Mina Protocol developers have created the first world’s lightest blockchain, the size of which does not exceed the size of a couple of tweets, and an inflationary MINA token with unlimited emission.
Read our Mina Protocol review to find out what it is, how it works, and what features the protocol has:
Mina Protocol Overview: The Features Of A New Succinct Blockchain Platform
As in other blockchains based on the delegated PoS mechanism, network security is supported by validators (block producers) staking the cryptocurrency. Delegators can also participate in receiving rewards by helping top validators maintain the network. This guide will show you how to stake MINA cryptocurrency using the Auro Wallet Chrome Extension.
Getting Ready
First, you need to install the Auro Wallet plugin. Go to the official wallet website and download the extension for your browser. Auro Wallet supports Chrome and Firefox browsers.
Or download the plugin using the direct link:
After installing the extension in your browser, you can proceed to create a new wallet.
How to create a MINA wallet
Step 1. Launch the Auro Wallet extension and choose how you want to create a wallet. You can import an existing MINA wallet from a seed phrase. If you don’t have a wallet yet, click Create Wallet to create a new wallet.
Step 2. Accept the terms of the user agreement by clicking Agree.
Note! Auro Wallet is not open source yet, and you need to trust the developers if you want to use it. Use the wallet at your own risk. Let’s continue.
Step 3. Create a strong password to protect your wallet from unauthorized access. A password will protect your funds in case you lose your laptop, and someone else gains access to your files. The password must contain at least one number, one uppercase, and lowercase letter and must be at least 8 characters long.
If you are having difficulty generating passwords, use online password generators such as Passwords Generator.
Enter and re-enter the new password, and then click Next.
Step 4. Save the backup phrase. At this point, you need to back up your crypto wallet. This is a very important step since without a recovery phrase, you will not be able to access the funds if you forget your wallet password, lose your laptop, or break it down. Confirm the sentences below and click Next to display the seed.
Write down 12 words on paper, then click Confirmed Backup.
Important: do not store digital copies of mnemonic passwords on devices – it is not secure. In this article, we wrote useful recommendations for the safe storage of seed phrases:
Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency
After you write down the seed phrase, confirm the correct spelling: add the words in the same sequence in which they were displayed earlier. Then click Next.
The wallet has been successfully created. Now click Start to log in. Auro Wallet is ready to use, but you need to add funds to your wallet before delegating coins. Here’s how you do it.
How to top up Auro Wallet
To add funds to your account, click on the Receive button and send the tokens.
Note! To activate it, you need 1 MINA. This amount will be automatically debited from your account.
The wallet is activated. Deposit any amount you want to stake to your wallet to delegate tokens.
How to delegate
The last stage is left: delegation. Go to the Staking tab.
Step 1. A page with information about the current epoch will open. Here you can track when the epoch is finished. At the end of each era, you will receive rewards. Click Go to staking to continue.
Step 2. Select a validator. Find it in the list or type its name in the search bar – this will help you quickly find the validator you need. Then click Next.
Choose only reliable validators, one of which is Everstake. The Everstake team consists of fintech and blockchain experts who carefully select projects for staking, develop solutions that simplify monitoring, and actively support the platforms for which they act as validators.
You can find more information about this staking provider on the Everstake website.
Step 3. You will then be prompted to select a transaction fee. You can choose the size of the commission, the default value is 0.01 MINA. Then click Next.
Step 4. Confirm the delegation. Check the details of the transaction and click Confirm to broadcast it to the network.
Done. You have successfully delegated MINA and will now receive rewards. Rewards will be awarded at the end of each epoch, which lasts approximately 14 days. We wish you profitable staking!
Supercharged Rewards
In order to foster a high staking ratio and orderly markets, the Mina Foundation has decided to provide Supercharged Rewards.
It is applicable for block producers (validators) and delegators that stake with unlocked tokens during the first 15 months after launch. Mechanically, the Mina Protocol will pay out extra block rewards via coinbase transactions whenever a block is produced by an address that does not have any time-locked tokens.
So for this reason, if you have locked and unlocked tokens, it is better to split them into two separate accounts in order to increase your income and get Supercharged Rewards.
Multiple Accounts
Another cool feature for you is Multiple Accounts. You can generate multiple addresses with just one mnemonic in Auro Wallet. To do this, click the Wallet icon in the upper right corner. You will have an Account Management page where you can create, edit or import wallets. Click the Create button.
Please enter account name and create a strong password to protect your wallet.
Done! You have successfully created a second wallet.
Now you have the option to share your balance. Part can be staked, and part for other needs. You can also try to stake with different validators.
Manage your balance the way you want!
Feel free to contact our Mina Blockchain Manager on Twitter. Or, if you need any help with staking, you can book a call with the Manager, who will guide you through the process.
