Jun 8, 2021
How to Delegate MINA in a Mobile Wallet StakingPower
Mina Protocol developed the world’s first compressed blockchain that weighs just 22KB. It covers the problem of the growing amount of memory required to store transaction data. We wrote a detailed overview article about the project earlier.
You can read it here
Mina Protocol Overview — The Features Of A New Succinct Blockchain Platform
In this guide, we describe how to stake MINA tokens in the mobile wallet called StakingPower on Android.
Creating a new wallet
First, you need to create a wallet in which you will store and delegate MINA cryptocurrency. StakingPower is a simple and convenient Android wallet for managing Mina Protocol coins. Download and install the wallet using the link on your device, and then launch the application.
On the page that opens, click Create New Wallet.
Save your wallet backup
Please note! Make sure no one is watching you. The seed phrase allows you to access your funds in any wallet and it is unacceptable for a stranger to learn what it is. Therefore, mnemonics should be preserved in a secluded place. Click I Understand to continue.
Write down all 12 words in the specified order on paper or any other, but only non-digital, medium, since it is not safe to store the seed in digital form. Do not copy the phrase or take screenshots while recording it.
If you don’t know how to safely store a seed phrase, read our article on crypto security:
Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency
After you write down the sequence of mnemonics, click Continue.
Now confirm that you have correctly recorded your backup recovery phrase by sequentially adding the words from the list to the field on the screen. If you save your seed phrase incorrectly or lose it, you will not be able to restore access to the wallet if necessary. Click Continue.
Create a strong password
The password will protect your wallet in case of loss or theft of the mobile device on which the application is installed. Come up with a password that is as strong as possible so that the wallet cannot be hacked. We recommend using upper case letters, numbers and special characters. A secure password must be at least 12 characters long.
Enter and confirm the created password, and then click Continue.
The StakingPower wallet is created and ready to use. But before that, funds need to be added to it. Here’s how to do it.
Adding funds to the wallet
To receive the address of your MINA wallet, press the button Receive.
A list of available addresses will open. In the StakingPower wallet, you can add and use multiple addresses, for example if you use coins for different purposes. Select an address, if there are several, and click on it.
Copy the address or save a QR code that can be read with a camera on another device to send coins.
After replenishing the wallet, you can proceed to delegation. Pay attention that you will need 1 MINA to activate your account. Also, there is no staking minimum and unbonding period.
Delegation of MINA
Staking coins is the last thing to be done. As with many PoS networks, the Mina Protocol maintains a network of validators and delegators. Regular users do not need to run their nodes. You can choose a trusted validator and delegate coins to it. To stake MINA cryptocurrency, go to the tab Stake.
The screenshot shows that there are no active delegations in the wallet yet. After you stake MINA, the information about the delegation will appear in this section. Here you can also track your progress until the end of the epoch, after which staking rewards will be accrued. To continue, click on the required account from the list, if you have more than one.
One of the differences between the Mina Protocol and other PoS blockchains is that the staked assets continue to be under the user’s control, and you can withdraw them at any time. In other words, Mina does not have a lock period. Click Select a Staking Provider to continue.
Select a validator for the delegation. How stable your income will depend on this choice. Therefore, it is important to choose only reliable validators such as Everstake. The team consists of blockchain and fintech experts with many years of experience who carefully select projects to participate in and develop solutions to help their delegates make staking easier.
Click on the selected validator from the list to continue.
Select the type of commission. The higher the commission, the faster the validators will confirm the transaction, and you will stake the MINA cryptocurrency. Click SEND to send the transaction.
Enter your wallet password to confirm the transaction and then click Confirm.
The transaction has been sent and is awaiting confirmation.
The confirmation will take less than a minute. After the transaction is added to the blockchain, you will see the following message:
Return to the main wallet screen. It will show that MINA coins have been staked.
If you go to the Stake section, you will see that statistics have appeared on the screen. After the start of a new era, you will start earning staking rewards. Each epoch lasts approximately 14 days.
Note: stake data for the next epoch is generated at the beginning of the current epoch. Therefore, the delegation is activated in 2–4 weeks depending on when you made it.
We wish you profitable staking!
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