How to Claim $SMR Tokens Using Firefly

Wallet Sep 28, 2022

TL;DR:
Claiming your $SMR tokens in the Shimmer network is now possible with Firefly. Import your staking wallet backup in Firefly Shimmer to claim your tokens. The following step-by-step guide will take you through the process.

This guide explains how to claim your Shimmer staking rewards with Firefly. It is worth noting that you are able to claim your tokens any time after Shimmer launches (as long as they have not already been claimed).

Before you begin, be sure that you have your 24-word recovery phrase, Stronghold backup file (and password), or Ledger Nano device for the Firefly profile you used to receive Shimmer staking rewards.

First things first: download and install the Firefly Shimmer app from the Firefly website.

If you are a Ledger Nano user, you will need to do some additional steps before claiming:

1. Ensure you have the latest version of Ledger Live installed

2. Ensure that your Ledger firmware is up to date

3. In Ledger Live Settings, go to "Experimental features" and enable "Developer mode"

4. In the sidebar, go to "My Ledger" and search for the new "Shimmer" app

5. Download and install the Shimmer app on your Ledger Nano

6. Open the Shimmer app, confirm the "Pending Ledger review" screen and you are ready to go!

Once you're ready, create a new profile in Firefly Shimmer. When setting up your profile, choose "Claim Shimmer staking rewards":

Choose the appropriate method for importing your old IOTA profile (this where you'll need your recovery phrase, Stronghold backup, or Ledger device):

Depending on your import method, you'll now be taken through a few different steps. Once complete, you will arrive at the claim rewards page. Here you can begin the process of claiming your Shimmer tokens:

Firefly will then search for your staking rewards. If Firefly does not immediately find your full balances, click the "Search for rewards" button to check for more wallets and addresses. You may need to do this several times to find all of your rewards:

After your full rewards have been found, click "Claim rewards" and begin the claiming process. Ledger users will be required to confirm a prompt on the device for each wallet:

The amount of time it will take to complete will depend on the number of wallets you have, but should typically be no longer than 10-30 seconds. Firefly will let you know once your rewards have been successfully claimed. At this point click "Continue":

You should see the total amount of Shimmer staking rewards claimed for your new profile:

Hit "Continue" to load your new wallet dashboard:

Congratulations! You have successfully claimed your staking rewards and set up your Shimmer profile.


Background

In December 2021, IOTA token holders were invited to take part in the IOTA Staking event to receive $SMR staking rewards. All together ~1,450,896,407 SMR (in glow, 1,450,896,407,249,092) was generated during the 90-day staking period between Tuesday, 28 December 2021 and Monday, 28 March 2022. The community-verified staking result contains all addresses and their respective reward amounts denominated in glow, the smallest unit of $SMR.

The Shimmer network was bootstrapped with the community-validated Shimmer Genesis supply that allocates the staking rewards to the participating IOTA addresses. Anyone is now able to claim their fair share of $SMR tokens with the help of the Firefly Shimmer wallet.

Why do I need to claim?

Just like most other cryptocurrencies, IOTA and Shimmer adopt the industry best practice of using hierarchical deterministic wallets. In simple terms, it means that all keys and addresses used by your wallet are derived from one master key, similarly to how a tree trunk branches off as it grows upwards. Each new branch is dedicated to holding keys for a particular currency. As long as you remember your master key, you can always replicate all other addresses and keys that are derived from it.

IOTA and Shimmer addresses sit on different branches on your wallet tree. Staking rewards were distributed to IOTA addresses, which are also completely valid addresses in the Shimmer network. But to access them you need to tell your wallet to scan the addresses of the IOTA branch in the Shimmer network. Otherwise, your wallet will only scan the addresses of the Shimmer branch and will fail to discover your precious rewards.

Claiming through Firefly Shimmer performs the following logic:

  • Restores your IOTA wallets from the master key.
  • Generates IOTA addresses and checks whether there are funds allocated to them in the Shimmer network (these are the SMR staking rewards).
  • Generates a Shimmer address and transfers all staking rewards to your new Shimmer address for each wallet where staking rewards were found.

It is important to note that there is no deadline for claiming staking rewards: as long as you can recover your master key from the IOTA wallet, you’ll always find your rewards waiting for you in the Shimmer network.


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