The Olympus Post
Published in

The Olympus Post

How-To Guide: Avalanche Validator

How To Stake Your AVAX To Our Avalanche Validator Node

Hello, Olympians!

Now that you have all of the tools and guidance on how to connect your MetaMask Wallet to the Zeus Finance node RPC Endpoint, we will now be taking you through the steps on how to stake your AVAX to our Avalanche Validator Node through the official Avalanche Wallet, as well as educate you a bit on Avalanche staking.

What Exactly Is Avalanche Staking?

The Avalanche Network uses a proof of stake (PoS) consensus mechanism. This means that you can stake your AVAX tokens with the network by depositing and locking up all or some of your AVAX for a defined period, during which time you cannot use your AVAX tokens or move them. Staking AVAX validates transactions and secures the network. As an incentive for staking AVAX, you earn rewards.

You can stake AVAX by becoming a validator or a delegator. Zeus Finance became a validator by purchasing, staking, and locking in 2000 AVAX. It’s a lot less commitment to become a delegator in the Avalanche Network, with a minimum of 25 AVAX tokens staked. Therefore, we are providing our Olympians with an easier avenue to earn rewards on their AVAX while validating transactions and securing the network by becoming delegators, all while providing more revenue for Zeus Finance to directly reward those same Olympians.

Zeus Finance, as a the validator, takes the primary role of validating transactions and securing the Avalanche blockchain. Yet, although the validator is doing the work, your AVAX stake is not at risk as the validator cannot spend staked tokens. Those tokens are actually helping the validator work. You get back your original stake at the end of the lock-in period, plus any rewards generated. Rewards are proportional to the amount of AVAX tokens you have staked. The more AVAX staked, the more rewards received.

How To Stake AVAX To Our Avalanche Validator Node

1st, you will need to create and or have already created an official Avalanche Wallet here. Please skip this step if you already have an Avalanche Wallet.

If your AVAX tokens are in a crypto exchange or another wallet like MetaMask, click on ‘create new wallet.’ Go through the steps and copy down your secret phrase. Save them!

For those not familiar with Avalanche, once inside the wallet, you will realize that it gets a bit complex from this point because new users must understand Avalanche Network’s three sub-chains:

  • The Exchange Chain (X-Chain) — to create new asset classes. If you create an address in this chain, it is an X address. On this chain, your AVAX remains liquid, meaning you can move it around to other X or P addresses.
  • The Platform Chain (P-Chain) — the P-Chain manages Avalanche network metadata. An address on this chain is a P address. If you hold AVAX in this chain, it becomes illiquid, meaning you cannot freely transfer to another P address. If you want to move your AVAX, you must return them to your X address. From there, you can then send to other P addresses.
  • The Contracts Chain (C-Chain) — this contracts chain enables smart contracts and has nothing to do with the staking process. For example, the MetaMask Wallet interacts with the C-Chain.

2nd, if your AVAX is in your X or C address, transfer them to your P address by clicking “Cross Chain” on the sidebar to the left and selecting the amount that you’d like to transfer. The minimum transaction fee is 0.001 AVAX, so allow that amount on your transfer total. Enter the amount of AVAX you wish to transfer and click on “Transfer” and then “Confirm.”

3rd, to start the staking process, once your AVAX is in your P address, click “Earn” on the sidebar.

4th, once funds are in the P address, click “Delegator” on the “Earn” page. You should then see a list of validators. You will search for our validator node. Our validator is NodeID-HDSXSkGeei4o1seXZjyD6cKzCFnvY5wuG.

5th, choose our validator and click on “Select.

6th, once in the delegate section, choose the staking period and the amount of AVAX that you want to stake. You can also choose the ‘Reward Address’ for where to send staking rewards.

7th, click on “Confirm” and “Submit.”

There we have it! You officially have staked / delegated your AVAX to our Avalanche Validator Node and are currently earning rewards.

Stay tuned for some more upcoming guides on how to navigate our protocol!

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Helios

Helios

a (re)source for (re)membering