How to deposit FIL to GLIF using multisig wallet
Step-by-step guide to create a multisig wallet on GLIF and deposit FIL into GLIF directly from your multisig wallet.
Last updated
Step-by-step guide to create a multisig wallet on GLIF and deposit FIL into GLIF directly from your multisig wallet.
Last updated
Depositing your FIL tokens through a GLIF multisig wallet enhances security and enables collaborative management of your assets. This tutorial will guide you through the process of creating a multisig wallet and depositing your FIL into the GLIF pool using your multisig wallet.
In this tutorial, you will follow these three main steps:
Step 1: Create a multisig wallet
Step 2: Deposit FIL from your multisig wallet
Step 3: Approve the multisig proposal
Connect to a Filecoin wallet
Ensure you have a Filecoin-compatible wallet with an f1 wallet address, such as a FilSnap wallet, Ledger, or even a burner wallet. Find the step-by-step guide for setting up these wallets by clicking on them.
Visit the GLIF website and navigate to the "Multisig" tab
Click on "Create new multisig" in the left sidebar of the website
You need some FIL in your wallet to cover the gas fee. If you don't have any, refer to this tutorial (step 2 of the tutorial) on how to deposit FIL to another wallet.
Add multisig signers
Add the addresses of the signers you want to include in the multisig wallet. If you want more signers, click "Add signer".
Pleaese remember that Ethereum addresses are not allowed as multisig signers. You need valid f1 addresses such as a FilSnap wallet, Ledger, or a burner wallet to sign the multisig.
Next, set the required number of approvals for transactions and enter the deposit amount. Additionally, you can configure a vesting schedule if needed (optional). Review the details and click "Send".
Confirm in wallet
A confirmation prompt will appear in your wallet (e.g., FilSnap or Ledger). Click "Approve".
After approving the transaction, please wait as it may take a few minutes for it to be confirmed on the network.
Access Your Multisig Wallet
Once the multisig wallet is created, you can view the multisig wallet address in the left navigation bar. It will start with f2.
If you don't see your multisig wallet immediately, reconnect your wallet and click on the "Multisig" tab and check it in the left sidebar.
In the multisig page, you can view your token holdings, proposals, required approvals, and transaction history.
Navigate to the multisig wallet
Go to the "Multisig" tab on the GLIF website. Ensure your wallet is connected and you are viewing your multisig wallet.
Initiate the deposit
Go to the "Filecoin Balance" section, click on the "⋯" button next to your FIL balance. From the dropdown menu, select "Deposit to Pool".
Enter Deposit Details
Enter the amount of FIL you wish to deposit. Review the details, including the amount of iFIL you will receive. Click "Send".
The FIL to iFIL ratio may not be 1:1 due to price fluctuations. Refer to this section of the docs for more details on iFIL calculations.
Create a Multisig Proposal
A prompt will appear in your connected wallet. Confirm the transaction in your wallet to create the proposal.
Then, a transaction proposal for depositing FIL into GLIF will be created and must be approved by the required number of signers. If you want to check or cancel your proposal, go to the "Multisig proposals" section and simply click on the pending proposal to view its details.
The details will show the number of approvals made so far, and you can cancel the proposal by clicking 'Cancel Proposal'
Approve the Proposal with Other Signers
Other signers need to connect their wallets to the GLIF website. To approve the proposal, select the same pending proposal and click "Approve proposal", then confirm the approval in the wallet prompt.
Each signer's wallet must have a small amount of FIL (as little as 0.001 FIL) to cover gas fees.
Complete the Deposit Process
Once the required number of signers have approved, the transaction will be executed. Please wait if you cannot see the transaction immediately, as it may take a few minutes for it to be confirmed on the network.
You can check the transaction details in the "Transactions" section at the bottom of the multisig page.
After the transaction is complete, your FIL will be deposited, and you will receive iFIL tokens in return. Check the "Tokens" section to confirm your updated balances.
Congratulations! You have successfully deposited FIL using your GLIF multisig wallet.
By following this step-by-step guide, you can successfully deposit your FIL from a multisig wallet into the GLIF pool and start earning rewards! Remember to always double-check addresses and transaction details to ensure the accuracy and security of your funds.
If you want to learn how to withdraw from the GLIF pool after making a deposit, refer to our next tutorial here.
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