How to stake Tezos (XTZ) via Magma wallet: a detailed guide
Staking allowed many users to receive tokens without having to buy expensive mining equipment and incur huge energy costs, as well as suffer inconveniences. In addition, it does not require any technical knowledge. All you need to do is install a wallet, top it up, and delegate the coins to the validator (Baker). Today we will tell you how to stake Tezos (XTZ) tokens in the Magma mobile wallet.
How to create a wallet
Magma is a convenient and secure Tezos mobile wallet that supports exchange and staking functions. Apps are available for iOS and Android. Now let’s move on to the process of creating a wallet.
1. Download and install the Magma Wallet app for your device, and then launch it. To create a new wallet, click “Create new wallet”.
2. The wallet is ready to work. Click “Continue” to get started with Magma Wallet.
3. Create a backup copy of your wallet. It allows you to restore your wallet on another device in case you lose your smartphone. Please note that without the seed phrase, you will not be able to restore access to tokens. If you lose it, you will lose access to your wallet forever. Therefore, save the seed phrase in a safe place, out of the reach of outsiders. Click “Show recovery phrase” to continue.
4. Write down the recovery phrase on paper or other offline media. Don’t share this phrase with anyone. Otherwise, you may lose your funds. It is also important to follow the sequence of words shown on the screen of your smartphone. Check the box and click “Continue”.
5. Now the app will ask you to enter a pin code for additional security. This way, attackers will not be able to access your wallet on your mobile device.
6. Enter a 4- or 6-digit pin code to access the app. The more complex the pin code is, the better.
7. Now confirm your pin and click “Continue” to proceed to the next step.
8. Additionally, you can enable Touch ID for quick access to the app without a pin. We recommend enabling both pin and Touch ID to avoid possible problems. But you can skip this step.
9. Congratulations! You have created your Magma wallet. Now let’s top it up so that you can stake tokens XTZ.
How to top up your Magma wallet
As you can see in the screenshot, the Magma mobile wallet contains an intuitive interface that is easy to understand even for a beginner. You can add funds to your wallet by clicking on the button in the upper-right corner right on the home screen.
Finally, copy the address or scan the QR code to top up your Magma wallet from another wallet. You can also share your account details in social networks, messenger, or via email.
Everstake has a handy bot, which can be used to track the status of Tezos (XTZ) and other tokens, such as Cosmos (ATOM) and ICON (ICX). You just need to launch the bot and add the address of your Tezos wallet there.
So, launch the bot, click “Start Monitoring” and then “Add subscription”.
Now in the list of coins, select Tezos, come up with an address name, and then enter the address of your wallet. If everything went well, the bot will display the message “Your address was added”.
Now let’s try to stake XTZ tokens in the Magma mobile wallet.
How to stake XTZ tokens
1. on the main screen of the app, in the lower-right corner, select the “Settings” section.
2. Then, in the Tezos betting subsection, click “Baker delegation”.
3. Select an available Baker. To do this, just start entering the name of the Tezos validator and select it from the list, or insert the Baker’s address or scan the QR code. Address of the Everstake validator:
tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM
4. The wallet will indicate the transaction fee to the validator. Now click “Confirm baker selection” to continue.
5. Wait for the transaction to be added to the Tesoz blockchain. This may take a few minutes.
6. Done. Click “Finish”. To go back to the app settings.
Your wallet will still display your balance. As you can see in the screenshot, the amount of tokens has changed slightly, since the fee was deducted. If you managed to stake XTZ, then the bot will send a message that you have successfully delegated the coins.
Your XTZ tokens are staked, and now you will receive a reward. The first reward will be credited in 37 days from the start of staking. Delegate XTZ only to trusted bakers, like Everstake. We have been validators in the top blockchains for more than 2 years: ChainLink (LINK), Polkadot (DOT), Cardano (ADA), Kusama (KSM), Band Protocol (BAND) and many others.
Everstake’s Baker address: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM
Fee: 15%
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