A Guide to Staking on Secret Network
Secret Network is a DPoS (Delegated Proof of Stake) blockchain network. This means you can stake the native coin SCRT to earn rewards and vote on governance proposals. Rewards currently range between ~25–30% annually.
Here, we’ll take you through the steps to stake their SCRT with either the Citadel.One or the Keplr wallet. We also included an FAQ to address any lingering questions you might have.
What we’ll cover in this tutorial:
What to do before staking
Before staking, you need to have installed either:
- The Citadel.One wallet—a non-custodial staking platform that supports both desktop and mobile. Go here to install the app and set up your wallet
- OR the Keplr wallet—an open-source browser extension wallet for the Cosmos interchain ecosystem. Go here to install the app and set up your wallet, or what this tutorial
You also need to get SCRT—go here to see all of your options.
How to stake with the Citadel.One wallet
For instruction on staking with a Keplr wallet, scroll down!
Step 1: Open your Citadel.One wallet and navigate to your SCRT wallet. In your SCRT wallet select SCRT, and in the ‘STAKE’ tab select ‘Add nodes’.
Step 2: Click to select a node for staking and find the node that you want to stake with. If you do not know which node to stake with, consider these 3 factors: decentralization of the network, a validator’s active participation in network governance, and the validator’s reliability to keep the node online.
Step 3: When you have selected a validator, enter how much SCRT you want to stake. Confirm by clicking ‘Stake’. Make sure to leave some SCRT in your wallet for fees to claim future rewards.
Step 4: When you click ‘Stake’, you’ll receive a pop-up asking you to validate the operation. Enter your password and click ‘Confirm’. You should now be able to see your stake in the balance dashboard of your wallet.
Step 5: When you want to claim your rewards, press ‘Claim’ in the balance dashboard of your Citadel.One wallet. A pop-up will ask you to validate the operation with your wallet password. If you confirm, you should find the claimed SCRT is added to your wallet balance.
How to stake with the Keplr wallet
Step 1: Open your Keplr browser extension and select Secret Network from the top navigation. Next, click ‘Stake’. This will redirect you to the Keplr dashboard on a browser page.
Step 2: Select a node for staking. If you do not know which node to stake with, consider these 3 factors: decentralization of the network, a validator’s active participation in network governance, and the validator’s reliability to keep the node online. Click ‘Manage’ with the validator of your choice. In the pop-up that appears, select ‘Delegate’.
Step 3: Enter the amount of SCRT you want to stake to this validator and click ‘Delegate’. A pop-up will appear asking you to approve the transaction. You can select the fee you want to pay—note that ‘Low’ doesn’t always work depending on the network status.
Step 4: You can claim your rewards either on the top of the Keplr dashboard or in your Keplr browser extension. A pop-up will appear asking you to approve the transaction. After claiming your SCRT, it should be added to your wallet balance.
Frequently Asked Questions (FAQ)
Where can I calculate my potential returns?
You can check the “Stake or Die” rewards calculator to see the potential return on your staked SCRT.
Can I stake with multiple validators?
Yes—in fact, we encourage this, as it reduces your risk and encourages decentralization of the network.
What risks are involved in staking?
A validator you stake with could be slashed, slashing your stake in the process. Being offline for > ~18 hours has a slashing penalty of 0,01%. Misbehavior (e.g. double signing) has a slashing penalty of 5%.
Can I switch validators?
Yes, you can manage your current stake with one of your current validators and choose redelegate. You can redelegate instantly every 21 days. Redelegation is possible when the validator is offline.
Is there auto-compounding?
No, currently there is no auto-compounding function. Check this staking optimizer from Secure Secrets to calculate the most optimal staking frequency for your stake.
Is there an unstaking period, and do I earn rewards while unstaking?
Yes, there is an unstaking period of 21 days, and no, you do not earn rewards while unstaking.