Avalanche — How to Stake $AVAX Tokens with Luganodes

Luganodes
Luganodes
Published in
4 min readApr 20, 2023

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Introduction:

Avalanche is an open-sourced and smart contracts compatible platform created to develop decentralized applications (dApps) and enterprise blockchain protocols.

In this guide, we’ll show you how to delegate your $AVAX tokens with Luganodes and start earning rewards in a few simple steps.

Validator Details:

Validator Name: Luganodes

Validator Node ID: NodeID-C6zVv1ab5JKn2j8DDCGWGai9jgWhmpLVA

Blockchain Explorer Link for the Validator: https://avascan.info/staking/validator/NodeID-C6zVv1ab5JKn2j8DDCGWGai9jgWhmpLVA

Unbonding Period:

  • Unbonding period is a timeframe in which the funds are locked when you unstake
  • The minimum amount of time one has to stake funds for delegation is 2 weeks

Step-by-Step Staking Guide:

Step 1 — Set up your AVAX Wallet

  • Deposit AVAX to your wallet to the X-chain address on the top ro=ight corner
  • Please make sure that you have more than 25.1 AVAX (25 AVAX is the minimum amount required for staking Avalanche, plus about 0.1 to compensate for transaction fees)

Step 2— Cross-Chain transfer

  • Transfer the Avalanche Amount You Want to Stake from the X-Chain to the P-Chain
  • As we know, Avalanche’s architecture is based on subnets, customizable networks secured by sets of validators. The core subnet is called the Primary Network that consists of three task-specific blockchains:
  • The Exchange Chain (X-Chain): where AVAX is generated and exchanged for other assets.
  • The Platform Chain (P-Chain): that is used to coordinate validators and create subnets.
  • The Contract Chain (C-Chain): where developers create smart contracts for decentralized apps.
  • Go to Cross Chain
  • Make sure the Source chain is X and the Destination Chain is P
  • Enter the amount and confirm
  • Confirm Transfer

Step 3— Stake AVAX

  • Head over to the Earn section and find the Delegate section below.
  • Then hit the Add Delegator button.
  • In the Delegate section, Search Luganodes by entering the Node ID ( Copy paste NodeID-C6zVv1ab5JKn2j8DDCGWGai9jgWhmpLVA )
  • After entering the node id, hit enter
  • Once you’ve selected the node, wallet takes you to the page where you have to set the staking parameters:
  • Staking End Date: The delegation period cannot be set past the validator’s end time.
  • Stake Amount: You are required to delegate at least 25 AVAX
  • Reward Address: It can be the same Avalanche Wallet or any custom destination where you’d like to transfer the earnings.
  • Once you’ve entered all the staking parameter (which can’t be changed later), hit Confirm
  • Review the parameters and Submit the transaction

To check out details, go to the Activity tab and find the delegation transfer in the transactions list. It shows the stake end date, delegated amount, and estimated rewards.

Unstaking:

  • Note that once you issue the transaction to add your stake to a delegator, there is no way to change the parameters. You can’t remove your stake early or change the stake amount, node ID, or reward address
  • Once your unstaking period (Staking End Date you entered during the delegation process) is over, you can log into your wallet and withdraw your stake

For more details head over to AVAX docs or reach out to us on Twitter

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Luganodes
Luganodes

The fastest growing staking prodigy of Lugano Plan B, an initiative driven by the city of Lugano and Tether.