Jan 19, 2021

10 min read

How to stake and earn E-Money (NGM) using the official wallet

Learn how to stake, claim rewards, and unstake!

The E-Money service is driven by multiple currency-backed tokens, one for each supported fiat currency, which will represent a proportional value of the bank reserve. Additionally, E-Money uses the NGM (New Generation of Money) token for staking and rewards.

To learn more about the E-Money Protocol, click here!

The official wallets offer two options in connecting, Keplr Browser Extension and Ledger Nano. Now, let’s explore how to stake and earn using their official wallet.

Setting up Ledger Nano

Download and install the official Ledger Live: https://www.ledger.com/ledger-live
Connect your Ledger Nano, select Manager, and allow the Ledger Manager

3. Search for Cosmos and install the app (do not close Ledger Live until it’s done installing)

4. After installing, close the Ledger Live to avoid any interruptions.

Staking using Ledger Nano

Open the Cosmos app on your Ledger Nano (it will display “Cosmos ready”).
Go to https://wallet.e-money.com/ and select Ledger Nano.

3. This process will try to connect your Ledger Nano to the official wallet. Select your device when prompted to do so.

If you encounter an error, enter this on the address bar of the browser.

chrome://flags/#enable-experimental-web-platform-features

Make sure you enabled “Experimental Web Platform features.”

4. When connected successfully, the dashboard will show up.

If you don’t have any NGM yet, press the “Receive” button on the top right corner and your address with the QR code will be displayed. You can withdraw from an exchange or get some from reliable sources.

5. Select the “Earn” tab located on the left side of the screen. Search for “Stakin” and click our blue S logo. If you prefer, click here for the direct link to our validator page.

6. Click the “Stake” button on the top right corner, and a small dialog box will show at the bottom right.

7. Even though the “Max” button is present, staking all of your assets is not recommended. You need to leave a small amount of NGM to pay for network fees (at least 3 NGM). After entering the desired amount, click next.

If you prefer to use stablecoins to pay for the network fees, click the drop-down menu and choose one.

8. Click next, sign the transaction by pressing send, and confirm the transaction on your Ledger Nano. A confirmation will be displayed, indicating that you have successfully staked.

Claiming rewards using Ledger Nano

After staking, your rewards will start to accrue every block. You can claim them anytime that you want as there are no deadlines. Also, please be informed that it does not compound automatically. You’ll have to re-stake your rewards if you wish to do so.

Go to the “Earn” tab. Your rewards will be displayed along with the other information.

2. Your total rewards will also be displayed when you click on the “Claim Rewards” button located in the top right corner.

3. To proceed in claiming your staking rewards, click next. Review the fees and confirm the transaction in your Ledger Nano. A confirmation will be displayed indicating that you have successfully withdrawn the rewards. It will be transferred to your available balance.

Unstaking using Ledger Nano

Please be informed that it will take 21 days for your NGM to be fully unstaked. Cancelling it is not possible as well. You will have to wait for the whole unstaking period to be finished.

Click the “Earn” tab and select a validator in the “Your Stake” list that you want to unstake with.

2. Select the “Unstake” button on the top right corner, and a dialog box will appear on the bottom right of the screen.

3. Enter the desired amount, review the fees, press the send button, and confirm the transaction on your Ledger Nano. A confirmation should show up, indicating that you successfully unstaked your NGM.

4. Go back to the “Earn” page and you can see the NGM being unstaked with its “End Time”

Optional, but helpful as well: You can keep track of the unstaking period by entering your address on the official explorer (https://www.mintscan.io/emoney)

Setting up the Keplr Browser Extension

Download the official Keplr here: https://chrome.google.com/webstore/detail/keplr/dmkamcknogkgcdfhhbddcghachkejeap

2. Once installing is done, you can pin the extension so you can easily access it. After pinning it, click it, and you will be redirected to the extension’s local page.

3. For this tutorial, we will create a new account. If you prefer, you can use the “Sign in with Google” or “Import ledger.” If you have an account already, then you can import it.

