Bridging, staking and earning NYM tokens

To transfer NYM tokens from Ethereum to Nyx don dey dey easy well well now.

E don pass one year since Nym mainnet wey dem call ‘Nyx’ start to run, e be di native blockchain of di NYM token. Since dat time, dem don make di NYM token dey available for oda blockchains like Ethereum and BNB chain, to ensure say more people fit use di token secure Nym global privacy infrastructure.

Plenty better tinz don happun and improvement don enta dis privacy infrastructure during di last year. But one of di tins wey di community dey always ask na to make di delegation process beta by make di transfer of NYM tokens from one blockchain to anoda dey easy.

Dis article go shortly compare di “two sides” of di NYM token and give small, beginner-friendly guide on how you fit transfer your NYMs wit ease between Ethereum blockchain and di native Nyx chain. More importantly, e go also guide you on how to stake your NYM by delegating am to mix nodes, so you fit dey collect rewards while you dey secure di Nym privacy infrastructure!

Overview of differences

As Nyx na di native blockchain of Nym privacy infrastructure, wen you get NYM tokens for Nyx chain, you fit unlock di full potential of di tokens by bonding or delegating stake and you go dey earn share of operator rewards.

Di main difference between NYM token for Nyx (Cosmos) and Ethereum (ERC20) na say native NYMs dey unlock di true potential and usefulness of di token. But e dey easier to access ERC-20 NYM simply because dem dey listed for plenty exchanges. Once you bridge your NYM tokens from Ethereum to Nyx, and you hold your tokens for Nym Wallet, you fit begin dey delegate stake on mix nodes wey you choose so you fit dey earn rewards. You fit also bond your native NYMs if you wan start your own mix node.

Tokens wey dem sell for Coinlist during ICO for 2022. Learn more about di NYM token here.

How to Transfer NYM from Ethereum to Nyx and Stake for Rewards:

Di 10 Step Way For Expert Users:

1. Install di things wey you go need: Metamask, Nym wallet, and get some ETH to do one transaction.
2. Move your ERC-20 NYMs go your Metamask wallet.
3. Visit Gravity Bridge Portal.
4. Set di Gravity interface: From — Ethereum, To — Nyx. Connect your Metamask on di Gravity interface, and load your address.
5. Choose di Nym token for “Amount” and set di value wey you want transfer. Click on di small lock icon to enable pasting and paste your Nyx address from Nym wallet. Lastly, give Gravity permission to do di transaction for Metamask.
6. Do di transfer. Note: You go pay transaction fees with ETH.
7. Note sey, to make di NYM enter your wallet, you go wait for 96 block confirmations, wey dey around 20 minutes. You fit need to open your Nym desktop wallet again to see di tokens show for interface.
8. To stake your NYM from your Nym wallet, you go first need to search for mix node wey you wan delegate to, use di mixnet explorer.
   Here be one article wey explain for detail wetin you fit look out for when you dey select mix node wey you wan delegate your stake to.
9. Once you don see mix node wey you wan support with your stake, click on “Delegation” for inside Nym wallet, copy and paste di Identity Key of di mix node wey you choose, put di amount wey you wan stake, and finalize your delegation with “Delegate Stake” button.
   Note: New delegations (like un-delegations) go happen for di next full epoch of di mixnet. Every epoch na one hour, so this na di longest time wey you fit wait for your delegation to happen.
10. Congrats, you don start dey earn rewards by increasing di security of di mixnet!

Di Detailed Process For People Wey Just Start:

1. Change to browser wey dey support Metamask wallet extensions, like Firefox.
2. Install Metamask browser extension. If you neva use am before, here be video guide wey go help you start.
3. Add ERC-20 NYM token to your wallet, use these steps.
4. Click “Import tokens” for bottom of Metamask Screen, then switch to “Custom token” tab up. Next, copy and paste this NYM ERC-20 token address for token address field: 0x525a8f6f3ba4752868cde25164382bfbae3990e1. E suppose automatically import di token ticker and set decimals. If e no happen like that automatically, you fit do am manually by typing “NYM” and “6”. Click “Add Custom Token” and confirm am by clicking “Import Token” if you see NYM appear finish to finish di import. Here be one illustration wey show di import details and how e suppose look like:

5. Download and install Nym desktop wallet. Here be video wey go help you with dis.

6. No forget to keep your seed phrases for paper inside safe place :)

7. Visit Gravity Bridge Portal.

8. Inside Gravity App, set “From” field to: Ethereum, and click “Connect” to connect your Ethereum address with Metamask. Dem go ask you to give permission for dis for Metamask.

9. Set “To” field to: Nyx, but no click “Connect button”. Instead, copy your Nyx address from your Nym wallet, click di small lock icon to enable pasting, and paste your address for “Transfer Address” field. Note sey dis address suppose start with “n1….”.

10. Set di amount wey you wan transfer, and remember sey you go need some Ethereum to do this transaction. If you no too sabi blockchain tools, e go better make you start with small test-transfer, make sure everything dey alright.

11. To send di transaction, you go need give Gravity App permission for Metamask.

12. When Gravity show “Permission Given”, you don get your Nyx Account correct and you go see di NYM tokens with di amount wey you want appear — just click “Begin transfer”.

13. Note sey for your NYM to enter your wallet, you go need wait 96 block confirmations, wey be like 20 minutes. You fit also need to reopen your Nym desktop wallet to see di token appear for interface. You fit now go delegate to Nym mix nodes and begin earn share of their operator rewards.

Delegate your NYM tokens to mix nodes — and earn a share of rewards!

Once your NYM dey inside your Nym wallet, you fit stake am on mix nodes to earn rewards for securing di mixnet.

1. To stake your NYM, you go first need search for mix node wey you wan delegate to using mixnet explorer.
   Tip for first-time delegators: you suppose dey look for mix nodes wey get close to, but less than 100% stake saturation and wey dey close to 100% routing score, so you fit maximize your rewards. Also remember sey di higher di profit margin of di mix node operator, e mean sey di less reward go share between stake delegators.
2. When you don see mix node wey you wan support with your stake, just click on “Delegation” for inside Nym wallet (1).
3. For inside this section, click on “Delegate” button (2) and copy di Identity Key (3) of your chosen mix node from mixnet explorer,
4. Put the amount wey you wan stake (4) and finalize your delegation with “Delegate Stake” (5) button.

Attention: New delegations (like un-delegations) go happen for di next full epoch of di mixnet. Every epoch na one hour, so this na di longest time wey you fit wait for your delegation to happen.

Congrats, you don just start to dey earn rewards by increasing di security of Nym mixnet!