When you stake your CSPR, you earn passive income and contribute to strengthening Casper’s security and operational efficiency. Additionally, staking through the CasperDash wallet grants you voting rights in Casper’s governance, allowing you to participate in the larger blockchain community.
In this guide, we’re breaking down how to stake your CSPR tokens effectively and efficiently using CasperDash Wallet. Whether you’re new to staking or just new to CSPR, we’ve got you covered. Keep reading to learn more.
What is Casper?
Casper is an advanced blockchain network developed by CasperLabs to facilitate the broader adoption of blockchain technology among businesses and developers. At its core, it operates on the Correct-By-Construction (CBC) Casper specifications, a protocol engineered for achieving consensus securely and efficiently, thereby branding it as a “future-proof blockchain.”
The CBC protocol enhances the traditional Proof-of-Stake mechanism, ensuring heightened safety, reduced energy consumption, and robust decentralization and scalability. A core facet of this protocol is its adept incorporation of a sharding model architecture within the Casper Network. This sharding significantly boosts scalability by partitioning the network into smaller, manageable segments, each capable of processing its transactions and contracts while maintaining high security and efficiency.
What Are Casper Tokens?
The CSPR token is the native cryptocurrency of the Casper Network, and its holders play a significant role in the ecosystem. This involvement is primarily through staking, which allows token holders to potentially earn rewards while contributing to the network’s stability by delegating their tokens to validators.
Why Stake Casper Tokens?
Staking Casper tokens (CSPR) offer a blend of individual rewards and collective network growth. When you stake your CSPR tokens, you support a network of validators who use these staked assets as a bond to propose, create, and validate blocks and transactions on the network.
Recognizing their crucial role, the validators, Everstake included, earn block rewards and a share of transaction fees. These earnings are distributed proportionally among the stakers based on the amount they have staked, creating a rewarding ecosystem for active participants. Furthermore, holding and staking CSPR tokens empowers individuals with democratic leverage within the Casper Network. Through the governance structure, stakers can propose, deliberate, and vote for significant decisions impacting the network’s roadmap.
What is CasperDash Wallet?
CasperDash is a dedicated digital wallet explicitly designed for the Casper blockchain ecosystem. It offers users a seamless and secure environment to manage, transfer, and stake their CSPR tokens. Beyond its basic functionalities, CasperDash is distinguished by its integration with Ledger hardware wallets, providing an added layer of security for users’ assets. This integration ensures that private keys never leave the Ledger device’s safety, offering users peace of mind.
Furthermore, the CasperDash wallet is continuously updated and improved by a team of experts, ensuring it remains compatible with the latest developments on the Casper blockchain. Whether you want to stake your CSPR tokens, check your balance, or simply transfer funds, CasperDash is the go-to wallet for all your Casper-related needs.
How To Setup a CasperDash Wallet?
Setting up the CasperDash wallet is a crucial first step to begin staking on the Casper blockchain. Follow our clear and concise instructions to establish a secure environment for your CSPR tokens.
Step 1: Download Your Wallet
To get the CasperDash wallet, visit the official website, where you’ll find direct download links for iOS, Android, and the Chrome extension.
If you’re interested in the Chrome extension, click the provided link. Once redirected to the Chrome Web Store, click Add to Chrome and confirm by selecting Add extension in the pop-up window. This will seamlessly integrate CasperDash into your Chrome browser for easy access and use.
After successfully installing the CasperDash extension, you’ll find its icon in the top right corner of your Chrome browser. To make it easily accessible, click on the extension icon and then choose to pin the CasperDash wallet. Doing so will ensure the wallet is always just a click away, providing quick and hassle-free access whenever required.
Step 2: Create Wallet
After adding the CasperDash extension to your Chrome browser, click the CasperDash icon in your browser’s top right corner. This action will prompt the wallet creation window to appear, guiding you through the steps to set up your new CasperDash wallet. Click Create new wallet and follow the on-screen instructions to complete the process.
Step 3: Set up and Confirm the Recovery Phrase
In this crucial step, you’ll receive a unique recovery phrase, a word sequence that ensures you can restore your CasperDash wallet if needed. It’s essential to write down this phrase and store it securely.
Once noted, you’ll be prompted to confirm the recovery phrase by selecting the words in the correct order. This verification ensures you’ve accurately recorded the phrase and reinforces its importance for wallet recovery.
Step 4: Choose Secure Password
For this step, you’ll be prompted to create a strong password for your CasperDash wallet. This password acts as an additional layer of security, ensuring unauthorized access is prevented. It’s recommended to use a combination of uppercase and lowercase letters, numbers, and special characters to enhance its strength.
Step 5: Your CasperDash wallet is set up!
Congratulations! You’ve successfully set up your CasperDash wallet. With this digital wallet, you can seamlessly manage, transfer, and receive CSPR tokens. Ensure you keep your recovery phrase and password secure, and you’re all set to dive into the world of Casper blockchain with ease and confidence. Enjoy your new gateway to decentralized finance!
Step 6: Funding your wallet
To fund your CasperDash wallet, locate and copy your wallet address on the dashboard. Use this address to transfer CSPR tokens from another wallet or exchange platform. If you’re expecting funds from someone, provide them with this address. Select the Receive option to produce a QR code for a smoother transaction. The sender can then quickly scan this code to initiate the transfer directly to your wallet.
Once the network confirms the transaction, the tokens will be reflected in your crypto wallet’s balance.
