CasperLabs has introduced the Casper Network, a forward-thinking "future-proof blockchain" anchored in the CBC Casper specifications. A standout feature of the Casper Network is its innovative adoption of a sharding model architecture, ensuring scalability without jeopardizing security or efficiency. But where does the everyday CSPR token holder fit into this?
This is where staking comes into the picture. Staking provides an avenue for token holders to receive returns on their investment potentially and plays a crucial role in upholding the network's stability by enabling delegation to validators.
If you're seeking to actively participate in the Casper ecosystem and get rewards in the process, understanding how to stake is paramount. This guide reveals how to stake CSPR easily, walking you through each step of staking your Casper tokens using the official Casper CSPR.live explorer. Additionally, with the Casper Signer, you're equipped with a robust tool to securely access, transfer, and manage your CSPR.
From initiating the staking process to ensuring your tokens' security, we've got you covered. Let's dive deep into the world of Casper staking.
What is Casper Wallet?
Casper Wallet is a dedicated browser wallet tailored for the Casper Network. As an integral gateway to the Casper blockchain, it offers a simplified yet secure environment to manage CSPR tokens, sign transactions, and integrate seamlessly with decentralized applications (dApps). Available as an extension for popular browsers like Chrome, Firefox, Brave, and Safari, it accentuates user convenience and accessibility.
Safety and trustworthiness are paramount, as underscored by its audit by Halborn. A key feature of the Casper Wallet is its self-custodial nature, emphasizing user autonomy. Not only do users retain full control over their funds, but they also possess the exclusive rights to their secret recovery phrases. This ensures their data and assets remain uncompromised, ensuring their information won't be used without explicit consent.
How to create Casper Wallet
Step 1: Create a Casper Wallet
To create your Casper Wallet, visit Casper Wallet. Select the installation option tailored for your browser and follow the on-screen instructions.
Step 2: Initializing Your Wallet
Once the extension is installed in your browser, click to open it. Follow the prompted steps to begin the wallet creation process, ensuring a secure environment for your CSPR transactions and interactions.
Step 3: Secure Your Wallet
Set up a robust password for added security. Ensure you store this password in a safe location, as it will be crucial for accessing your Casper Wallet.
Step 4: Establish a Recovery Phrase
Generate a secret recovery phrase for your Casper Wallet. This is a crucial step; this phrase will be essential if you ever need to restore or recover your wallet. Make sure to store it in a secure and private location.
Before generating your secret recovery phrase, thoroughly review any notices or warnings from the Casper Wallet. Understanding the implications of this step is crucial, as your recovery phrase will be vital for accessing your funds if you forget your password or lose access to your device. Always prioritize security.
Step 5: Secure Your Recovery Phrase
Write down your secret recovery phrase and ensure its safekeeping, either by storing it in a secure physical location or saving it digitally in a protected manner. This phrase is vital for wallet restoration; losing it may result in losing access to your assets.
Step 6: Verification Process
Re-enter your secret recovery phrase to confirm its accuracy. This step ensures you've correctly saved the phrase, which is crucial for future access and wallet recovery. Always double-check for accuracy to avoid future complications.
Step 7: Confirmation Screen
Once you've accurately verified your secret recovery phrase, a confirmation screen displays "Secret phrase is confirmed." This indicates that you've successfully set up your wallet's security measures. Proceed to the following steps to fully utilize your Casper Wallet.
Step 8: Wallet Creation Successful
Congratulations! You've successfully created your Casper Wallet. You can now manage your CSPR tokens, sign transactions, and explore the Casper Network with ease.
Step 9: Funding Your CSPR Account
An account overview will be presented once you select the Got it button. To fund your account with CSPR tokens, click on the account address to copy it. You can then use this copied address to receive or transfer CSPR tokens to your Casper Wallet.
Step 10: Checking Your Balance
Once you've added CSPR tokens to your wallet, your updated balance will be displayed on the main screen of your Casper Wallet.
