Participating in Marlin FlowMint as a Polkadot delegator and validator
December 10, 2020 | Roshan Raghupathy
FlowMint is a mechanism to distribute Marlin tokens (MPOND) amongst token holders of different blockchains who stake towards eligible validators. A total of 20% of Marlin's genesis supply will be distributed in this way over the next two years. In addition to being a token distribution mechanism, FlowMint is designed to incentivize validators to install Marlin gateways for the respective blockchains and send traffic through the Marlin network. Chains included in the first phase starting on December 14 at 21:00 Pacific Time are Cosmos, IRISnet, Polkadot, Matic and NEAR.
Our previous post includes several details about FlowMint which are of general interest. This post contains steps specific to Polkadot. Steps for other chains are contained in separate posts.
Install Metamask or a WalletConnect enabled wallet
Add the following RPC endpoint for Matic: https://rpc-mainnet.matic.network (Chain Id: 137). Note that irrespective of the chain where tokens are staked, Marlin tokens are based on Ethereum and distributed over Matic so this step applies regardless.
Go to app.marlin.pro/flowmint. You can see your MPOND balance and any unclaimed on MPOND on the homepage (once logged in and bonded - steps below).
Click on Connect Wallet on the top-right and choose an appropriate option: Metamask or Connect Wallet. Make sure the correct Matic RPC network is chosen. On some browsers, Metamask doesn't automatically open if the network chosen on Metamask is different (for eg. Ethereum Mainnet or Kovan).
Click on Dive in and click the Select button below an appropriate chain.
Enter the Matic address where you wish to receive MPOND. Ideally this should be the address created or imported via Metamask or WalletConnect so that you can view your MPOND balances and even claim them. However, it need not necessarily be the same.
Enter your native chain address you use for staking or delegations. You will get a prompt saying "0% Staked <token> are eligible for rewards" if you are not staking using this address at all or are delegating to a non-whitelisted validator. You can still continue with the bonding process and later change your delegation.
Click on Generate Address and swipe the slider.
Make a 0 value transfer to the address shown in the previous step from the address specified earlier. Note: The transaction from the Staking Address to the specified address needs to be done on the native chain.
That's all! Every time you click Select, you will now be redirected to the Harvest page if you are logged in using the same Matic address. You'll be able to see your unclaimed MPOND balance and claim it by clicking on the Harvest button.
To be eligible, validators are required to run Marlin gateway nodes and actively send and receive blocks via the Marlin network which at the moment acts complimentary to the native P2P mechanism. Interested validators may get their addresses whitelisted by registering here. Info on installation of gateway nodes for different chains is available here: https://www.marlin.pro/docs/testnet/Gateway/#polkadot. Once registered, the entered addresses will appear on https://app.marlin.pro/flowmint/validators for delegators to check if their validators are participating or if they should redelegate to another participating validator.
Validators themselves may register using the above procedure to receive MPOND against any DOTs self-delegated.
Hope you enjoy the above process. Our discord server is the best place to seek technical assistance.
Important Legal Note
Stormwaters Inc (the “Company”) makes no representation or warranty with respect to the value of the Marlin Tokens issued, and the Company disclaims all warranties with respect to, including without limitation the generation of value, listing on any exchange, increase or decrease of value, loss of value and any other matters with respect to the value of Marlin Tokens. To be clear, the Marlin Tokens are not intended to be purchased as investments, nor should they be construed as such.
None of the information provided herein constitutes advice of any sort, including tax, legal, financial or any other advice, nor does it constitute a recommendation to purchase or use any product or service.
When Users transfer or sell the Marlin Tokens, tax may be imposed. Users shall be solely responsible for all procedures and payments of tax incurred by them, and the Company shall not be responsible therefore.
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