Celo Staking Guide
What is Celo?
Celo is a blockchain ecosystem designed to enable accessible financial solutions for mobile users, where end-users can onboard into the Celo ecosystem with just a mobile number. Celo’s Proof of Stake (POS) consensus protocol provides interoperability & cross-chain compatibility which enables the circulation of digital assets at low costs and high speeds across devices, carriers, and countries, making money mobile, global and accessible like never before.
Staking Celo
In this guide, we will be using the Celo desktop wallet which can be acquired from https://celowallet.app/. Download the client for your operating system and create an account.
Use a strong password for your account and it is recommended to store your recovery phrase on a piece of paper and keep it safe.
You will need to transfer some funds to your new wallet. Celo is currently available for purchase on multiple centralized exchanges (CEX) like Binance, Gate.io, Coinbase, and Kucoin.
In order to start staking we will first need to “Lock” our tokens. To do so press on the “More” button and select “Lock”. Select “Continue” and then press “Lock” again to lock your tokens.
Leave some spare Celo in your wallet to cover transaction fees
Unlocked Celo will be available in 3 days
Now that we have finished locking, our next step is to stake them. To start staking select “More” and then “Stake”. You will see a list with all the available validators and some details about them. Select a validator of your liking and press on “Vote for group”. Enter the amount you wish to stake, select “Continue” and on the next window select “Vote”. Next, we will be prompted with a message that states to return in 24 hours for the Validator vote to be activated.
It’s recommended to do your own research before choosing a validator
In the last step, we need to return in 24 hours and activate our validator vote. Select your “Vote for Validator” transaction in the transaction history, select the “Activate” option, click on “Continue” and on the following window select “Activate”.
Rewards
Once you have finished activating your validator vote you will start earning rewards. The current APY for staking Celo is approximately 6%. Rewards are automatically compounded, which in time will increase your staking size.
If you have any questions, looking for alternatives to delegate, or just want to chat, you can contact us on the following channels:
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