4. After clicking “Create new account”, you will be given a mnemonic seed. You should create a backup of this one, as this is the key to your wallet. Perhaps, store it in a password manager, print paper copies, store it on vaults & other safe places, etc. If you lose your mnemonic seed, you won’t be able to access your wallet.

P.S. If someone asks for your mnemonic seed, do not give it to them. Double-check if you are interacting with a legitimate website or not. Else, you will lose your funds.

5. After entering the required information, you will be prompted to arrange your mnemonic seed. In this way, you will be tested if the words you have saved are correct. If it’s not arranged properly, you won’t be able to access your wallet.

Staking using the Keplr Browser Extension

Go to https://wallet.e-money.com/ and select Keplr Browser Extension.
You will be asked to either reject or approve the “Chain Add Request.” In this case, we have to approve it so we can connect Keplr to the official wallet.

3. After adding the chain, you need to approve the extension again to finalize the connection.

4. Once done, you will be redirected to the wallet’s dashboard. To get NGMs, click the “Receive” button on the top right corner. A QR code along with the address will be displayed on the bottom right of the screen.

5. Select the “Earn” tab located on the left side of the screen. Search for “Stakin” and click our blue S logo. If you prefer, click here for the direct link to our validator page.

6. Click the “Stake” button on the top right corner, and a small dialog box will show at the bottom right. Even though the “Max” button is present, staking all of your assets is not recommended. You need to leave a small amount of NGM to pay for network fees (at least 3 NGM). After entering the desired amount, click next.

7. You will be asked to set a fee for the transaction. Do not edit anything else unless necessary. Just click set fee.

8. After setting the fee, you can review the transaction and double-check if the validator address is matching. Once done, click the “Approve” button.

9. A confirmation will be displayed on the bottom right of the screen indicating that you have successfully staked. The staked amount will also appear below the validator’s name.

Claiming rewards using the Keplr Browser Extension

After staking, your rewards will start to accrue every block. You can claim them anytime that you want as there are no deadlines. Also, please be informed that it does not compound automatically. You’ll have to re-stake your rewards if you wish to do so.

Go to the “Earn” tab. Your rewards will be displayed along with the other information. Your total rewards will be displayed when you click on the “Claim Rewards” button in the top right corner.

2. To proceed, click the “Next” button, set the fee, and approve the transaction. A confirmation will be displayed indicating that you have successfully withdrawn the rewards. It will be transferred to your available balance.

Unstaking using the Keplr Browser Extension

Please be informed that it will take 21 days for your NGM to be fully unstaked. Cancelling it is not possible as well. You will have to wait for the whole unstaking period to be finished.

Click the “Earn” tab and select a validator in the “Your Stake” list that you want to unstake with.

2. Select the “Unstake” button on the top right corner, and a dialog box will appear on the bottom right of the screen.

3. Enter the desired amount, review the fees, press the send button, set the fee, and approve the transaction. A confirmation should show up, indicating that you successfully unstaked your NGM.

4. Go back to the “Earn” page and you can see the NGM being unstaked with its “End Time”

Optional, but helpful as well: You can keep track of the unstaking period by entering your address on the official explorer (https://e-money.net/)

What are the risks in staking E-money (NGM)?

Your staked NGMs are prone to slashing. This occurs when the validator you staked with does the following:

Double-signing. (You will lose 5% of your staked NGM to them. This can only happen once.)
Goes offline for a period of time. (You will lose 0.01% of your staked tokens to them. This can happen a couple of times.)

It is advisable to:

Research the track record of the validator you want to stake with (check their websites, protocols that they are operating in, social media accounts, etc.)
Diversify your staked NGMs to a couple of validators.

Stakin is an infrastructure operator for Proof-of-Stake (PoS) public blockchains, offering delegation services. We operate secure, reliable and efficient nodes on selected PoS protocols, enabling our delegators to earn interests on their holdings without any custody on their funds. You can check our official website here: https://stakin.com/

Extra resources

E-money

Stakin

DISCLAIMER: This is not financial advice. Staking and cryptocurrency investment involves a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some PoS protocols. We advise you to DYOR before choosing a validator.