How To Stake CSPR
After confirming the CSPR balance in your wallet, you’re ready to begin your staking adventure. Staking is more than just locking up your tokens; it significantly contributes to the Casper ecosystem. You bolster the network’s security, stability, and overall performance by staking. The network rewards you for your staked tokens as a token of appreciation for your dedication.
Step 1: Begin Your Staking Journey
Find and click on the Staking icon, located second from the left in the bottom menu of your interface. This action will lead you to the staking section, where you can designate your CSPR tokens to fortify the network and, in turn, earn potential rewards.
Step 2: Choose A Validator
For this guide, we’ll use the Everstake validator as an example. However, remember that you can choose any validator from the provided list.
Step 3: Select the Validator’s Node
Begin by entering the first few characters of the validator’s name or address. It’s important to mention that Everstake runs two nodes on the Casper network.
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The public key/address for their first node is 012bac1d0ff9240ff0b7b06d555815640497861619ca12583ddef434885416e69b. If you’ve previously staked with this node, you can effortlessly augment your stake.
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The second node’s public key/address is 01bf489970ee9ad639854b9a78ed19d08b5f8d8f2185099b44c0fc5f6f467b14b4. If you’re new to Casper or wish to commence staking with Everstake, utilizing this one is recommended.
Select the validator you prefer. Once chosen, you’ll see details of the total number of coins staked with that specific validator. The validator’s commission fee will also be visible. Remember that commission rates vary among validators, generally from 0% to 15%.
Step 4: Determine Your Staking Amount
Input the quantity of CSPR you wish to stake. For first-time stakers, a minimum of 500 CSPR is required. Subsequent stakings don’t have a minimum threshold. However, remember that a fee of 2.5 CSPR applies each time you stake.
Key Note: Always maintain a balance of at least 10 CSPR in your wallet to cover transaction expenses. If you decide to stake your entire balance, you might face challenges when attempting to unstake your Casper tokens later.
Step 5: Validate the Transaction
Stay patient! Allow some time for the Casper network to process and confirm your transaction. Once that’s done, you’re good to go!
Please note: After staking, there’s a waiting period of one era before your stake becomes active and starts generating rewards. Given that an era is roughly 120 minutes, you can anticipate seeing your staking rewards in about 4-6 hours.
For added security, remember that if you choose to undelegate your stake, there’s a delay of 7 eras.
Why Stake With Everstake?
- Maximize Profits: With a competitive fee of 10%, Everstake ensures nearly 100% uptime. This means while you enjoy top-notch staking services, a significant chunk of the rewards is directed to you, the stakeholder.
- Trust in Reliability: Everstake stands out as a high-performing validator. With continuous enhancements to its services and state-of-the-art hardware/software, it’s backed by a team of seasoned professionals. Our expertise spans approximately 50 PoS blockchains.
- Experience Convenience: Everstake offers tools for monitoring staked assets and provides unwavering support to users, addressing any staking-related queries.
- Simplicity at its Best: Our blog regularly features staking guides tailored for beginners, ensuring a smooth staking experience. Additionally, we have dedicated Blockchain Managers for each network, optimizing operational efficiency.
Unstaking CSPR: A Step-By-Step Guide
Unstaking CSPR follows a process that mirrors staking, with a few distinctions. Here’s how to go about it:
Step 1: Access the Staking Interface
Open the staking section in your wallet. This area provides an overview of your active delegations. Identify the validator you want to unstake from and select the Undelegate option below their name. Before you continue, ensure you have a minimum of 2.5 CSPR in your wallet to handle the transaction costs.
Step 2: Specify the Amount and Confirm the Transaction
Input the exact number of tokens you intend to undelegate. After specifying the amount, validate the transaction using your Ledger device.
Step 3: Check the Transaction Status
Once you’ve confirmed the transaction, navigate to the Staking section. If everything went as planned, the status “Pending” should appear, accompanied by the number of tokens you’re in the process of undelegating, listed under the validator’s name.
Congratulations! You’ve successfully initiated the undelegation of your tokens.
Please note: The undelegated tokens will become accessible for transactions after 14-16 hours.
If you have any questions or need further guidance, please reach out on our Discord chat. Our dedicated support team is on standby 24/7, 365 days a year, ensuring you get the help you need whenever needed. Here’s to seamless and secure staking!
Everstake’s Partnership With Casper Labs
Everstake has carved a niche as a leading validator for Casper, with active participation tracing back to the initial private Casper token sales in October 2020. CSPR token holders, encompassing institutional investors, can delegate their tokens to the Everstake validator pool. The reward APY hovers around 10-11%, placing Everstake as the second-highest validator in total stake.
For an in-depth insight, you can visit the CSPR.live explorer to view Everstake‘s contributions. The Casper (CSPR) section on the Everstake website also provides extensive staking guides and addresses common questions.
But Everstake’s impact isn’t limited to technical prowess. They’ve supported Ukraine, co-founding Aid For Ukraine, a charitable initiative mobilizing the crypto community to bolster Ukraine’s defense and humanitarian missions. Supported by Ukraine’s Ministry of Digital Transformation, this initiative has raised over $60 million to date. In partnership with Ukraine’s Ministry of Culture and Information Policy, Everstake launched the Save Ukrainian Culture campaign, dedicated to safeguarding Ukraine’s invaluable cultural heritage during the challenging times of the Russian invasion.
Everstake’s dedication to quality is reflected in their choice of projects. They focus on promising PoS projects, ensuring that delegation with them is both profitable and secure. Their involvement as validators in any network is always preceded by thorough research.
Should you have any queries or need further information, our Casper Blockchain Manager is at your service. Feel free to contact us at X.
