Staking Guide — Stake SUI using the Sui Wallet
Written by Chainode Tech, Web3 Infrastructure provider & Sui Validator
As you may already know, the Sui Network Mainnet went live on May 3rd 2023 and the SUI token is now listed on several exchanges.
At Chainode Tech, we are proud to have been an infrastructure provider for the Sui Network since its initial Testnet phases, as well as a Mainnet Validator since the Network Genesis. Our experience as a Testnet participant was thrilling and unique, distinct (in an exciting way) from the 20+ Testnets we’ve participated in before.
A particular achievement our team is proud of is winning the third place in the SUI Testnet Wave 2 (at a very small difference from the 1st spot) — this being the only phase in the Testnet that had a direct validator competition. In addition, the technical performance of our operated validators on both the Testnet and Mainnet has been so far flawless, delivering top-tier infrastructure combined with best operational skills existing on the validator market.
One exciting thing about Mainnet launches is staking! Staking is a great way for token holders to earn staking rewards while supporting the network, its decentralization and security.
This article will guide you through the process of staking on the Sui Network, using the Sui Wallet software version.
How to stake SUI?
To begin the staking process, the first step is acquiring SUI tokens. It’s important to conduct due diligence before purchasing any digital assets or tokens. In regards to the SUI token, you can check on which exchanges it has been listed by using either CoinGecko or CoinMarketCap. As both platforms show, SUI is already listed on exchanges such as Binance, Kraken, Bitfinex, etc.
Download and Install the Sui Wallet
For this guide we’ll be using the Sui Wallet, an open source, self-custody wallet created by Mysten Labs. As an alternative, you can also stake your SUI tokens using Martian Wallet and Suiet Wallet.
To use the Sui Wallet, you have to download the browser extension which is now available only for Chrome. For those who prefer not to use the Chrome browser or do not have it installed, there are alternative wallets available for staking SUI as mentioned earlier.
The Sui Wallet extension can be downloaded here. You can then click on “Add to Chrome”.
Once the Extension is installed, let’s go ahead and click on “Get Started”.
If you already have a Sui Wallet, click on “Import an Existing Wallet”. Since almost all of us are new here, let’s create a new Sui Wallet by clicking on “+ Create a New Wallet”.
Now it’s time to choose a great password to protect your wallet. Please make sure to safely store the password. Once you added your preferred password and safely secured it, you can click on “Create Wallet”.
On the next screen you will see that the wallet has been successfully created. Now it’s time to save your recovery phrase. Click on the “eye” icon as highlighted in the visual below and the recovery phrase will be visible for you. It is EXTREMELY important to make sure that the recovery phrase is saved and stored safely, as if not, you cannot access your Sui wallet or SUI tokens later.
Once you saved your recovery phrase (preferably with at least one offline copy as well), you can proceed to click on “Open Sui Wallet”.
Before starting with the staking process, you have to make sure that you are on the Sui Mainnet version of the wallet. To do so, you can click on the top right “Menu”, click on “Network” and then select “Sui Mainnet”, just as shown in the visual below.
Now let’s get to the fun part: Staking SUI!
After funding the wallet with the desired amount of tokens, we can go ahead and click on “Stake & Earn SUI”.
You will now see the list of Validators with which you can stake your SUI tokens. Please make sure to do your own research and support quality Validators. In addition, we highly encourage the spread of the stake among multiple Validators so that you improve the decentralization of the network.
So, once you are sure with which Validator you would like to stake your SUI tokens, select it from the list. For the sake of this guide, we will select as example our own Validator, “Chainode Tech”. After that, you can go forward with selecting the amount you would like to stake by clicking “Select Amount”.
In this step you can add the desired amount of SUI tokens you would like to stake (the minimum required amount for staking is 1 SUI). Please be aware that the staking transaction will require a Gas fee. The Gas fee amount is visible under the amount of SUI you would like to stake. Make sure to have the total amount of tokens you would like to stake + the Gas fee in your wallet, otherwise the transaction will fail. Once you are ready to proceed, click on “Stake Now”.
🎉 Congratulations! You are now a staker on the SUI Network and are actively contributing to the security of the protocol. Juicy SUI staking rewards will find their way to you starting with the next epoch! 👇
If you like to further delegate tokens to other Validators, you can click on the “Stake SUI” button and repeat the process.
After staking, it is really important to monitor your staking activity regularly to ensure that everything is running smoothly. You can check your staking status in the Sui wallet and make adjustments as needed.
In addition, you can visit the Sui Explorer to check the performance, fee changes, etc. of the validator/validators you delegated your stake to.
Also, if you have any questions, it’s best to reach out to the Validator/Validators you delegated your SUI tokens to. For example, we have a Telegram Announcements Channel as well as a Telegram Community Chat open 24/7 for our delegators, where our team shares updates and answers community questions openly. Happy staking! 🎉
Now, let’s go through the top 5 frequently asked questions we received about SUI staking:
1. What is the minimum amount of SUI required for staking?
The minimum amount required for staking in the Sui Wallet is 1 SUI token. However, please be aware that there is a Gas fee associated with the staking process.
2. How much is the SUI staking APY?
The staking APY is visible for each validator in the Sui Explorer. For example, the current staking APY as of 04.05.2023 when staking with the Chainode Tech validator is 8.81%.
3. Can I unstake my SUI tokens at any time? How long does it take to unstake?
Yes, you can unstake your assets at any time. When you are staking for the first time, you have to wait 1 full epoch until you can unstake (1 epoch lasts about 1 day). Afterwards, there is no cool down period.
4. Are there any risks of slashing on the Sui Network?
Yes, the Sui Network has implemented a system called the Tallying Rule. You can find out more details about how it works here. Therefore, it’s crucial to ensure that the Validator your are staking with has a strong performance record with no slashing incidents, that it operates in a compliant jurisdiction, and is willing to maintain open communication with their delegators. By taking these steps, stakers can help mitigate potential risks and maximize their staking returns on the Sui Network.
5. Can I stake SUI using a hardware wallet?
Yes. On May 4th 2023 the Ledger integration into the Sui Network was announced. We published a step-by-step guide for staking SUI with your Ledger device which can be found here.
Disclaimer: It’s important to note that the above Staking Guide is for informational purposes only and is not intended to be financial advice. Furthermore, some of the steps outlined in the guide may change over time due to updates in the wallets or network. Therefore, it’s crucial for the staker to conduct their own research from multiple sources and ensure that they fully understand how the staking process works, the risks and benefits of staking before proceeding.
About Chainode Tech
Chainode Tech staking link for Sui: https://explorer.sui.io/validator/0xe05098c2049b9e4c37be7a3be42214498603b981d514a581ef741dc628651b1a?network=mainnet
Founded in early 2019, Chainode Tech is a Web3 infrastructure and service provider based and registered in Zug, Switzerland, focused on bootstrapping innovative Web3 protocols, providing necessary infrastructure and tooling as well as offering staking and validator services on cutting-edge Distributed Ledger Technology (DLT) protocols.
The team behind Chainode Tech is extremely motivated and experienced with background in Software & System Engineering, System & Integration Architecture, DevOps, Marketing, Business Growth and Capital Investments. The project is now active on 15+ Mainnet Networks and multiple Testnets while running a robust 25+ Networks RPC infrastructure fleet.
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