How to Stake VLX Using Velas Mobile Wallet
VLX is a Velas blockchain coin that enables one of the fastest and cheapest transactions in the history of crypto-currencies. Implementing EVM on Solana fork, Velas is not a system created from scratch, but why would you reinvent the wheel? Its developers leverage advanced technologies already available in the PoS redefining and combing them for best performance.
Velas blockchain aims at achieving the following key benchmarks:
- 75,000 transactions per second
- Extra security to hacking attempts
- DPoS protecting the blockchain from malicious usage and overtaking
- Ethereum ecosystem deployment (EVM, Solidity, Metamask)
- Brand new inter-chaining options
- Independent and autonomous storage of smart contract and user confidential data
Velas provides user-friendly access to its ecosystem through its wallet. While VLX is a great tool for instant, low-commission wallet-to-wallet payments, staking is a great opportunity for VLX coin holders to gain a passive income. With a trusted top-validator like Everstake, you can delegate your coins to support the Velas blockchain operations in exchange for a share in the staking profits. The staking annual rate promises a return of 10 to 20% while you keep holding your coins and can always unstake your assets within 21 days.
The guide below will walk you through all the VLX staking steps from wallet creation to undelegation. Drafted by Everstake, it takes into account every stage of the staking process laying down the instructions that everyone can follow to benefit from earning opportunities available with the Velas ecosystem.
About Velas Wallet
Velas mobile wallet goes beyond VLX providing its users with a limited yet comprehensive set of cryptocurrencies, both PoS and PoW. You can stake VLX directly from the wallet.
What is Velas?
Positioned as a next-generation blockchain for your dApp, Velas is a crypto-ecosystem forked in 2019 from Solana blockchain. It combines Solana’s unrivaled transaction processing speed and scalability with Ethereum key components (EVM, Solidity, Metamask) bridging the crypto-systems for the benefit of Velas users.
dApps (decentralized apps) are famous for their truly decentralized and anonymous nature enabling users to utilize their features without submitting personal details and conclude contracts without disclosing their identity and without involving any central authority. However, dApps tend to lack in scalability. Velas synthetics seek to overcome this drawback.
While investing in VLX is an attractive option as is, do not waste the opportunity of gaining extra income by staking your coins with Velas mobile wallet. Staking is a process whereby you delegate your coins to a blockchain validator. You keep holding your coins during the staking, it’s just that you cannot transfer the staked amount until after the unstaking completes.
Let’s go staking!
How to stake VLX
First off, create or import Velas wallet, and get some coins for staking.
Install Velas Mobile Wallet on your device
Get the app on your Android or Apple device:
Tip: in handling your Velas wallet, observe the Crypto Security Guide by Everstake.
Once the installation completes, launch the wallet. Choose whether you would want to create or restore your Velas wallet.
To restore your old wallet, you will need to enter your recovery phrase.
To start generating a new wallet, click Create.
Setting up may take a while.
Create your wallet password.
At the next stage, record the seed phrase generated by the system.
Warning! Keep it strictly private. Anyone knowing the recovery phrase can overtake your Velas wallet.
Velas kindly provides a neat envelope to print out and write down the recovery phrase.
You can, of course, write down and keep the seed phrase whenever you want ensuring its security and privacy. Hard copy options work best.
The next prompt will ask you to enter the seed phrase words in the suggested order so keep the phrase readily available.
Top up your wallet with VLX coins
Congratulations! You are ready to go with your Velas wallet.
Velas wallet is a set of coin-specific sub-wallets. VLX staking is only available with Velas Native staking, so let’s top it up!
You can buy VLX on a variety of crypto-trading platforms, here is the list provided by Velas Support at the time of writing this Guide.
- Bittrex Global
To be able to transfer VLX to your Velas wallet, get your Velas wallet address. Click Velas Native to enter its menu, and click Receive to copy your Velas Native address.
Stake VLX in Velas Mobile Wallet
Now that you have got some VLX native coins in your wallet, click the staking menu icon at the bottom of the main wallet menu.
Choosing your validator
At the time of writing, there are 117 validators listed in the Velas wallet as VLX validators. You can choose any. For example, select Everstake, a top validator and staking consulting platform.
To delegate your VLX assets to Evetstake, copy its wallet address below and enter it in the Stake menu search area (click the magnifier indicated by the arrow).
Optionally, you can enter part of the address, three to four symbols typically suffice to return the target validator address.
Once you have spotted your preferred validator, Everstake in this example, click its menu entry for further details. Click Stake to initiate your VLX coins delegation to Everstake.
In the Staking menu, enter the amount to delegate. Do not stake the entire amount; retain at least 1.01 VLX for transaction fees.
N.B.! Max button may fail to return a maximum permissible value. No worries! Just enter a slightly smaller amount.
In this example, the system has rejected 4.00 VLX staked out of 5.00 available. Reducing the amount by 0.01VLX worked just fine to have the amount of 3.99 accepted.
Once the button gets green and you are happy with the staked amount, click Next to proceed.
Confirm the follow-ups.
VLX Staking is a two-staged process, simplified in the Velas mobile wallet so that the user completes both Create Stake Account and Stake to Validator actions in one click. All it takes is waiting a bit.
Well, it says you are going to wait… a couple of epochs.
Checking your Velas staking status
In a while, usually within several minutes since the staking approval, you will see Everstake or another validator you have opted for at the top of the staking menu, with your stake specified.
Again, further details and unstaking are available upon clicking the validator’s entry in the Stake menu. The unstaking follows basically the same simple logic as the staking does.
To initiate unstaking, click Request Withdrawal.
Enter the amount to undelegate, and hit Withdraw.
You can withdraw the whole stake or its part.
When delegation is deactivated, the operation does not take effect immediately. Processing the withdrawal may take a while, typically the withdrawal period is1 epoch (2–3 days).
Settlement of the withdrawn amount usually takes a couple of minutes.
Tracing Velas Wallet transactions
You can trace your Velas wallet transactions, including your stake depositing and withdrawal, in the History tab.
Apart from being a top validator by the amount of stakes it holds, Everstake is beyond competition among staking providers by the number of users it serves. That is to say, the question is rather not about why choosing Everstake. Why do so many people, many times more than with any other providers, delegate their coins to this company?
Do coin holders recognize the benefits of delegating their tokens to Everstake? The IT infrastructure supplied by the staking service platform is highly developed, its nodes for PoS protocols use business-grade hardware boosting performance and security. Everstake DevOps monitor the infrastructure 24/7 enabling 99.99% uptime. Failures are highly unlikely, but for such cases, there are backups that prevent any losses.
These features sound impressive, but the key to the success is that Everstake deploys its high-tech staking-as-a-service in a huge number of blockchains. This covers more users than other validators ever reach.
Crypto-currency ecosystems vary from chain to chain, yet share many similar traits. While Everstake assigns dedicated DevOps teams to each blockchain it validates, they exchange their experiences learning faster than other validators.
Last but not least, Everstake heavily invests in education providing versatile tutorials for beginners that explain staking anatomy in detail. Everstake provides user-friendly insights into nearly any cryptocurrency around enabling anyone to learn blockchain routines and designs, how to delegate crypto-coins earning rewards out of staking; what is crypto security, DEX options for users; etc., etc.
VLX staking is a new promising PoS project to invest in with Everstake. Before joining Velas as a validator, Everstake explored the project from A to Z ensuring safe and high-yield staking for its delegators.
For more PoS, dApp, and staking insights, follow Everstake online resources specified below!