At the end of 2022, the MultiversX team unveiled a new partnership with Atomic Wallet. In addition to other features, Atomic Wallet opens up EGLD staking to 4M+ users on the desktop and mobile versions of the Atomic wallet. This guide will show you how to stake EGLD using Atomic Mobile Wallet.
What is MultiversX?
MultiversX (previously Elrond Network) is a decentralized, scalable, and secure blockchain protocol founded by Lucian Todea, Beniamin Mincu, and Lucian Mincu in 2017 to build dApps for its most impactful Metaverse ecosystem worldwide. This blockchain has launched a massive transformation from Elrond to MultiversX and is fundamentally changing all of its products.
What is Atomic Wallet?
Atomic Wallet is a crypto wallet for buying, staking & exchanging. You can manage crypto assets like Bitcoin, Ethereum, XRP, Litecoin, XLM, EGLD, and over 300 other coins and tokens. It’s a secured, decentralized, anonymous wallet providing simplicity and convenience for its users.
Why Stake EGLD?
By staking EGLD, you make the blockchain more resistant to attacks and strengthen its ability to process transactions. Rewards are paid out daily at the epoch change. An epoch in MultiversX always takes 24 hours and changes at approximately 15:20 UTC.
How to Create Atomic Wallet?
Go to the official Atomic Wallet website and click the Download button. Currently, the Atomic Wallet is available for this software: Windows, macOS, Ubuntu, Debian, and Fedora. The Mobile version is available for Android and iOs users. You can download it from App Store and Google Play accordingly.
We will show you the staking process through the Android version of the wallet. The interface on both operating systems looks similar. So, click Get it on Google Play from your mobile phone. Then, download the application.
Open the Atomic Wallet and click the New wallet button.
If you already have an Atomic Wallet, you can paste your password and your wallet seed phrase and go to the stake step. If you don’t have a wallet, follow the next step. You’ll be asked to set a new password. Remember, you need to create a strong password and store it in a safe place.
On the next page, you will see your Secret 12-word Backup Phrase. These randomly generated words are the keys to your wallet. No one but you must have access to this phrase. You must remember it to retain access to your funds. Write it down on paper or a notepad, and keep it safe. Then, click Start using Atomic. Please do not store this seed phrase on your computer or share it with anyone.
After completing this step, you’ll be able to use your wallet.
Top Up Your Atomic Wallet
Before starting to stake, you must fund your wallet with EGLD tokens. But if you already have a positive balance in your wallet, you can skip this and move directly to staking. Follow these steps to add funds to your Atomic wallet.
Step 1. Select EGLD in the List of the Chains
Find through the chains EGLD or manually write it in the search button and select EGLD. Then, click the receive button and copy your address wallet (you will send EGLD to this address).
Step 2. Send the Funds to Your Wallet
Next, head to the CoinGecko website and buy EGLD tokens from any cryptocurrency exchanges on the list. After the transaction is done, come back to your Atomic Wallet.
How To Stake EGLD
MultiversX uses Secure Proof-of-Stake (SPoS) to secure its blockchain. You can delegate your EGLD with an approved validator, such as Everstake, and earn staking rewards.
The following steps explain how to stake EGLD via Atomic Wallet.
Step 1. Go to the Stake Tab
Click the Stake button at the bottom of the navigation bar, then choose EGLD. Click the blue Stake button on the next page to begin the process.
Step 2. Stake Tokens
You will be redirected to the “Staking” window. Enter the amount of EGLD you want to stake. Note the minimum amount to be staked is 1 EGLD. You can also select the Stake All button to stake all your balance (minus the transaction fee).
Then select the validator. On the new window, enter “Everstake” in the search field and select it from the list. You can also find Everstake by scrolling down the list of validators. After choosing the validator, you will be redirected to the “Staking” window. Once done, Click Stake.
Then, you’ll need to confirm EGLD staking. Put your password to proceed and click Confirm.
Step 3. See the Transaction Details
A dialogue box will pop up. You can review the transaction by checking its hash in the explorer. Your rewards will arrive every 24 hours at the epoch change.
If you want to unstake or redelegate your tokens, you need to click the Unstake tab, followed by the Unstake button. Please note, however, in terms of security, ten epochs are required to unbond the funds. During this period delegator will not receive any rewards.
Conclusions
Staking is an excellent way for EGLD holders to earn passive income and help to secure the MultiversX blockchain. EGLD staking allows you to earn rewards on your savings effortlessly with the high level of security provided by the wallet.
Everstake is an active MultiversX ecosystem contributor and a validator for over 70 blockchains. We have a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake.
Feel free to contact our EGLD Blockchain Manager on Twitter.
