Staking is the hottest new investment strategy in the cryptocurrency space, as it enables investors to generate cash streams regardless of market volatility. This article describes the popular NEAR Protocol’s staking mechanism.
Creating a wallet
1. Staking is a pretty simple process and to get started, a user needs to create an account at wallet.near.org.
2. After this you need to pick an account name and agree to the terms and conditions and privacy policy.
3. The next step is to choose your security method, which can be changed later on. It is advised to select a recovery phrase. Once you click next you get your seed phrase, which you must write down in the correct order and store it in a safe place. This recovery phrase will be needed if you lose access to your wallet.
4. NEAR is based on an Account model, in which users are assigned human-readable identifiers. To obtain the ID, you must first fund your account with 1 NEAR. This can be achieved using various available options including a list of exchanges that offer NEAR.
Staking using the NEAR wallet
1. To start staking you must first head to the Staking tab. Once there, you must select a Validator from the list of NEAR Validators.
2. You must then look at the fee below the validator’s name. This cost illustrates how much the validator will charge for helping you stake. Subtract the percentage from your entire reward and that’s your Annual Percent Yield (APY).
3. After selecting a validator pool, click ‘Stake with Validator’ and enter the stake amount. Click “Use Max” to stake you entire funds.
4. Following this, once you click confirm, you have successfully staked your tokens.
Withdrawing Staking Rewards
1.To withdraw your staking rewards, you go to your staking tab. Rewards are automatically restaked, so in order to unstake you have to click ‘Unstake’.
2. You will then be prompted to select which validator you would like to unstake from if you are staking with multiple validators.
3. Then you need to select how many tokens you want to unstake.
4. You then need to confirm that you are ready to unstake that amount of NEAR that you have inputted.
That’s how you can easily stake NEAR, straight from your wallet.
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