How to Stake MELD: A Step-by-Step Guide

Learn how to stake MELD tokens and earn rewards.

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MELD

5 min readDec 1, 2022

MELD is the first non-custodial DeFi banking protocol. You can securely lend & borrow both crypto and fiat currencies with ease and stake your MELD tokens on the MELDapp for APY.

Staking your MELD tokens is a great way to earn some extra APY while helping the MELD protocol. With staking, you can easily add your MELD tokens to a pool of other tokens, and earn rewards.

In this article you’ll learn all there is to know about staking your MELD tokens in the MELDapp:

Getting MELD tokens in your wallet
Staking with Nami
Staking with Eternl

Getting MELD tokens in your wallet

This is the typical process of purchasing cryptocurrency from a centralized exchange:

Create an account on the centralized exchange. This involves providing personal information, such as name, address, and other contact information, as well as verifying your identity (KYC) with a valid form of ID
Choose a payment method. Depending on the exchange, you may be able to use a credit/debit card, PayPal, bank transfer, or another payment method.
Enter the amount you want to send. This is typically in your local currency, such as USD.
Specify the cryptocurrency you want to buy. This may require entering the cryptocurrency’s ticker (e.g., BTC, ETH, MELD, etc.), or selecting it from a list.
Send the funds to the exchange’s wallet address. This is typically a long string of letters and numbers that you can find on the exchange’s website.
Wait for the funds to arrive. Depending on the payment method, this can take anywhere from a few minutes to several days.
Once the funds have arrived, you can buy the cryptocurrency of your choice. The exchange will then send the coins to your wallet address.

You can either purchase ADA, send it to your Cardano wallet, and then purchase MELD on a DEX — like Minswap, SundaeSwap, or Wingriders

Or, you can purchase MELD directly on FMFW.io and Bitrue and then send it to your Cardano wallet

NOTE: There may be a fee from withdrawing from your chosen CEX

Staking with Nami

Adding collateral to Nami wallet

To begin, you need to download Nami wallet and create a wallet. After wallet creation, click your profile and find the collateral button. You will then be presented with the option to “Add Collateral”. Once you have selected this option, you will need to enter your password, and then confirm the transaction:

NOTE: You need to wait for the transaction to be processed on chain before staking, the collateral is NOT set until the transaction of setting it is onchain.

Staking with Eternl

Adding collateral to Eternl wallet

First, you need to create a wallet at https://ccvault.io/. After a wallet is created, you need to go to the settings tab of the wallet (not the general settings tab located at the bottom) and find the “Collateral” tab:

NOTE: Ensure you have enough ADA in your wallet before setting collateral

How to activate Single Address Mode

From the settings tab of the wallet (not the general settings tab located at the bottom) find “Single address mode (for Nami / CNTools)”. Here is where you enable single address mode:

Staking on the MELDapp

After you have some MELD tokens in your Cardano wallet, head over to https://app.meld.com/stake and click on “Link” to connect your wallet to the MELDapp. After your wallet is connected, you will have the option to stake your MELD tokens. This requires a small amount of ADA and a transaction on the blockchain to place your MELD tokens in the staking position. You will be able to withdraw your MELD tokens after the given lock period:

Congratulations and Happy staking! 💸🥳️

MELD — Be Your Own Bank

We think it’s essential for everyone to gain control of their financial lives and have equal access to financial instruments used by professionals, not just centralized institutions, governments, or the 1%. We want to provide financial freedom and control to the masses, including the unbanked.

We have a long-term goal to enable the $15 trillion that is currently locked out of the global economy, including 2 billion individuals worldwide that are either underbanked or have no access to banking services whatsoever, access to these tools. These are the people that are paying the highest fees, and getting the worst customer service, and they are the ones that are having the most problems.

Our vision is to create an ecosystem that empowers individuals to regain financial control by providing them with the tools and services they need to manage their money on their terms. Whether that be creating a collateralized debt position (CDP) with cryptocurrency, earning an interest return for lending fiat to borrowers, or even participating in reward incentive programs, we strive to provide our users with the functions they need to manage their own financial lives.