Unlocking the Power of AVAX: Your Guide to Staking on Avalanche
Discover the process of staking AVAX tokens on the Avalanche network using Core App, contributing to network security, and earning rewards with ease.
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Avalanche is a cutting-edge blockchain platform designed for high-performance, cost-effective financial applications. It enables users to establish custom token and digital asset ecosystems, ensuring secure and economical transactions. The AVAX token powers the Avalanche network and is utilized for trading, staking, delegating, paying transaction fees, and participating in network governance.
Step 1: Acquire AVAX Tokens
If you don’t have AVAX in your account, add some tokens by transferring them from an exchange or receiving them from another user, and transfer them to your wallet.
Step 2: Access Core Stake for Staking your AVAX
Ensure you are in the correct url Core App
Step 3: Connect Your Wallet
Core Stake allows you to connect different wallets, from Core Wallet itself to MetaMask, Coinbase, Wallet Connect, Ledger, and others. Select the wallet where you have stored your AVAX tokens. We recommend using Core Wallet.
Step 4: Navigate to the “Stake” Section
In the left-side menu, head to the “Stake” section, where you’ll find options to validate, delegate, or perform cross-chain transfers. Choose “Delegate.”
Note: To stake, ensure your funds are available on the Platform Chain (P-Chain). Transfer them from the Exchange Chain (X-Chain) through a cross-chain transfer if needed.
Step 5: In the Delegate Section
- Click “Get Started” and then click on “Transfer AVAX.”
- Choose the source chain (either X or C in this situation) and make sure the destination chain is set to P.
- Enter the number of AVAX to be transferred.
- Click “Confirm Transfer.”
Step 6: After Transferring AVAX to the P-Chain
Enter the amount to delegate, then click “Next.”
Step 7: Select the Node
Select the node you want to delegate your AVAX to. DragonStake’s Avalanche Node ID: NodeID-KRhtytNVPjiSeZMJrqqE1vdHTCoMTHCer
Step 8: Choose Your Staking Duration
There are multiple predefined durations available to choose from, as well as a “Custom” option where the user can select a specific end date for their staking period.
Step 9: Select the Reward Address
After selecting a delegation duration, choose the address where the rewards will be delivered. Users can choose between their connected P-Chain wallet address or enter a custom address. After selecting an address, click “Next.”
Step 10: Review and Submit
View a summary of your delegation information. You have the ability to go back to adjust any submitted information, cancel the delegation setup, or complete the delegation by hitting the “Submit Delegation” button.
Note: You will then be prompted to confirm the transaction on the Core extension.
Step 11: Confirmation
Once completed, users will see that their delegation was successful. They can then view the transaction information on the Subnet Explorer or return to Core Stake.
Important Reminders Before Delegating AVAX
Delegators are token holders participating in staking, specifying Node ID, Start and End Time, and Reward Address in transactions.
The minimum staking amount is 25 AVAX.
The minimum staking duration is 2 weeks.
Disclaimer: This article is provided for informational purposes only. Cryptocurrency investments are subject to high market risk. DragonStake is not responsible for any direct, indirect, or consequential losses as a result of the staking process. Always perform your due diligence before making financial decisions.
