How to Stake and Unstake as a Governance Staker (Simple Staking) on Orion Terminal
To begin with, make sure you have some ORN and BNB in your wallet if you're using the BSC route (ETH if you're on the Ethereum chain.) Keep in mind that ORN on the Binance Smart Chain contract will most likely result in lower signing fees than ORN based on the Ethereum chain.
You can follow the same process whether you prefer to use the Ethereum chain or Binance Smart Chain. If you choose the Ethereum chain you will need ETH for gas. If you choose BSC, like in these examples, you will need BNB in your wallet for gas transactions. Always set your wallet network to match the chain you would like to choose on the Terminal.
Make sure your wallet is set up to read Binance Smart Chain if it isn't already (if that is your preferred chain, but it is good to include anyway.) You can do that here.
It is important to also have the BSC ORN contract added to your wallet as a custom token on the Smart Chain. Here is the contract address for it:
BSC ORN contract: 0xe4ca1f75eca6214393fce1c1b316c237664eaa8e
If you haven't yet added the ETH ORN contract as a custom token to your wallet, use this:
ETH ORN contract: 0x0258f474786ddfd37abce6df6bbb1dd5dfc4434a
** Please note. Never send your tokens directly to a token contract address or they will be lost forever. The contract address is there to show authenticity of the token contract and to add as a custom token location to your wallet so it can read it.
If you hold ERC-20 ORN tokens and prefer to swap to the BSC version of ORN for cheaper and quicker transactions on the Binance Smart Chain, you can swap the tokens natively using Orion Bridge, the first truly decentralized L1-to-L1 bridge based on atomic swap technology. This allows you to swap tokens across chains and back easily. Orion Bridge is currently free as no bridge fees are applicable. There will still be gas fees to be paid when bridging (as with any blockchain transaction) so make sure you have plenty of ETH and BNB available in your wallet to cover the signing transactions across the chains.
Orion Bridge written guide | Orion Bridge video guide
With all that out of the way, let's get started with the Governance staking.
Step 1: Connect Your wallet
1. Sign in to your MetaMask wallet and choose the Binance Smart Chain network. If this has not yet been set up in the wallet, see our Learn How to Trade on Orion Terminal guide for instructions.
2. Open the Orion Terminal: trade.orionprotocol.io
3. On the Terminal interface, choose “Add Wallet“.
4. Select the Binance Smart Chain Network.
5. Choose your preferred wallet.
Step 2: How to Stake
Before starting, make sure you have ORN tokens in your wallet as well as ETH or BNB to pay for the gas on your chosen network chain of Ethereum (ETH) or Binance Smart Chain (BNB). In this example we use BSC, so we need BNB for gas fees.
1. On the left panel choose the “Governance” icon.
2. Click the “Stake” button.
3. Enter the desired amount of ORN for staking and click “Approve”.
4. Confirm the MetaMask notification.
Please wait until the transaction is settled on the blockchain as the UI does not always update immediately.
5. Click “stake”.
6. Confirm the transaction.
7. Now you can see your ORN in the “Your staked” and “Available for voting” sections.
Step 3: How to Vote with Your Stake
Once staked, the ORN can now be placed into Voting.
1. Scroll down the Governance page to see the pools available for voting. Choose one of the pools that you would like to vote for and press enter.
2. Enter how much ORN you would like to use and click “Vote”.
3. Confirm the transaction in your wallet.
4. Wait a short while, then in the Governance page your ORN will show in the “In voting” section.
Step 4: Unvoting and Unstaking
Orion Protocol has deployed a new unstaking model. The new method of unstaking involves two steps: unstaking, and withdrawing.
Before unstaking, make sure that all of your votes have been removed from the pools.
1. Find each of the pools you are currently voting for within the Governance tab in the Pools section and click on them.
2. Click “Change your vote”.
3. Click “Vote” and enter “0” in the field.
4. Confirm the MetaMask notification.
5. If you have voted for several pools, repeat the same unvoting process for each of them.
7. Enter the desired amount and click “Unstake”.
8. Confirm the MetaMask notification.
Instant / immediate withdrawal: requires a 5.1% fee.
Withdrawal after 14-day lock-up period: requires a 0.1% fee.
1. The immediate withdrawal option will return your ORN back to your wallet instantly along with a 5.1% fee which is paid in ORN.
2. Another option is the 14-day lock-up which means that your ORN will be returned to your wallet in 14 days. Choosing this option means a regular fee of 0.1% is taken in ORN.