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A Simple Guide to How Wrapping and Delegating Work


brianwalden
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Oh man, I just realized I could have said all that in three words: It's like staking.

@BillyOckham helpfully added these simple tips:

-  So long as you claim within a month you won’t lose your reward.
-  Any change takes effect in the epoch following the lock-in.  
-  If you claim,  then wrap,  every week you are getting the maximum compounding interest.
-  Weekly on any day Sunday through Wednesday is the optimal claim then wrap days. 
-  You don’t need to repeat delegate once you have set your delegation, newly wrapped rewards will be auto-delegated in the proportions you set.

Edited by brianwalden
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This article on Bifrost's webpage was a pretty good explanation of it all. It started off: 

"This article is intended for new users that are unfamiliar with these concepts and explains why you want to wrap and delegate your Songbird to support the network and its participants." 

and stayed an easy/good read throughout. 

The wheel you invented works well too, @brianwalden :-) 

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I'm trying to do this via my ledger nano and metamask. It's taking ages to wrap my Songbird tokens. I've updated my ledger, the ethereum app etc. I've enabled contract data on my ledger. Wrapping SGB into WSGB is taking many minutes so far. Is that normal??

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Just now, djdhrubs said:

I'm trying to do this via my ledger nano and metamask. It's taking ages to wrap my Songbird tokens. I've updated my ledger, the ethereum app etc. I've enabled contract data on my ledger. Wrapping SGB into WSGB is taking many minutes so far. Is that normal??

No, it should be a few seconds.

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1 minute ago, brianwalden said:

No, it should be a few seconds.

Thanks. I'm trying another option from the FTSO list. The scandinodes one. Still getting a spinning wheel, transaction is in progress on metamask. Not sure what I'm doing wrong.

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Nah. Feel like I'm missing something easy but no luck whatsoever. I connect my ledger to metamask, open ledger live, go to the ethereum app, open it up, it asks me to open device bridge which I do and it connects, on metamask it correctly displays my SGB balance. 

After that I can't do anything. I try to connect to the various FTSO sites. No dice. For example I go to this:-

https://ftso.alexdupre.com/

I click on connect metamask/ dcent etc wallet, metamask asks permission, I click on ok, and then it defaults back to the goddamn same page. It doesn't connect.

I've just updated the eth app on ledger to 1.9.5

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6 hours ago, djdhrubs said:

Nah. Feel like I'm missing something easy but no luck whatsoever. I connect my ledger to metamask, open ledger live, go to the ethereum app, open it up, it asks me to open device bridge which I do and it connects, on metamask it correctly displays my SGB balance. 

After that I can't do anything. I try to connect to the various FTSO sites. No dice. For example I go to this:-

https://ftso.alexdupre.com/

I click on connect metamask/ dcent etc wallet, metamask asks permission, I click on ok, and then it defaults back to the goddamn same page. It doesn't connect.

I've just updated the eth app on ledger to 1.9.5

Have you tried with another provider, FTSO AU definitely works for me in chrome after I sign in to MetaMask in a Google chrome tab running alongside. 
 

 alternatively, install Bifrost wallet on your smartphone and just send some SGB to that new address and delegate within that app. 
 

my MetaMask is not using ledger, was setup with an import key. 

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3 hours ago, Fireballseven said:

Have you tried with another provider, FTSO AU definitely works for me in chrome after I sign in to MetaMask in a Google chrome tab running alongside. 
 

 alternatively, install Bifrost wallet on your smartphone and just send some SGB to that new address and delegate within that app. 
 

my MetaMask is not using ledger, was setup with an import key. 

That’s part of my problem I think. I can’t even send SGB from MetaMask (connected to ledger) to a bifrost wallet.  I can sign off on the transaction on MetaMask but then I just get a spinning wheel or the transaction never goes through. The ledger doesn’t ask me to verify the transaction. So I think I’m doing something basic and fundamentally wrong or have missed a step. But I can’t figure out what it is. 
 

Can’t see any YouTube videos specifically focused on using the ledger with songbird where it actually takes you though step by step.

ive tried other FTSO providers but can’t connect to any. And even when I can the process hangs at the wrapping SGB stage.

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On 9/24/2021 at 7:54 PM, brianwalden said:

-  You don’t need to repeat delegate once you have set your delegation, newly wrapped rewards will be auto-delegated in the proportions you set.

Do you know how to change the delagation in the Bifrost wallet? Do you go to the name of the delegated FTSO. Then click on it and reduce the delegated % to zero? OR is there another way like clicking on manage and the red X and deleting the delegted name?

There is no help anywhere how to do this?

 

Edited by cryptoxrp
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