How Do I Test Restoring an imToken Hot Wallet with funds on it and Lock Funds in the Nervos Dao?
How Do I Test Restoring an imToken Hot Wallet with funds on it and Lock Funds in the Nervos Dao?
In my last post, we discussed how to setup and configure imToken Hot Wallet with the Portal Wallet dApp. In this post, we are going to discuss how to delete and restore an imToken Hot Wallet as well as how to lock funds in the Nervos Dao to earn more Nervos CKB.
Before we get started, I want you to understand that you should never put a significant amount of funds on your Hot Wallet until you test the delete and restore method I am going to teach you. It is the easiest way to ensure your Mnemonic Phrase is correct and that you can restore your funds in the event of a disaster.
I have read many cases where individuals have lost their wallet with significant amounts of money because they wrote their mnemonic phrase down incorrectly. If you can't restore your wallet, you have no access to ever retrieve your funds. Nobody wants to be that person in 4 years looking at a small fortune they cannot retrieve.
Don't be that person!
Let's get started. First, send a small value of CKB to your newly created wallet. I would say between 5.00 and 10.00 as shown below. I currently have $17.32 cents in this wallet.
Next, Open the imToken Wallet and select the 4 lines on the top-left of the screen and click Manage.
Click Manage again top-left.
Choose Quit and Enter your Password used to create this wallet or identity.
WARNING: Please verify you have your Mnemonic Phrase so you can restore this wallet. Remember, only do this with a few dollars in your wallet. You are testing the process before you put significant funds on your Hot wallet.
Choose Quit and Confirm you want to delete.
You have now deleted your wallet. The only way to restore access to your funds is to restore your Hot Wallet with your Mnemonic phrase. Once your wallet is deleted, you have the ability to Create a new wallet or identity or recover an identity.
Click Recover Identity and accept the Terms of Service by clicking Confirm.
Enter your Mnemonic phrase and create a new or the same password you used previously to secure your new identity.
Once you entered the above information, click Recover Identity and choose Confirm to install the default coins (includes Ethereum which binds to Portal Wallet). Next, Click Browser on the bottom right and type Portal Wallet in dApp URL. Your funds are restored. You now have tested the process and can proceed to adding more funds. Store your Mnemonic phrase in a safe place.
How do I Lock and Stake my Nervos CKB in the Nervos Dao?
Once you have funds on your imToken Hot Wallet, staking them in the Nervos DAO is a piece of cake. Click Dao and confirm you are visiting a 3rd-party dApp.
Next, Decide how much CKB you want to lock up in the Dao by entering an amount.
Next, sign and verify and click Confirm. You now have locked your money in the Dao for 30 days. The Annual Yield is shown in the Dao at the top-right hand corner.
Once you deposit in the Dao, you can settle at any time during the month, but once you settle, you no longer receive CKB. It stops and you must wait until the end fo the month to withdraw your funds back into your Hot Wallet. If you lock up your funds and you need to withdraw, wait until a day or so before the next month starts to withdraw your funds so you can earn the maximum yield. Better yet, leave it locked in the Dao and keep receiving the yield.
In my next post, I will show you how to pair and configure an imKey hardware wallet.
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