Step by Step Instructions for Becoming a Graph Delegator
Graph delegators can contribute to the Graph network by delegating (i.e. “staking”) their tokens to an “indexer”. In return, it’s sort of like an investment dividend. Delegators will earn a portion of the fees and rewards that the indexer earns on the Graph network. Learn more about Graph indexers here.
The process of becoming a Graph delegator requires no technical knowledge, and I will walk you through it step by step.
You can determine how many GRT tokens you will earn per day by using this spreadsheet (you must save a local copy to use it).
Buy some Graph tokens (GRT) instantly (and safely) on one of the big, trusted digital currency exchanges like Coinbase. If you don’t have an account already on Coinbase, it is easy to make one. You can then use your credit card to purchase GRT on Coinbase.
At this time, you have to have a Metamask hot crypto wallet to delegate your GRT tokens. If you don’t already have a Metamask hot crypto wallet, download one for free and install it on your chrome browser.
Metamask is a “hot” wallet, meaning it is a wallet that connects to the internet (your Coinbase and Binance tokens are stored in a hot wallet too). In this way, Metamask is not a “cold wallet”, which is a hardware wallet (sort of like the wallet in your jeans for your fiat currency) that is not connected to the internet. Cold wallets are more secure than hot wallets, but hot wallets are more accessible.
You can be sure that Metamask is a reputable hot wallet with a large user base. However, it being a hot wallet, Metamask will never be as safe as a cold wallet.
Visit the Graph network website to connect your Metamask wallet to the Graph.
Next, click the Connect Wallet button in the upper right-hand corner of the Graph network website.
In Metamask, copy your Metamask Ethereum wallet address.
Next, log in to your exchange (i.e. Coinbase) to send your GRT to your Metamask wallet. The address to send the GRT is your Metamask Ethereum address you just copied.
Also, send a small amount of Ethereum tokens (ETH) to your Metamask wallet to cover the transaction costs (i.e. “gas”) for becoming a delegate. You can buy ETH on Coinbase and send it to your Metamask wallet just like you did for your GRT. You only need around $50 USD worth of the ETH to do this if you are delegating 10,000 or less GRT (it costs about $5 ETH per 1000 GRT in gas).
Wait ten minutes for the transaction to process, and once it’s complete, if your Metamask wallet is connected to the Graph network, you can now see how many GRT you have on the Graph network website.
The Graph network website will show you a list of indexers and you can pick which indexers to delegate to.
How to choose a Graph indexer?
As a potential GRT delegator, you should approach the list of indexers as an investment opportunity. Some choices might be riskier, but with potentially higher rewards. Others might give a more stable, but lower income. Consider delegating to multiple indexers to mitigate risk.Graph Delegate Guide
I recommend p2p-org.eth as an indexer because it has delegated the most tokens and therefore seems to be most reputable.
p2p-org.eth takes a 20% rewards cut, meaning it will keep 20% of its indexing rewards for itself. Its delegators will get the remaining 80%.
Example: With 2000 GRT tokens, I can expect to receive 2 GRT per day from p2p-org.eth. I will update this post in a few months to explain whether this prediction came true.
Click the indexer of your choice and hit the Delegate button. If you have Metamask installed in Chrome (as you should if you followed the above steps), there should be a popup asking you how to much to delegate. Fill in how much you want to delegate and submit!
If you have enough ETH in your Metamask wallet to cover the gas of the transaction, the transaction will proceed. For reference, I delegated 2000 GRT, and it cost me $10 USD in ETH for gas.
And that is it. That is how you delegate GRT.