By staking your CSPR, you can earn passive income and help enhance the security and efficiency of the Casper network. Moreover, staking through the Burrito wallet grants you voting rights in Casper's governance, enabling you to engage in the wider blockchain community.
In this guide, we will explain how to effectively stake your CSPR tokens using Burrito Wallet. Whether you're new to staking or just new to CSPR, our guide has got you covered. Keep reading to learn more.
What is Casper?
Casper is a Proof-of-Stake (PoS) blockchain launched on March 30, 2021. It promotes the global adoption of blockchain, smart contracts, and DApps.
Casper is designed to continually develop according to user needs. It is optimized for both businesses and developers and aims to usher in a new era for Web3. Casper solves the adoption trilemma by providing enterprise-grade security, scalability, and decentralization within the same blockchain protocol.
What are Casper tokens?
The CSPR token serves as the native cryptocurrency of the Casper blockchain, and its holders play a vital role in the network. They participate by staking, which enables them to potentially earn rewards while ensuring that the network remains stable by delegating their tokens to validators.
Why stake Casper tokens?
Staking Casper tokens (CSPR) contributes to the growth of the network and provides individual rewards. Validators of the network use the staked assets as a bond to propose, create, and validate blocks and transactions on the network.
Everstake and other validators are crucial to the Casper Network. They earn block rewards and a share of transaction fees, distributed proportionally among the stakers. Holding and staking CSPR tokens provides democratic leverage within the network's governance structure, enabling stakers to propose, deliberate, and vote for significant decisions.
What is a Burrito wallet?
Burrito Wallet, a multichain mobile wallet, supports globally renowned mainnets, such as Bitcoin, Ethereum, XPLA, and Polygon. It also allows managing over 1000 tokens and NFTs. Users can create accounts and wallets with their mobile phone numbers.
Burrito Wallet allows users to deposit and withdraw cryptocurrencies, swap tokens, find profitable DeFi platforms, access and interact with dApps, chat with the community, transfer funds to friends, and buy/sell NFTs.
Additionally, there is a chat room feature available inside the wallet, which allows users to securely send tokens and NFTs to their contacts, minimizing the risk of incorrect deposits.
How to stake CSPR using Burrito Wallet
To stake CSPR via Burrito Wallet, you will need to:
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Set up your Burrito wallet;
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Fund your wallet;
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Initiate staking;
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Wait for activation.
Read on to learn how to choose a validator, unstake your funds, and important details to keep in mind.
How to set up a Burrito wallet?
Step 1. Download the Burrito wallet on your mobile device.
Step 2. Open the app on your phone and click Create a new wallet if this is your first time using Burrito.
Step 3. Accept the Terms & Services provided by the app.
Step 4. Input your mobile number and confirm it.
Step 5. Choose a secure password to secure your wallet.
Congratulations! You have successfully created a Burrito wallet. Now, it's time to back it up.
How to back up a Burrito wallet?
Step 1. Generate a (12-word) recovery phrase to back up your wallet.
Step 2. Verify a recovery phrase by tapping listed words in the corresponding order.
Step 3. Congratulations! You have successfully backed up a Burrito wallet. Ensure to keep your recovery phrase stored safely and never share it with anyone.
How to use a Burrito wallet?
Step 1. Choose and verify your ID.
Step 2. Choose a nickname.
Step 3. Enter your invitation code (if you have one) and submit it.
Step 4. Congratulations! You can now use Burrito Wallet!
How to fund your wallet?
Step 1. Open the Burrito app and click on the Wallet tab on the main screen.
Step 2. Then, click the Add Wallet button.
Step 3. You will be presented with the option to import an existing Casper wallet. If you do not have one, you can create a new wallet.
Step 4. To create a new wallet, you will need to follow the process of creating a recovery phrase. After that, you will need to choose a passcode. You will also have the option to use biometrics as authentication.
Step 5. Once you have created your wallet, click on the Receive button to deposit CSPR tokens.
Step 6. Select Casper from the list of cryptocurrencies.
Step 7. You’ll see your Casper address on the screen. Use this address to transfer CSPR tokens from another wallet or exchange platform.
How to stake CSPR?
Step 1. Navigate to the wallet screen and click Stake.
Step 2. You will be taken to a page displaying all your Casper activity. Here, select Stake.
Step 3. Input the amount of tokens you wish to stake. If you're a first-time staker, the minimum amount required is 500 CSPR. For subsequent stakings, there isn't a minimum threshold.
Please note: A fee of 2.5 CSPR applies each time you stake. By default, the Burrito wallet app will suggest a validator to which you can stake your tokens. However, you can choose to change this by clicking More near the recommended validator.
Step 4. When you go to the validator list, you will find all the available validators. Here are some important points to consider when staking with Everstake:
- The public key/address for our first node is - 012bac1d0ff9240ff0b7b06d555815640497861619ca12583ddef434885416e69b. If you have previously staked with this node, you can easily increase your stake.
- The second node's public key/address is - 01bf489970ee9ad639854b9a78ed19d08b5f8d8f2185099b44c0fc5f6f467b14b4. If you are new to Casper, it is recommended that you use this one.
Step 5. Once you have chosen the validator, review the details of your stake and click Next. Then, double-check everything and click Stake.
Step 6. Read and accept the Casper Staking Disclosures.
Step 7. Burrito Wallet will inform you that the staking transaction is in progress. After it, you'll receive notification about the complection of the staking request.
Please note: There is a waiting period of one era after staking before your stake becomes active and starts generating rewards. As an era lasts about 120 minutes, you can expect to see your staking rewards in about 4-6 hours.
Why stake with Everstake?
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Maximize Profits: Everstake charges a competitive fee of 10% and provides almost perfect uptime, guaranteeing high staking rewards for stakeholders.
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Trust in Reliability: Everstake is a high-performing validator with state-of-the-art hardware and software. The team is made up of seasoned professionals and they specialize in approximately 50 PoS blockchains.
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Experience Convenience: Everstake provides convenient tools to monitor staked assets and offers unwavering support to users, addressing any staking-related queries.
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Simplicity made easy: Our blog has beginner-friendly staking guides and dedicated Blockchain Managers for each network, ensuring operational efficiency.
How to unstake CSPR?
To unstake your Casper tokens, follow these steps:
Step 1. Go to the wallet screen and click on Staking. Here you will see information about all of your Casper stakes. Choose the validator from which you wish to unstake.
Step 2. You can either increase or decrease your stake. To unstake, click on the Unstake button.
Step 3. Input the amount of tokens you wish to unstake and confirm the unstaking.
Step 4. Burrito Wallet will then inform you that the unstaking transaction is in progress.
Please note: If you choose to undelegate your stake, there's a delay of 7 eras (14–16 hours) until your funds will be available. This delay is for added security.
The Takeaway
Everstake is a leading validator for Casper, actively participating since October 2020. CSPR token holders can delegate their tokens to the Everstake validator pool, with a reward APY of around 10-11%, placing Everstake the second-highest validator in total stake.
It's crucial to select a reliable validator, such as Everstake, because we have a proven track record of security and uptime. This won’t only keep your funds safe but can significantly impact your staking rewards.
For an in-depth insight, you can visit the CSPR.live explorer to view Everstake's contributions. If you want to learn more about Casper (CSPR) and how to stake it through other wallets, click here to start!If you require any assistance or have any queries, feel free to contact our Casper Blockchain Manager at X.
