How to Get, Store, and Stake SCRT
Learn how to get & stake SCRT to earn off your crypto while securing the network.
In this guide, we’ll cover:
Why to stake SCRT
Staking is one of the easiest ways to earn off your crypto with blockchains that use the Proof-of-Stake consensus mechanism, like Secret. Stakers of SCRT currently earn between 25 and 30% ROI annually! On top of that, you’ll help secure the network and can participate in Secret governance by voting on proposals.
How to get a wallet and buy SCRT
Before you can start staking, you need to get a wallet and buy some SCRT.
Step 1: Install a wallet
We recommend the Keplr wallet — the interchain wallet for the Cosmos ecosystem — as it’s super easy to use and integrates with all apps on Secret Network.
Go here to get the app and watch this video to learn how to install and set up your Keplr wallet:
💡You can stake your SCRT with the Citadel.One wallet as well. Check out this tutorial to learn how.
Step 2: Get SCRT
You can buy SCRT on CEXes, DEXes, and directly with your credit card.
For US residents, we recommend buying SCRT on Osmosis. This video will take you through all the steps to get your SCRT and store it in your Keplr wallet:
📖 Prefer to read? Check out this guide.
🏦 For an overview of the other ways in which you can get SCRT (CEXes, DEXes, and direct pay) check out our Get SCRT page.
How to stake your SCRT with Keplr
Now that you have your SCRT, you can start staking! We’ll take you through all the steps to do so.
This video guides you through the steps of staking, but if you prefer reading a detailed guide, we cover these steps as well as claiming rewards, and unbonding below.
Step 1: Go to the Keplr dashboard
The first step to staking is to access the Keplr dashboard.
- Open your Keplr browser extension and select Manage Portfolio in Keplr Dashboard. This will redirect you to the Keplr dashboard on a browser page.
Step 2: Select a node to stake with
In the Keplr staking dashboard, click on “Staking” in the upper left corner of the page, and then you’ll see the list of validators you can stake with.
When picking your validator, consider these three factors:
- Decentralization of the network — staking with smaller validators helps distribute power within the network
- How actively a validator participates in governance, and whether its opinions are in line with your values
- The validator’s reliability to keep the node online (you can check validator uptimes with a block explorer like Secret Nodes)
Step 3: Stake your SCRT
Once you picked your validator it’s time to start staking!
🚨 There’s a 21-day lock-up period, which means that once you start unbonding your SCRT, you can’t use it on exchanges or anywhere else for 21 days.
- Click on the validator of your choice. In the pop-up that appears, select “Stake”.
- Enter the amount of SCRT you want to stake to this validator and click “Stake”.
- A pop-up will appear asking you to approve the transaction. By clicking approve you confirm the transaction on-chain and the staked amount becomes locked and starts accruing staking rewards.
That’s it! Now you’re staking your SCRT and earning rewards in the process! You can claim your rewards any time by going to your Keplr dashboard or opening your Keplr browser extension.
How to claim your rewards
Do you want to claim your rewards? Here are the steps to do so.
- You can claim your rewards on the Keplr dashboard or in your Keplr browser wallet extension.
In the dashboard, you will see the claim button by clicking on the Secret Network tab. Simply click claim and approve the claim transaction in the popup.
From the browser extension, you can click “Claim All” to quickly claim all rewards from all networks at once, or click the drop-down and choose to claim individual rewards
Now you started the process of unbonding and your SCRT + rewards should be available in your wallet within 21 days!
How to UnStake your SCRT
To unstake your tokens you must initiate the “unbonding” process. This is a 21-day cool-down period while your tokens unlock from delegation.
Once the 21 days is finished, your tokens are unlocked and become available in your wallet balance where you can spend them and transfer them as you wish.
(Note: you do not accrue rewards on tokens that are unbonding.)
- To get started, first go to the Keplr Dashboard. The same place that you claim rewards from. Then click the arrow to the right of the validator's name.
On the pop-up select “Unstake”
Enter the amount you wish to unstake or click “MAX” to unstake all tokens, click the unstake button, and approve the transaction.
Take note of the warning messages that will tell you that you do not receive staking rewards during the unstaking period and the reminder that unstaking takes 21 days.
After the 21-day period has completed you will see your tokens in your wallet balance and ready to use as you wish!
