In this walkthrough guide, you’ll learn what staking in 2022 will be like and how to generate up to 40 percent in yearly returns by delegating the BIP coin.
If you don’t have BIP on your balance, you’ll need to top up your wallet first. Follow the instructions below. If you have BIPs already, go straight to the 3rd step.
Step 1. Deposit
To buy BIP, you will need an address in the Honee crypto wallet. You can log in with the one you already have or create a new one.
Upon sign-in, you’ll get into your personal wallet. Now, you need to top it up with the ETH (Ether) that you have elsewhere. For that:
- Press the Deposit button on the main screen
- Next, you’ll see an address that you’ll need to transfer your ETH to
- Send the necessary number of tokens to that address (for example, from an exchange account or another wallet)
Once the transaction has gone through, you’ll see the deposited amount on your balance.
Step 2. BIP Purchase
After your balance has been topped up with the Ether tokens you’d like to exchange for BIP, hit the Swap button or select the Buy BIP card.
In the newly opened window:
- Choose the token you want to spend (ETH)
- Specify the amount
- Choose the coin with the ticker BIP (if you’ve decided to go with the Buy BIP card, it will be set by default)
- Verify the price and the amount of BIP to get
- Press Confirm. Once the buy BIP transaction is completed, it will appear on your balance.
Step 3. Staking 2022: Delegation of BIP for Earning
Press the Delegate button.
In the newly opened window:
- Specify the number of BIP coins you’d like to delegate
- Pick a Minter Network validator you’d like to delegate (“bond”) BIPs to
- Hit Confirm
After that, your BIP will be delegated and you’ll start getting rewards onto your balance on a regular basis (several times per hour).
We hope that now that you’ve finished reading this article, you have an actionable understanding of how to earn on staking in 2022 via delegating BIP.
