Staking Guide — Stake SUI using Ledger & 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.
Staking SUI tokens using a Ledger device & the Sui Wallet
This guide will provide you with the necessary steps to stake your SUI tokens using a Ledger device. While we will be using a Ledger Nano X in this specific guide, the process should be achievable with any other Ledger device.
Opting to use a hardware wallet is proven to be much safer than using a software wallet, and thus we are also encouraging it. However, if you prefer to stake your SUI tokens using the software version of the Sui Wallet, you can follow the guide we wrote here.
Before starting with the actual staking process, you have to fulfill a few steps:
1. Download and instal the Sui Wallet from the Chrome Web Store, by clicking “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 that we have the Sui Wallet installed and ready to go, let’s get onto the next steps.
2. Configure and prepare your Ledger device, which includes ensuring that it is updated to the latest firmware version.
For this, you can use the official guides and instructions available on the official Ledger website.
3. Instal Ledger Live and make sure you can connect your device to Ledger Live.
You can now unlock your Ledger device by entering your PIN. If asked, allow My Ledger to access your device by clicking on both buttons.
Next, you need to find Sui in the app catalog as shown below. Once you find it, you can click on the “Install” button. If you are not able to find the Sui app, make sure that the Firmware is up to date.
In this stage, you will see the installation bar loading and your device will display a loading visual as well. Once successful, it will be confirmed, as shown below.
All good so far! Now you will need to connect your device to the Sui Wallet so that you can import Accounts. To do so, you need to unlock your Ledger device if it is not unlocked already, select the Sui app, and then press both botons as confirmation that you would like to open the app.
You can now proceed with closing Ledger Live. As a next step, you can go to the Sui Wallet, insert your chosen password and click on “Unlock Wallet”.
Next, you need to click the “Settings” menu on the top right (1), then click on “Accounts” (2) and last but not least click on “Connect Ledger Wallet” (3).
You might need to unlock your device before proceeding with the next step and click “Continue” on the Connect Ledger Wallet screen.
A pop-up window will appear where you need the select your Ledger device and click on “Connect”.
Next, the Accounts list will be displayed from which you can choose with which one you would like to proceed by clicking “Unlock”.
You can now proceed to transfer to your Ledger address the amount of SUI tokens you would like to store or stake with your Ledger device.
Now we can finally go forward with the actual staking process!
Make sure to unlock you Ledger and open the Sui app. In order to be able to proceed with the staking process, you will have to enable Blind Signing. In the Sui app (1) you have to click on the right button until you arrive at the “Settings” section where you have to click on both buttons simultaneously (2). Next, in order to enable Blind Signing, you have to click on both buttons simultaneously again (3) and you should see on the screen the message changed from “Blind Signing Disabled” to “Blind Signing Enabled”. Once you see this message, click on the right button (4) after which you should see the “Back” option. Click on both buttons simultaneously again (5) in order to confirm the change and go back.
Now you can proceed with opening the Sui Wallet and select the account you would like to use. You will notice that the Accounts from your Ledger device show “Ledger” next to them. The selected account shows a green check mark next to it.
In the Sui Wallet, with the Ledger Account that you would like to stake with, 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”.
If you did not enable Blind Signing, your Ledger device will display a warning that the transaction is not recognized. If this is the case, please enable Blind signing as previously instructed and repeat the process.
Once Blind signing is enabled and you click on “Stake Now”, press the right button on your Ledger device to review the following details: the Transaction hash, the Blind sign transaction and the Confirm option. While on the “Confirm” option, press both buttons to confirm the staking transaction.
🎉 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! 👇
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 without a hardware wallet?
Yes. You can stake SUI with the software version of the Sui Wallet for which you can find a Staking Guide written by our team here. In addition, you could also use Martian Wallet or Suiet Wallet.
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 young, 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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