How to Stake NEAR Using the Near Wallet: a Beginner’s Guide
Developers of blockchain platforms strive to create protocols that make the development of decentralized applications (dApps) simple and secure. One of such platform is Near Protocol. It is an open-source blockchain developed for fast app creation.
Read our article about Near Protocol here.
The Near Protocol developers have created a simple and convenient Near Wallet for their cryptocurrency. In this detailed guide, we will explain how to stake Near Protocol tokens in Near Wallet.
How to create a wallet
First, you need to create a NEAR account in your web wallet. To do this, go to the Near Wallet website and click “Create Account”. If you already have a Near wallet, then click the “Import Existing Account”.
Come up with an account name. You can use Latin letters, numbers, and any special characters to separate IDS, except “@” and “.”. If the name is vacant, click “Reserve My Account ID”.
Note. Near Wallet supports the integration of Ledger hardware wallets. If you have such a device, you can log in to your wallet using it. Using a Ledger wallet is the safest way to stake your NEAR tokens.
Now you need to choose a method for restoring access to your wallet. Near Wallet supports 3 recovery methods:
- Via a seed phrase (Secure Passphrase);
- Via connecting Ledger hardware wallet;
- Via email;
Near Wallet recommends choosing the first or second method, as they are the most secure. If you select an email address or phone number, hackers can break into your wallet if they get access to them. In addition, this method is vulnerable to phishing and other online attacks.
After you select the Secure Passphrase, click the button below to continue creating the wallet. We will show the process of using a recovery phrase.
A seed phrase consisting of 12 mnemonic words will appear on the screen. The safest method to store the seed phrase is to write it down on a piece of paper and keep it in a safe place. Then click “Continue”.
Important. It is not safe to copy or make a screenshot while saving a seed phrase. Do not store your mnemonic password on online media and do not share it with anyone, otherwise, your funds may be stolen.
Confirm that you entered the seed phrase correctly.
Now let’s learn how to stake NEAR tokens.
How to stake NEAR
There’s nothing complicated about it. On the Near Wallet home page, open the “Staking” tab.
First, if you have more than one account, you need to select the one from which you will stake NEAR, then you need to choose the validator to whom you are going to delegate tokens. Click “Stake My Tokens” and select the validator.
On the new page, start entering the validator’s name, for example, Everstake, the biggest staking provider in the blockchain industry, trusted by 465,000 users. The company uses enterprise-level hardware to run nodes for the most popular blockchain networks since 2018. Everstake also creates complex blockchain products, such as lending protocols, staking pools, blockchain bridges, and marketplaces. The wallet will show the validator’s fee.
Note. Pay attention to the fact that Near uses non-standard addresses in the everstake.poolv1.near format instead of long hexadecimal words, like Bitcoin and Ethereum addresses.
Specify the number of NEAR tokens you want to delegate. Select the “Use Max” option to stake all available tokens in your wallet. Finally, click “Submit stake” to confirm the transaction.
It takes some time to verify the transaction. You need to wait for a little.
If the coins are staked successfully, you will see this message:
Go back to the dashboard, and there will be displayed the amount of staked tokens, the reward from staking, the number of the NEAR tokens available for withdrawal, and the validator you’ve delegated to, besides, you can choose one or more different validators.
Note. Earned tokens are automatically reinvested, but you can withdraw them and unstake them as soon as the withdrawal button is available. Tokens will be unstaked after 4 full epochs — which is approximately 52–65 hours.
How to unstake
At the staking section choose “Unstake”.
Next, select the validator you staked with:
Choose the number of tokens you want to unstake or click “Use max”
And confirm it:
If you have done everything correctly, you will see the “Success!” inscription:
Address of the Everstake validator: everstake. poolv1. near
Annual yield: 11%
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