Staking $DIMO

Staking Process Overview

A manufacturer that has been approved by the DIMO foundation to manufacture DIMO platform compatible devices (Application, MOU, and a signed Manufacturing License Agreement) needs acquire a DIMO Manufacturer License.This ‘Root’ license enables a manufacturer to ‘mint’ new devices on chain to the DIMO network.The Manufacturer license is an NFT, and requires staking $DIMO tokens to DIMO.

---

Pre-requisites

A node must be created by the DIMO team. Please see the link below for a description of a node, and how a node fits into DIMO’s Identity Protocol. https://docs.dimo.zone/docs/identity-protocol/overview​

Developer Notes

Contact the DIMO team to create your node.

---

Preparation

1. Install the DIMO CLI.

2. Install Metamask or some other crypto wallet that supports the Polygon network.

3. In your wallet, switch your network to the Polygon Network, and ensure that you have some MATIC tokens in your wallet. The MATIC in your wallet will need to cover the gas fees required for the staking transaction.

4. Locate your private key from your wallet, this will be used as an environment variable later.

---

Installation & Environment Setup

On your terminal under the DIMO CLI directory, run the following commands:

npm install
npm run build
sudo npm link

Once complete, set up your environment with the following commands:

export PROVIDER=https://polygon-mainnet.g.alchemy.com/v2/Y2j9gCadWPnVj8IFExsPwyeu-SfHV7zk
export PRIVATE_KEY=<your_private_key>

Execute the following commands to check if you currently have a valid license, and if you have any staked $DIMO.

dimo-cli is-valid-license --address <your_wallet_address> --network polygon

dimo-cli staked-balance --address <your_wallet_address> --network polygon

DIMO Check-in

Upon initial use of the DIMO CLI, the response should indicate that you have an INVALID license and that you have staked zero $DIMO.

---

Staking

Stake 100,000 $DIMO tokens. To do this, execute the following command:

dimo-cli stake-dimo 100000000000000000000000 --network polygon

Developer Notes

The 18 trailing zeros are due to the decimal formatting of the CLI, as one ether = 1,000,000,000,000,000,000 wei.

Once staked, you can confirm your staked $DIMO:

dimo-cli staked-balance --address <your_wallet_address> --network polygon

You should get the following response:

The account <your_wallet_address> has 100000000000000000000000 DIMO tokens staked

---

Validation

Once staked, your DIMO manufacturing license should be transferred to your wallet, and you can execute the is-valid-license command again to ensure that you are all set:

dimo-cli is-valid-license --address <your_wallet_address> --network polygon

Thats it! Now you have the required ROOT manufacturing license to begin minting new devices.