How to Stake $VLX (VELAS) tokens with Velas Desktop wallet

StakeCraft

Published in

Coinmonks

4 min readSep 24, 2021

First, we need to download a wallet.

Download the wallet distribution from the official VELAS website:

· MacOS

· Windows

· Apple devices

· Android devices

· Linux

You can always find and download the latest version of Velas Desktop wallet here. Run the installation wizard, install it.

In this FAQ we used Velas wallet for Mac OS as an example

Install the wallet on your computer

On the first step you will be offered to choose the language, then ‘click’ create button. If you have a seed phrase, you can restore your old wallet.

Then input a strong password for your wallet app.

In the next step you will have to save your seed phrase and after that enter each word in the suggested order.

The wallet will generate a 24-word wallet recovery seed. You will need it in case your device is lost or damaged and you cannot access your funds.

REMEMBER! Write down your mnemonic seed phrase and securely store it. Whoever has access to the mnemonic seed also has access to your funds!

Now you’re all set to start using your Velas wallet!

How to delegate tokens

Once launched on the home screen, you need to get an address. To do this, simply click on the wallet for $VLX (Velas Native) tokens (step 1). Then you can see your wallet address just in the upper-left corner, click on it and then copy your wallet address.

After you finish funding your wallet you can move to step 2.

Creating a Stake Account

After you successfully funded your Wallet Account, it is time to create a Stake Account. Hint. You as a token-holder have the power to increase the overall security and hence the overall value of the network through enhancing decentralization by delegating to more than one validator. For you to do this successfully, you need to create more than one Stake Account. Split the funds in your Wallet Account across your different Stake Accounts, but make sure to leave some $VLX in your Wallet Account in order to pay for transaction fees. Since these are very low in Velas, leaving ~ 1 VLX in your Wallet Account should be more than enough.

On the «Staking» tab in the top menu and click «Create Account». Choose the amount you want to transfer from your Wallet Account to your Stake Account in the pop-up menu and click «Next». Repeat this process for every Stake Account you want to create.

You will find all of your Stake Accounts displayed in Velas wallet and are now ready to stake!

Delegating your Stake

In the «Staking» tab on Velas wallet, click «Delegate» next to the respective Stake Account, select the validator of your choice in the drop-down menu and then click «Next». Enter your password and click «Submit». Repeat this process for every one of your Stake Accounts. To foster decentralization and ultimately the security and value of the Velas network, best choose validators outside the «Halt Power». The «Halt Power» is indicated by a bar on Velas validators that states: «CUMULATIVE STAKE ABOVE CAN HALT THE NETWORK- IMPROVE DECENTRALIZATION AND DELEGATE TO VALIDATORS BELOW».

Our validator vote account address is:

AdHq5WyQZGSybBsMaWTp8rEmb6f8CtKFCrNUAUiDe6Vi

Having chosen the validator, press Apply button.

That’s it! You are now a delegator on the Velas blockchain, congratulations!

You can find your Stake Accounts with the validators they are delegating to under the «Staking» tab on Velas wallet.

StakeCraft Vote account address AdHq5WyQZGSybBsMaWTp8rEmb6f8CtKFCrNUAUiDe6Vi

StakeCraft Identity account address EzWagw2WJnwWvzXvaWDXDEioWFyASyEJu9LfcfAva5bL

Sincerely yours,

StakeCraft team.

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How to Stake $VLX (VELAS) tokens with Velas Desktop wallet

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