Quickstart

How to Start a Proxy on TrustedStake and Reap the Benefits!

Welcome to TrustedStake’s comprehensive guide on setting up a proxy account. This step-by-step documentation will walk you through the entire process of establishing a proxy on TrustedStake, ensuring a secure and optimized staking experience within the Bittensor ecosystem. By following these instructions, you’ll be able to delegate your staking permissions efficiently while maintaining full control over your assets.

Prerequisites

Before you begin setting up a proxy on TrustedStake, ensure you have the following:

  1. Crypto Wallet: A compatible wallet such as Bittensor Wallet, PolkadotJS, or Nova.

  2. TAO Tokens: Ensure you have TAO tokens in your wallet for staking.

  3. Seed Phrase: Securely store your 12-word seed phrase offline to retain access to your wallet.

Step-by-Step Guide to Starting a Proxy

1. Create and Secure Your Wallet

Time Required: ~10 minutes

Instructions:

  1. Install the Wallet Extension:

    • Visit the official Opentensor extension on the Chrome Web Store.

    • Click on Add to Chrome to install the wallet extension.

  2. Set Up Your Wallet:

    • Open the wallet extension and follow the on-screen instructions to create a new wallet.

    • Important: You will receive a seed phrase (12 words). Please write it down and store it securely offline. This seed phrase is crucial for accessing your funds. If lost or stolen, your funds could be compromised.

  3. Locate Your Wallet Address:

    • After setting up, find your wallet address, which typically looks like 5F1k4...vpHK.

    • Copy this address for future transactions.

2. Withdraw TAO from Your Exchange

Time Required: ~5 minutes

Prerequisites:

  • TAO tokens in your exchange account.

  • A Bittensor wallet set up (see Step 1).

Instructions:

  1. Initiate Withdrawal:

    • Log in to your cryptocurrency exchange account where your TAO tokens are held.

    • Navigate to the Withdraw, Send, or Transfer section of the exchange.

  2. Select TAO and Network:

    • Choose TAO as the token to withdraw.

    • Select on-chain transfer or the appropriate crypto network for Bittensor.

  3. Enter Destination Address:

    • Paste your Bittensor wallet address (eg. 5F1k4...vpHK) as the destination.

  4. Confirm Withdrawal:

    • Review the transaction details carefully.

    • Confirm the withdrawal request.

    • Wait for the transaction to be processed and verify the receipt of TAO in your wallet using your wallet interface or a Bittensor explorer like Taostats or TaoMarketCap.

3. Connect Your Wallet to TrustedStake

Time Required: ~2 minutes

Instructions:

  1. Visit TrustedStake’s Web App:

    • Go to TrustedStake’s delegation page.

    unconnected

  2. Connect Your Wallet:

    • Click on the Connect Your Wallet button.

    • Select your wallet provider (e.g., Bittensor Wallet, PolkadotJS, Nova) and authorize the connection.

    connected

4. Approve Delegation and Set Up Proxy

Time Required: ~5 minutes

Instructions:

  1. Navigate to the Delegation Section:

    • Once your wallet is connected, navigate to the Delegate Your Hotkey section within the TrustedStake web application.

  2. Approve Delegation:

    • Click on the Approve Delegation button.

    • This action will initiate the process of setting TrustedStake as your staking proxy.

  3. Sign the Transaction:

    • Your connected wallet will prompt you to sign the delegation transaction.

    • Verify Details: Ensure that the addProxy function is selected with the Staking proxy type argument.

    • Confirm Proxy Address: Ensure the proxy address is 5F1k451t2EQyQxBVpSxokmPeULWcHKunx8idgNP8vpguBKHK.

    • Sign and approve the transaction to establish the proxy relationship.

  4. Finalize Setup:

    • The proxy relationship between TrustedStake and your wallet is established upon successful transaction approval.

    • TrustedStake now has the necessary permissions to manage staking operations on your behalf without having custody or transfer capabilities of your tokens.

5. Confirm Proxy Setup

Time Required: ~1 minute

Instructions:

  1. Verify Proxy in Wallet:

    • Open your wallet interface and navigate to the proxy settings.

Confirm that TrustedStake’s proxy address (5F1k451t2EQyQxBVpSxokmPeULWcHKunx8idgNP8vpguBKHK) is listed as your staking proxy.

  • Check on TrustedStake Platform:

    • Return to the TrustedStake platform.

    • Ensure that your staking allocations are visible and being managed as per your delegation.

Security Best Practices

To ensure the highest level of security for your assets, adhere to the following best practices:

  1. Verify URLs:

  2. Double-Check Transactions:

    • Before signing any transaction, review the details in your wallet.

    • Ensure that the addProxy Staking function and the proxy address are correct.

  3. Secure Your Seed Phrase:

    • Never share your seed phrase with anyone.

    • Store it in multiple secure offline locations (e.g., on paper in a safe place).

  4. Enable Time-Delayed Proxies:

    • Consider configuring time delays for proxy transactions to provide an additional layer of security.

    • This allows you to detect and cancel unauthorized actions before they are executed.

  5. Monitor Staking Activities:

    • Regularly check your staking allocations and rewards on the TrustedStake platform.

    • Use Bittensor explorers like Taostats or TaoMarketCap for additional verification.

Understanding Proxy Relationships

What is a Proxy Relationship?

A proxy relationship allows TrustedStake to manage staking operations on your behalf without gaining control over your funds. By delegating staking permissions to TrustedStake’s proxy address, you enable automated and optimized staking while retaining full ownership of your tokens.

Check our full proxy and security-related documentation below for more details.

Security

Proxy Relationship Workflow

  1. Delegation Initiation: You approve TrustedStake as your staking proxy through a secure transaction.

  2. Permission Delegation: TrustedStake gains permissions to manage staking operations (e.g., delegating to validators) without access to transfer or custody your tokens.

  3. Staking Management: TrustedStake optimizes your staking allocations across various validators and subnets based on market demand and performance metrics.

  4. Reward Accrual: Staking rewards are automatically accrued in your wallet in the form of subnet tokens (e.g., ALPHA_OUT).

  5. Exit Process: You can initiate a withdrawal at any time, triggering TrustedStake to reallocate your tokens back to TAO and close the proxy relationship.

Support

If you encounter any issues or have further questions about setting up a proxy on TrustedStake, please reach out to our support team:

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