Mobile wallets provide high security for storing and managing cryptocurrency assets. That is why the launch of xPortal has been so long-awaited for the blockchain team and the MultiversX community. This app’s launch allowed for the onboarding of more users into the ecosystem. This guide will show you how to stake EGLD using xPortal Mobile Wallet.
What is MultiversX?
MultiversX (previously Elrond Network) is a blockchain platform that aims to provide fast and secure transactions with low fees. It uses a sharding mechanism to increase scalability, and its native token is EGLD. The blockchain was founded in 2017 and now has a big community worldwide.
What is xPortal?
xPortal is a non-custodial cryptocurrency wallet developed by the MultiversX team. This is the third recently launched native wallet. Before this, the team introduced the MultiversX DeFi browser extension wallet and the MultiversX web wallet. xPortal allows users to store and manage their cryptocurrencies, including EGLD and provides a simple and intuitive interface for sending and receiving transactions. Our detailed guide on How to stake EGLD via MultiversX Web Wallet is here.
Why Stake EGLD?
Staking EGLD allows users to earn rewards in the form of more EGLD tokens. By staking their tokens, users are also helping to secure the MultiversX blockchain and contribute to its overall decentralization.
How to Create xPortal?
Go to the official xPortal website and click the Download button. Currently, the xPortal is available for Android and iOS users. We will use the iOS version.
Download the xPortal app on your mobile device from either the App Store or Google Play. Then, scan the QR code.
Open the app and click on “Create new wallet.” Then verify your phone number to continue. You can also enter a referral code if you have one. Finally, press Enter xPortal.
Set a secure PIN code for the wallet. You can always allow notifications to stay up-to-date with the latest news about the account.
Before using your wallet, back up your secret phrase. Remember, backing up the secret phrase from your cryptocurrency wallet is essential to ensure your digital assets’ safety and security. It’s important to keep your backup phrase secure and never share it with anyone else. Check all information patiently and click Continue.
Firstly, you need to unlock the secret phrase and back up it. Then, write it down and securely store it. This will be used to restore your wallet in case you lose access to your device. Verify your seed phrase and then click the Confirm button.
Your xPortal wallet is now created, and you can start using it to store and manage your cryptocurrencies and stake EGLD.
Top Up Your xPortal Wallet
Before starting to stake, you must send EGLD tokens to your wallet. If you already have a positive balance in your wallet, you can skip this step and move directly to staking. Follow these steps to add funds to your xPortal wallet.
Step 1. Receive EGLD address
To get your wallet address click Receive button. Copy your address (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 xPortal Wallet.
How To Stake EGLD
Now, let’s get started. The following steps explain how to stake EGLD via xPortal.
Step 1. Go to the Earn Tab
Open the main menu of the xPortal Wallet app on your device. Click on the “Earn” button as shown on the screen. Check all information about staking EGLD and click Stake now.
Step 2. Stake Tokens
Select a Staking Provider from the list of available validators. You can also find Staking Provider manually by searching in a list. After that, check if SP’s delegation cap is not filled and click continue. Choose the amount of EGLD you want to stake and click the Continue button.
Confirm the transaction by clicking Stake and wait for it to be processed.
Step 3. See the Transaction Details
Congratulations, you have now successfully staked your EGLD using xPortal! You should now start earning rewards for your contributions to the security and decentralization of MultiversX.
Now you can see how much you staked, claim rewards, and unstake EGLD. If you want to unstake in terms of security, ten epochs are required to unbond the funds. During this period delegator will not receive any rewards.
Conclusions
Using xPorat to stake EGLD can benefit cryptocurrency investors and enthusiasts. Wallet offers a user-friendly interface that makes it easy to manage your cryptocurrencies, including EGLD. This can be particularly helpful for cryptocurrency users intimidated by more complex wallets and exchanges.
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.
