MultiversX blockchain has launched a bunch of new products that have been redesigned due to the large-scale transformation of the Elrond Network into MultiversX. MultiversX Web wallet is already the 4th launched product after xExchange, xSpotlight, and MultiversX Explorer. It is a very convenient, secure, and user-friendly wallet, which is endowed with many functions, including EGLD staking.
What is MultiversX?
MultiversX is a decentralized, scalable blockchain with sharding architecture. It uses the Secure Proof-of-Stake (SPoS) consensus algorithm. Depending on the load, the blockchain can be split into several parts or shards. MultiversX allows users to use smart contracts and create decentralized applications.
What is MultiversX Web Wallet?
MultiversX Web Wallet is a native wallet by the MultiversX team allowing users to stake their EGLD, manage NFTs, ESDT, and much more. This secure wallet was launched on February 14 and came to replace the old Elrond Web Wallet. The wallet is a gateway to all the great features of MultiversX, including the interaction with DeFi, dApps, DAO, and other elements of this huge blockchain ecosystem.
Why Stake EGLD?
Staking is a process in which the user delegates tokens to the validator, which helps the network function properly as validators make it function. In return, delegators receive rewards. Plus, the validator does not have access to the users’ tokens and cannot delay the delegator’s reward. This means that your funds are safe. Thus, staking is a great way to stake EGLD assets to generate passive income.
How to Create MultiversX Web Wallet?
Go to the official MultiversX Wallet website and click Create a new wallet. You can also connect to another wallet if you have such. For example, use xPortal App (Mobile Wallet), Ledger, or MutliversX DeFi extension. We will guide you on how to create and use a new wallet.
Then the information tab will pop up. Please, read it carefully. Note you need to be extra careful while storing your seed phrase, password, and key store file. After that, press on all checkboxes and then click Continue.
Then, you’ll see the seed phrase. Your seed phrase backup should be stored in a secure location, accessible only by you. Storing it offline is the safest option. You can write it on paper and hide it. Press the checkboxes that you safely stored it and click Create Wallet.
The next step is to create a strong password. The wallet made a secret key for you and stored it in a file. So, you need to protect it via the password. Write down a strong password and store it as well as Seed Phrase. Confirm your password and click Continue.
Congratulations! You have successfully created your wallet! To proceed press Access Wallet.
Now you can log in via Keystore that was generated for your wallet. Put it as it shows on the screen and enter your password.
Choose your keystore file and click Access Wallet. That’s it! You’ve created your account successfully. Now you can use it. Before staking, you have to top up your account.
Top Up Your MultiversX Web 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. This instruction is for those who will top up their wallet the first time.
Step 1. Receive your address
Wallet address in the top right menu of the screen. So, you can copy it. Also, you can use receive button and also get the QR code of the wallet.
Use this QR code for sending EGLD from other wallets.
Step 2. Send the Funds to Your Wallet
You can top up your wallets in two ways. If you already have EGLD on another address use QR-code or address and send assets to the wallet. Also, you can buy EGLD on exchanges like Binance. Alternatively, check CoinGecko as it’s good resource for finding an exchange to buy EGLD. After that, send it to your wallet address. After the transaction is done, come back to MultiversX Web Wallet.
How To Stake EGLD
The minimum amount to stake is only 1 EGLD. Make sure you have 1 EGLD + some amount of EGLD to pay for transactional network fees.
Step 1. Go to the MultiversX Wallet Main Menu
Click the Stake button at the navigation bar. Then the staking window will open.
You will see Staking Dashboard. Here you can check general stake statistics such as your stake, amount of rewards, next rewards batch and so on. To start staking press the green Stake Now button.
Step 2. Stake Tokens
Then, choose Staking Provider you want to delegate, for example, Everstake. Find the Staking Provider in the list using the search string or enter Everstake name. Then check the box as shown in the screenshot and click Continue. Pay attention to the Filled field.
Enter the number of tokens for staking. This can be done manually or by moving the slider. Or use the Max button to stake everything at once. After that click Continue.
Step 3. Confirm the Transaction
Check one more time all information for staking. If everything is alright, press Continue button.
Step 4. See the Transaction Details
Done! You have successfully delegated your EGLD. Please, wait until the transaction is being processed on the blockchain. After that,transaction is available for checking it in the Explorer. Plus, you can also see when next reward batch will be distributed. Rewards will arrive every 24 hours at the epoch change approximately at 15:20 UTC.
Conclusions
Staking is an eco-friendly and energy-efficient way to earn cryptocurrencies. By holding and staking coins, you can earn income in the form of rewards for participating in transaction confirmation and supporting the MultiversX blockchain.
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. If you have any questions regarding staking EGLD, feel free to contact our EGLD Blockchain Manager on Twitter.
