How to delegate $MINA (Mina Protocol) via ~Clorio Wallet
The Mina Protocol is a next-generation Proof-of-Stake blockchain developed by O(1) Labs and powered by a large community. It is the first cryptocurrency protocol with a succinct blockchain. If you want to learn more about Mina Protocol and how it works, read our previous article.
MINA delegation is the alternative option to the direct staking with the benefit that you don’t need to run your own node that should always be plugged into the network.
In today’s guide, we will show you how to delegate MINA tokens by using ~Clorio wallet, and the second, more complicated way is by using the Client Interface on Linux.
How to delegate with ~Clorio Wallet
NOTE! ~Clorio wallet is still in Beta. Since the code has not yet been released on Github, it is still not open-source. The open-source version will be released soon.
~Clorio wallet is a non-custodial wallet developed by Mina community members. It is the first wallet that you can use for the delegation of your assets and making transactions.
The wallet is compatible with Ledger and is capable of running on your browser.
Create a wallet
If you haven’t the account yet, then you have to create it. Go to the Clorio web page. Choose “Create a wallet.”
Once you have clicked the button, the menu window is opened. You will see your Public address and Private key.
Click on the “Download a copy here” and the document with your public address and private key will download. Then click “Continue.”
IMPORTANT! The private key unlocks the right for its owner to spend the associated cryptocurrencies, so in no case should it be transferred to anyone.
Then you need to verify your Private key so enter it and then click “Continue.”
Good job! You have your wallet. The first transaction on the Mina Protocol deducts 1 Mina as wallet activation fee.
Access with Private key
If you have the account, then just log into your wallet. You need to verify your Private key, so write it and click “Access the wallet.”
For delegation, it is important to choose an experienced and reliable block producer (validator). One such validator is Everstake, which is backed by a team of seasoned developers, financial experts, and blockchain enthusiasts. Everstake is launching highly secure and reliable PoS nodes using enterprise-grade hardware to ensure maximum efficiency and security. By delegating your coins to the Everstake node, you can be sure of proper operation and timely reward.
Click on the “Staking Hub” item on the left-side menu.
Afterwards you will automatically go to the list of validators from which you can select the node you want to delegate for. To start delegating, you need to click on the “Delegate” button on the row of the selected Validator.
Find the validator in the list or search to speed up the process: enter the validator’s name in the search field on the top left side of the table.
Also, you can manually delegate. For this, just click the button “Custom delegation” on the right side of the page. Then you need to write the Public key of the validator that you want to delegate to.
If you would like to delegate to Everstake, use the delegation address below:
Then click the “Confirm” button.
Then you will be asked to insert a fee. You can choose the fee amount that you want, but not less than 0.001 Mina. The higher fee, you pay the faster transaction will proceed. After that, you need to click on the “Proceed” button.
In the next window, you will need to put your Private key to proceed with the delegation. Then click “Confirm.”
If the Private key is valid, an alert will appear on the right bottom side of the screen confirming that “Delegation successfully broadcasted” to the network.
It means that all tokens from your account will be delegated to the chosen Block Producer. You may only delegate to one block producer per address, so if you want to delegate only the part of your coins, you need to distribute them for a few addresses.
Delegated funds are not spendable. Physically, all stakes remain on the delegator’s wallet and can be unstaked at any time.
Access with Ledger
If you want to access your Ledger hardware wallet, in this case, Clorio will send all the operations to your device, and you will have to confirm them on the device. Clorio neither has access to the keys stored on the Ledger nor will ever ask your Ledger seed.
Make sure that you unlock the device and you have the Mina Ledger App.
Carefully check if your Ledger is connected, Ledger Mina app is open and your device is unlocked, and your browser corresponds to the minimum requirements.
If no issues have occurred with the delegation data, Clorio will wait for the Ledger signature and then broadcast the transaction to the network.
Rewards / Supercharged rewards
For now, there is no slashing and un-bonding period in Mina, and staking rewards to the delegators will be paid manually. Everstake’s payout schedule will initially be once per epoch (i.e., every two weeks).
To encourage staking, Mina Protocol offers a Supercharged reward for the first 15 months for accounts that do not have time-locked tokens. If you have not locked tokens, it is better to store them on different accounts separately with time-locked ones to have better staking rewards. In the first five months, this remuneration will be 24% per annum, which is two times more than the usual staking reward.
Subscribe to Everstake’s updates in order not to miss the latest events from the blockchain world!