A simple guide to staking AVAX
Avalanche mainnet launched today and Dokia Capital is excited to be a validator in this promising ecosystem. We’ve put together this simple staking guide for AVAX holders that want to start delegating!
What is Avalanche and why did we join the network?
Avalanche is an open-source network that’s high-performance, scalable, and secure. With a focus on “building the internet of finance”, Avalanche is designed as an interoperable ecosystem in which different blockchains, supporting a variety of DeFi applications create a global market for financial assets.
How to delegate AVAX
Step 1: Create a wallet
Go to the Avalanche Wallet and hit “CREATE NEW WALLET”
The next step will generate your Key Phrase, write it down, and keep it somewhere safe!
This is the only way to create a wallet for now, but the Avalanche Wallet will soon introduce support Ledger devices, at which point we strongly recommend you switch to this access method.
Step 2: Transfer funds to the P-Chain
If your AVAX tokens are still on the Exchange Chain (X-Chain), you will need to transfer them to the Platform Chain (P-Chain) in order to be able to delegate them. The difference between the X-Chain and the P-Chain is that X-Chain is where digital assets are launched and traded, whilst the P-chain is where staking is managed.
To execute the transfer head over to the “Earn” section from the Avalanche Wallet side menu and hit “TRANSFER” in the Cross Chain Transfer section.
You should transfer a minimum of 25 AVAX, as this is the minimum stake allowed. Also, please make sure to take transfer fees into account when deciding on the amount that you want to send!
Click “SUBMIT, then “TRANSFER” and after the transfer is completed, click on “BACK TO EARN” and you’re all set up and ready to delegate!
Step 3: Delegate!
In order to start delegating, hit the “DELEGATE” button in the “Delegate” section. You will see a list of validators, organized according to their Node ID.
Delegate to Dokia Capital using our Node ID: NodeID-HydSrrCw7Ec8o9kVunjwefzgYCZWkbz4o.
Just copy-paste it into the “Search Node ID” bar.
After choosing your validator, you need to set the parameters of your delegation:
Staking Period: sets the timeframe in which your tokens will be locked(your tokens will not be liquid during the staking period). The minimum staking period is 2 weeks.
It’s important to check when your chosen validator has set the end of their own staking period because you can’t set the end of your staking period past your validator’s end period.
Staking Amount: sets the amount of tokens that you’re locking.
The next step is to confirm your delegation then hit the “SUBMIT” button to make it official. And that’s it, you’re now a Delegator on the Avalanche Primary Network!
Learn more about Avalanche:
Learn more about Dokia Capital:
