApp. See the link below, or navigate to the dApp through the main website.
Gamma — The protocol for active liquidity management
Here, you'll find the staking page. There is a lot of information, including statistics for stakers, distribution details, and multiple places to connect your wallet.
The staking mechanism is pretty simple. You stake GAMMA and receive xGAMMA back. xGAMMA represents your portion of the staking contract. xGAMMA is always worth more than GAMMA because it's been increasing in value since its creation. At the time of this guide, it's worth 1.0280GAMMAs per xGAMMA. So when you deposit GAMMA, don't be surprised to receive less xGAMMA. That's a feature. You will get the full GAMMA amount back, plus any accrued fees when you unstake.
The fees collected are market-purchased GAMMA, better known as buybacks. This creates buy pressure on the GAMMA token. Someday, fees might be ethereum or stablecoins, but for now, you simply accrue more GAMMA. There is no inflationary aspect to this. No uncirculating GAMMA is being released into the market by staking.
3) Connect wallet
Let's start by connecting your wallet to the Gamma dApp. Press any of the "Connect wallet" buttons to get started. Make sure your wallet is set on Ethereum mainnet.
In this guide, we'll be using MetaMask and approximately 2000 GAMMA tokens. Approve your wallet of choice, and then approve any permissions prompted on your wallet to connect.
Approve the permissions to connect to your wallet.
Now you're all connected. Note the UI changes which go from general numbers to specific numbers regarding the status of your wallet.
Now let's begin the staking process!
4) Approve and stake
The first thing we need to do is set the quantity of GAMMA we'd like to stake. In our example, we'll be using all the 2000 GAMMA we have in our wallet. Click the "Max" button to stake everything you have.
The "Approve" button should be clickable now. Go ahead and press it to start the process.
If you have never staked before, you'll need to approve a permission query for Gamma to interact with your wallet. This extra step goes away until revoked after you're first staking action.
While waiting for approval, you'll see a status update on the user interface.
Once the approval is finished, press the "Stake" button to initiate the staking process.
5) Confirm UI information
OK. We have successfully staked our GAMMA. Now you can it n the user interface.
There is some important information to understand on Gamma user interface. The red box shows the amount of xGAMMA you have. Notice it's not 2000, but about 1950. This is because xGAMMA is currently valued at 1.02800 per GAMMA (blue box). That is normal. When you unstake, you'll receive 2000 or more GAMMA. The orange box shows fees earned. Since we just started, this number is zero. The green box approximates your position's value and pool percentage. To understand this more, let's hop on to etherscan and check the blockchain ourselves.
6) Confirm on Etherscan
Make sure to add xGAMMA to your Metamask wallet.
View Token | WatchToken
You can get to Etherscan in many ways, but the easiest way to get back and view the transaction in question is to go to your wallet and find the specific transaction.
Click on "View on block explorer" to look at the exact transaction on Etherscan.
On etherscan, you can see that the transaction details line up with the Gamma UI, and what we expected with the current value of xGAMMA.
You've now completed the staking process and will begin accruing fees upon hypervisor rebalances. The next step should only be completed when you want to unstake.
7) Unstake and withdraw GAMMA
In our example, we're going to unstake having collected zero fees. Go to the Gamma dApp staking page, and click the "Unstake & Claim Fees" tab.
Click "Max" to unstake all of your GAMMA. Note the number of xGAMMA you have will come up. Once you are ready, press "Unstake".
Follow the prompt on your wallet. There is no application approval step here, just withdrawing from the contract.
Once completed, the UI will show zero xGAMMA in your wallet, as it has been exchanged for GAMMA. Let's check on etherscan too, just to make sure.
Etherscan appears to agree. All the GAMMA has been returned to your wallet.
Congratulations! You've completed both the staking and unstaking part of this guide. In the next, guide, we'll show you how to stake your GAMMA our partner Tokemak's Reactor system.