MGStaking
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MGStaking

Elrond: How to stake through DM, Web Wallet and Maiar

Due to the tools the Elrond devs created anybody can stake in less than a minute with a few clicks. One has to inform oneself before staking, not only about how the network works and why staking is important but also about choosing the right provider.

If you have not fully understood what staking is read about Elrond Network, staking on Elrond, the rewards sources and the delegators’ frequent questions in the following article:

An Overview of Elrond’s Consensus, PoS Economy and Frequent Staking Questions

For the beginning you need to own a wallet and its private key. You can create one using the web wallet (web wallet is compatible with Ledger too) or Maiar App.

Elrond Network allows value transfers all over the world in a few seconds at insignificant costs. All these functions and advantages come with the responsibility of securing your own wallet. Save the seed phrase (the 24 words used to recover the wallet) in a safe place (back-ups are recommended) and do not share it or the .json file & password (in case you use the web wallet for the access) with anyone. Use just the official sources and check twice if the sites or the app you use are the official ones.

If you own a wallet and you have transferred your EGLD in it you are in front of the three available staking routes/methods.

Method 1. Delegation Manager

The fastest way to delegate since new delegation slots become available in a provider’s staking pool is the Delegation Manager because it has the fastest cache update.

Step 1: Connecting the wallet

The Delegation Manager link of the MGStaking Staking Provider is mgstaking.com/stake.

Click on the Wallet button and you will get redirected to the official web wallet.

For the next step you have 4 connection options: Keystore (using .json file + password), Ledger, PEM and Maiar (using Maiar Connect).

Step 2: Delegation Manager page and Delegation

On this page you will see the balance of your wallet, all the information regarding the staking pool (the Smart Contract Address, the pool’s Total Staked amount, the delegators number, the active nodes number, the APR, the service fee and the delegation cap) and the information regarding your staked funds if you have already delegated any.

To delegate press the Delegate button.

Type the EGLD amount you want to delegate and press Continue button.

You will be redirected to the web wallet the same way you previously accessed it. You will find there a window that shows all the information of the transaction (the Smart Contract Address, the amount you want to delegate and the transaction fee).

If everything is correct press the Confirm button.

Transaction processing lasts a few seconds. After the transaction is complete you will be redirected back to the Delegation Manager Dashboard.

Step 3: Stake handling

On the Delegation Manager page you are able to see your staked amount, the claimable rewards and Undelegate & Claim Buttons.

If you decide to Undelegate you will have to go through the 10 days Unbonding period. After the 10 days the Withdrawal button will be unlocked and after your transaction is successfully completed you will have the undelegated/unstaked coins in the available balance of your wallet.

Method 2: Web Wallet

Step 1: Accessing your wallet

Make sure you always use the correct web wallet link →wallet.elrond.com.

As you have seen in the previous method, the web wallet offers 4 access methods.

Step 2: Delegation

On the main page you can access the Staking Dashboard clicking the Stake button from the left side menu or you can delegate using the Stake Now button on the right side.

After you click Stake Now button you will get the following windows in this order: the window that asks you to choose a staking provider, the window that asks you to type the amount you want to delegate/stake, and finally the window in which you have to sign the transaction.

Step 3: Stake handling

On the Staking Dashboard page you can find on the top part the Network’s staking information and on the bottom part you can see the info regarding your stake. You can also find here Claim Rewards and Unstake button.

If you decide to Unstake you will have to go through the 10 days unbonding period. At the end of the 10days the Finalize withdrawal button gets unlocked and after you sign the transaction and it is successfully completed you will get your unstaked coins in the available balance of your wallet.

Method 3: Maiar

Step 1: Downloading the app and setting the wallet

Maiar App is available for Android (Google Play), iOS (App Store) and Huawei (App Gallery). When you use the app for the first time you can create a new wallet or import one using a seed (24 words).

To visualize each step of this process we recommend you to watch this informative video.

Step 2: Delegation

In the Vault menu press Earn.

In the Earn window you can find all the information regarding your stake. To delegate press the Stake button.

Choose the MGStaking provider and press the Continue button.

Type the amount you want to delegate and press the Continue button.

Confirm the transaction by pressing the Stake button.

After the transaction has been successfully completed you will be shown the staked amount in the Earn window. You will also find here the Claim Rewards button and Unstake.

If you decide to Unstake you will have to go through the 10 days unbonding period. After the 10 days the Finalize Withdrawal Button will become available and after your transaction is successfully completed the unstaked coins will be in the available balance of your wallet.

Connect with us

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We are a highly motivated, technology focused team with more than 11 years experience in the IT Industry, focusing right now on the growth of the Elrond Network ecosystem and to provide staking services for the most advanced blockchain protocol in the world.

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