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How to stake Elrond using Maiar mobile Wallet

The Maiar developers have created a convenient mobile wallet for storing and transferring EGLD tokens. 

At the end of March, after the Elrond network was updated, the staking function became available in the wallet, and now each user can delegate their tokens. The wallet has other notable features such as herotags. They use DNS and replace complex, illegible addresses with simple names that the user can choose. You can learn more about the functionality and features of Maiar Wallet in our article:

Maiar: a mobile wallet by Elrond 

In this guide, we will describe to you how to stake EGLD tokens using the Maiar mobile wallet.

1. Create a wallet

Go to the Maiar website and download the app for your device. You can also do this by following the links:


Launch the app and click Get Started to begin the process of creating an EGLD wallet. And then press Continue several times.

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If you already have an EGLD wallet, then import it by clicking Import existing wallet, then enter your seed phrase. To create a new wallet, click Create a new wallet.

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Enter the phone number to create an account and click Continue. That’s safe. The wallet does not store any user data: all private keys and personal information, including a phone number, are stored on a local device. You need a phone number so that you can send tokens to contacts in your smartphone.

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Enter the 6-digit code to verify your phone number.

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The wallet has been successfully created. The next step is to fund it with EGLD tokens. But before that, we recommend making a backup. To do this, first go to the Profile section.

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And then open the wallet settings.

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Now select Secret Phrase. After you save a backup of your wallet, you will have a checkmark labeled Backed Up, as in the picture.

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For security reasons, the seed is not displayed by default. To show the mnemonic password, click on the icon marked in the screenshot below.

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The Maiar wallet warns that you must not share your seed phrase with anyone, otherwise your wallet will be compromised. The recovery phrase must be stored in a protected place inaccessible to unauthorized persons. Read the wallet recommendations carefully and click Ok.

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Create a 4-digit PIN to protect your wallet from unauthorized access.

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After that, 9 words will be displayed, which need to be written in the correct order. You can also save a backup to iCloud Maiar. This way you can restore your wallet using your phone number, but it's not as secure as keeping your seed phrase completely offline.

 

2. Replenishment of the wallet

 

There are two ways to top up the EGLD wallet in the Maiar app: using the original address or herotag. The second method is suitable if your wallet is to be added funds to by another Maiar user, since other EGLD wallets do not support herotags. You can create your own unique herotags in the Profile section. A herotag is created only once and it will be impossible to change it. To get tokens, just share a @herotag.

 

Now let's look at the classic way to replenish your wallet. In the Wallet section, select EGLD and click on it.

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Then click Deposit.

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Then choose your preferred method of adding funds: copy the address, share it or scan the QR code.

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Funds have been deposited in the wallet. Move on to staking.

 

3. EGLD Staking

 

To stake EGLD, click on the button located in the middle of the Maiar wallet navigation panel.

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In a drop-down menu with options select Earn.

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The section that opens will display active delegations and accrued awards. To delegate tokens, click Stake.

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Select a validator to whom you want to delegate tokens, for example, Everstake. Unfortunately, the Maiar iOS wallet does not have a quick search option, so you will have to search for a validator manually.

Click on the selected validator and then on the Continue button.

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Note. The search function is missing only in the iOS version. It is available in the Maiar Android wallet.

 

Enter the number of delegated EGLD tokens or just click the MAX button to stake everything at once, then click Continue.

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Check the details and approve the transaction by clicking Stake. Then enter the PIN to confirm the transaction, if you have set one.

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Wait for the network to confirm the transaction.

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After the transaction is confirmed, the Maiar wallet will send you a notification that the tokens have been successfully staked. 

 

Useful information on EGLD staking: 

 

  • Staking yield ranges from 10% to 18% APR (per annum);
  • The unstake period is 10 days. After that, the suspended tokens will become available in the wallet.

 

Subscribe to social networks and the Everstake blog where we publish understandable staking guides and other useful information.

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