How to connect Casper Wallet to CSPR.live
Step 1: Linking Casper Wallet to CSPR.live
Navigate to CSPR.live. Once there, click the Sign in option at the top right of the page to begin the connection process.
Step 2: Opt for Casper Wallet
From the available options, select Casper Wallet to proceed with the connection.
Step 3: Unlock Your Wallet
A pop-up will appear, prompting you to enter your Casper Wallet password. Input the correct password to unlock your wallet and continue.
Step 4: Authorize the Connection
When prompted, confirm and authorize the connection between your Casper Wallet and CSPR.live.
Step 5: Connection Verified
Upon successful integration, your account's address will be displayed in the top right corner of the CSPR.live screen.
How to stake CSPR tokens with Casper Wallet and CSPR.live
Step 1: Start the Delegation Process
To delegate your CSPR tokens, click on the dropdown list near your account's address in the top right corner. From the available options, select Delegate Stake.
Step 2: Selecting a Validator and Amount to Stake
Navigate to the next screen to choose your preferred validator. Keep in mind that Everstake operates two nodes on the Casper network:
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For those who have previously staked with Everstake's initial node and are looking to augment their stake, opt for the node with the address 012bac1d0ff9240ff0b7b06d555815640497861619ca12583ddef434885416e69b.
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If you're staking with Everstake for the first time, direct your delegation to their second node by selecting the node with the address 01bf489970ee9ad639854b9a78ed19d08b5f8d8f2185099b44c0fc5f6f467b14b4.
Once your validator choice is made, specify the number of tokens you're committing. For newcomers, a minimum of 500 CSPR is required for the first-time staking. Be aware that the Casper network charges a 2.5 CSPR transaction fee. Thus, retaining a minimum of 10 outstanding CSPR unstaked in your account is advisable. This ensures you can comfortably unstake your tokens in the future without any hindrances.
Step 3: Authenticate with Casper Wallet
On the next screen, select the Sign with Casper Wallet option to authenticate the delegation process.
Step 4: Sign the Transaction
A pop-up from the Casper Wallet extension will appear, prompting you to authorize and sign the transaction.
Step 5: Delegation Confirmation
Once you've successfully signed the transaction, the Delegation complete notification will be displayed on CSPR.live. Congratulations, you've now staked your CSPR tokens!
How to unstake CSPR tokens with Casper Wallet and CSPR.live
Step 1: Start the Undelegation Process
To start the unstaking process, navigate to the dropdown menu in the top right corner adjacent to your account's address. From the available options, select Undelegate Stake.
Step 2: Select Validator and Amount for Unstaking
From the displayed list, select the validator from which you intend to unstake. Then, specify the number of tokens you wish to remove from staking.
Step 3: Sign Transaction with Casper Wallet
On the subsequent screen, select the Sign with Casper Wallet option.
Step 4: Approve the Transaction
A pop-up from the Casper Wallet extension will appear, prompting you to authenticate and sign the transaction.
Step 15: Confirmation of Undelegation
Once you've authenticated and signed the transaction, the Undelegation complete notification will be displayed on CSPR.live, indicating the successful withdrawal of your stake.
Why Delegate with Us? Understanding Everstake's Value in the Casper Network
At Everstake, we pride ourselves on being more than just a validator in the Casper network. Our journey began with the initial private Casper token sales in October 2020.
Offering a reward APY of approximately 10-11%, we have become the second top validator based on total stake. But we believe in transparency and urge our community to see for themselves. Explore our robust presence on the CSPR.live explorer, and for those who require guidance or have specific queries, our website's Casper (CSPR) section provides comprehensive staking guides and timely answers.
If you have any questions or uncertainties, our Casper Blockchain Manager is always accessible and ready to engage. Reach out to us on Twitter. And always remember, with Everstake, you're in safe, knowledgeable hands. Keep an eye out for more updates from our end!
