How to Get Started with Stader Stake+ (officially released!)
If you’ve been following Stader Labs on Twitter or have seen updates on their new Stake+ feature, you will realize it’s now been released!
You may be wondering, what exactly is Stader Stake+. I go through what this new feature is in depth in my previous Medium article which can be found here.
Long story short, the plus side to using Stader Stake+ is that you benefit from both Stader as well as the selected validator. Stader offers auto-compound staking rewards, collecting airdrops in a single click, and deploying different $LUNA stacking strategies. These core benefits along with each of the different incentives of the validator provide the delegator with the ability to maximize rewards while doing your part to further decentralize the Terra network and strengthen the blockchain that runs beneath it.
I’ll write the steps to start delegating your $LUNA via Stader Stake+ below. Let’s get started!
- Go to https://staderlabs.com/ and click the Stake Now button.
2. Next click the Stake+ tab on the bottom left side of the screen. From here, you’ll need to connect your Terra wallet. You can use Terra Station wallet to connect.
3. Once your wallet is connected, you’ll be shown the 6 validators that are readily available to start using Stader Stake+ with. Each of these validators provide benefits to the delegator. You may be wondering what those benefits are. Lucky for you, I’ve also written an article that details the benefits of each validator and that can be found here.
For this tutorial, I will be delegating 1 $LUNA to the Galactic Punks Validator (for every 10 $LUNA delegated to the GP Validator, you are given 1 ticket which is put towards a weekly raffle to win a Galactic Punks NFT!).
4. I’ll select the Galactic Punks Validator (in your case, you can select any of the 6 you’d like depending on who you prefer to delegate to after doing your research, of course).
You can then write the amount of $LUNA you want to deposit into the validator and then click Confirm. Note the transaction fee sits around 0.3 $UST so make sure you have some $UST in your Terra Station wallet before you proceed!
5. Once you confirm, you’ll need to enter your Terra Station wallet password and confirm the transaction. When that is all completed, you’ll be taken back to the same page under Stake+ and you should now be able to see your delegated $LUNA under Portfolio > Delegations.
That’s all you have to do to get started with Stader Stake+! Easy few steps to follow until you’re able to maximize returns from the validator and Stader!
If you have any questions, feel free to ask and I’ll do my best to answer.
Stay tuned and follow Stader Labs for further development:
Website: https://staderlabs.com/
Twitter: https://twitter.com/staderlabs
Follow me on Twitter: https://twitter.com/switzcrypto
FAQ (Frequently Asked Questions):
Q: If I’m currently staking my $LUNA in a Stader Staking Pool and want to redelegate to Stake+, can I do this instantly?
A: Unfortunately not. If you’re currently in a Stader Staking Pool (for example the Blue Chip pool), you will need to first undelegate from that pool, wait the 21 day period, and then you’ll be able to delegate the $LUNA into Stader Stake+. The reason is because Stake+ uses a different smart contract than the one used in the Stake Pools, hence the need to undelegate and wait the 21 day period.
Q: Is Stake+ only going to have these 6 validators or will more be available later on?
A: According to Stader Labs, more validators will be onboarded in the near future as Stader goes through a rigorous process of verifying the validator that’s applying to be on Stake+ (uptime, benefits to the Terra ecosystem, etc). There is no current timeframe as to when more validators will arrive on Stake+, but for now you have the option of choosing between the six (all provide great benefits!).
