Staking NEAR Protocol Tokens in Cuvar Wallet: a Guideline
This guide covers the process of staking NEAR Protocol tokens in Cuvar, a wallet quite popular in the respective ecosystem. For greater clarity, we also added instructions on installing the wallet first.
Downloading the Cuvar Wallet
You can download the wallet from Cuvar’s official website. There, you can either check out the instructions on how to use it or go straight to downloading it from Play Store.
How to Create an Account in Cuvar Wallet
In case you already have an account, you can open it in the wallet using your seed phrase. For the purposes of this guide, we’ll be creating a new one.
Tap on Create a New Cuvar wallet and then on Backup Seed Phrase. Don’t skip this step as it is essential to the security of your funds. It will also let you access your funds from a different device.
You will be presented with 12 randomly generated words. Write them down on a piece of paper, tap on I have backed up and then use the in-built check to make sure you made no mistakes. Once you do it, tap Confirm Wallet and put away the paper with the seed phrase to a safe place. Make sure to store it properly and securely as anyone with access to the seed phrase can also access your funds.
If you have any biometric protections in place on your phone, such as Face ID, you can also use them to give another layer of protection to your wallet.
Adding Funds to the Cuvar Account
Your account needs initialization so that you could stake funds. To do that, you need to send at least 0.1 NEAR to the wallet. To do that, tap on Receive, copy your address and send funds to the wallet from elsewhere (probably, you will be using an account at the exchange where you initially bought your NEAR Protocol tokens).
How to Stake NEAR Protocol Tokens
To stake your NEAR Protocol tokens, go to the Stake in the bottom part of the menu. The wallet will offer you a list of available validators to whom you may delegate your funds. We will be staking with one of the major validators Everstake in this example.
You may choose whichever validator you like. In all cases, the staking process will not be affected by your choice as long as the validator is online.
Type in the amount you wish to stake, then tap Stake and confirm your delegation with Approve.
Note that you will need to confirm your transaction with additional authentication if you opted to secure your wallet with biometric protection earlier. In any case, wait for the staking to be confirmed with the message “Transaction Successful.” After that, you may close the menu by tapping on Close.
How to Unstake NEAR Protocol Tokens
To unstake your NEAR Protocol tokens, go to Stake and tap Unstake.
You will have to specify your validator and the amount you wish to unstake. Once you do that, tap Unstake.
Wait until the transaction is confirmed, similar to when you stake your funds. It may take a little while.