About Amp (AMP)
The Flexa Network enables crypto-collateralized payments at brick and mortar vendors.
The network allows supported cryptocurrencies like BTC, ETH, and others to pay for goods and services, while the vendor receives payment in fiat.
Flexa uses its token, “AMP,” to collateralize crypto-payments while they are confirmed on the respective digital asset networks and settles the payment in fiat to the recipient. It solves a few issues plaguing the crypto ecosystem, like slow network confirmation times, price volatility, and broad adoption.
Amp (AMP) is the digital asset token used to collateralize payments on the Flexa Network, making them instant and secure. AMP can be bought and sold for fiat currency or other digital currencies. It is built on Ethereum following the ERC20 standard for tokens.
Amp can be stored in a crypto wallet and custodian like Gemini.
The supply of AMP tokens is fixed at 100 billion AMP.
What this guide is not:
· This does not explain what staking is.
· This is not Gemini Earn (Earn is different. You can find other posts about it in this sub, but to save you some time, staking earns you more and is more secure).
What you need to start:
· About $50-100 worth of ETH (there is a fee to stake, and you pay in ETH, more on this later)
· MetaMask app (for iOS or Android)
Step 1 – Download MetaMask
· Download the app and set up your account. Put your seed in a safe place where you won’t lose it.
Step 2: Transfer $25 of ETH to MetaMask.
(I assume that your AMP is in Gemini, but if you have it in a different wallet, the steps should be similar) To stake, you will need ETH to pay the gas fee. The gas fee is a one-time fee you pay each time you stake your AMP. So if you plan on staking, you should do as much AMP as you can in a single transaction as you’ll have to pay this fee each time you stake (and it’s not cheap).
If you don’t have ETH, buy some on Gemini (I believe you can buy on MetaMask as well, but this may take a while to set up). This process is the same if you’ve moved any crypto between exchanges/wallets before.
For those who haven’t, here’s how to do it.
· Go to MetaMask
· On the main page, it should show ETH, tap it
· Tap “Receive.”
· A QR code will appear. Below it is a string of text. Tap “Copy”
· Now go to Gemini. Go to your Portfolio.
· Tap “ETH” and then “Withdraw.”
· Type in the amount you want to withdraw (I suggest $100 $25 to be safe)
· Tap “Continue.”
· Paste the code you copied from MetaMask
· Swipe to confirm
Excellent, so far, so good. It may take a few minutes to go through, but you should see your ETH in MetaMask. The transfer should be free if transferring from Gemini (if you’ve done less than ten transfers this month, I believe). The next part is tricky, but follow each step, and you’ll be fine.
Step 3 – Add AMP token to MetaMask
When you open MetaMask, ETH will be the only token listed, but you can add more. Unfortunately, you cannot simply search for AMP and add it at the time of this write-up. You have to add it manually. (I think this is where many people get discouraged but don’t worry; it’s easier than you think.)
· First, go to //amptoken.org/ and scroll to the bottom click on FAQ at the top.
· There will be a section that says, “The official Amp contract address is:” followed by a string of text. Copy that text. There will be a question that says, “What is the Amp contract address?” followed by a string of text. Copy that text.
NOTE: Only copy the address from this website and nowhere else. If you get it somewhere else, it could be a scam. Hence why I’m not posting the address here.
· Go to MetaMask
· At the bottom, tap “+Add Tokens.”
· On the top-right, tap “Custom Token.”
· Paste the text you copied into the first box, “Token Address.”
· Tap the next box, “Token Symbol.”
· The ticker “AMP” should appear in this box. If this does not say “AMP,” you may have copied/pasted the wrong address.
· The Token Symbol box and Token Precision box should autofill. Do not edit these.
· Tap “Add Token.”
· AMP should now appear under ETH on the main screen.
NOTE: As of this write-up, MetaMask does not display the AMP icon. There’s a weird placeholder icon instead as long as it says AMP.
Step 4 – Transfer AMP to MetaMask
Okay, the hard part is over. Now you transfer your AMP over to MetaMask the same way you did the ETH. In MetaMask, tap AMP, tap Receive, copy the text, go to Gemini, go to your portfolio, tap AMP, tap withdraw, enter an amount, paste text, swipe to confirm. Wait a few minutes. AMP should now be in MetaMask.
Step 5 – Connect your wallet to Capacity
We’re almost there! You got this!
· In MetaMask, tap the hamburger menu, top-left.
· Tap Browser. (Yes, MetaMask is also a web browser. I’m not going to go into that here.)
· Go to //app.flexa.network/.
· In the top-right, tap “Connect your wallet.”
· Tap MetaMask. To Be Connected!
Step 6: Stake your AMP!
It is it! Last step.
· Tap the purple-pink button, “Start staking AMP.”
· A dropdown will appear. Tap AMP. Tap Stake.
· Currently, you have the option to stake to Gemini or SPEDN. Choose one.
· Move the slider to choose how much you want to stake.
· Tap “Stake.”
· Then you’ll be presented with the gas fees. Note the cost could be between $50-$100 in ETH and the price fluctuates depending on the time of day and how busy the network is. You can try again later if you think it’s too high, but note that it’s not cheap. I paid ~$61 to stake, which will eat into most of my first-year gains. But I plan on holding for years.
Depending on how much you stake, the AMP may take a while to go through. · Once you agree with the fee’s ridiculous, accept the transaction.
· A little confirmation animation should appear at the bottom.
How to Unstake Amp on Flexa
You may withdraw your staked Amp at any time; however, if your tokens are being used to collateralize a transfer actively or if the Ethereum network is experiencing congestion, it may result in a processing time of several minutes to hours.
Note: Staked collateral may only be unstaked (withdrawn) to the original staking address; neither Flexa nor any other party can influence withdrawals.
Although the material contained in this website was prepared based on information from public and private sources that AMPRaider.com believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and AMPRaider.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.