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How to Stake FIO via Anchor Wallet

2022 stands as a promising year for the Foundation of Interwallet Operability as the FIO Staking is already live on mainnet. FIO Staking is a big step forward towards the success and development of FIO Protocol as it enables its holders to earn rewards, participate in governance, and support ecosystem growth. 

Through the given guide we will explain how to stake FIO through the Anchor Desktop app. Before we start, here are some important points to be considered:

  • FIO Staking is live on Mainnet;
  • staking activation date is set for Feb 22, 2022;
  • FIO tokens staked at any point before activation – whether staked as early as today or as late as February 21 – will earn the same early-access, proportional reward potential;
  • after activation, the earlier tokens are staked the greater their proportional rewards will be;
  • additional FIO Staking integrations are actively in progress (Edge and Tribe wallets are expected to launch the staking functionality).

Create FIO Account and FIO Crypto Handle

We have previously covered in detail how to create a FIO Account and obtain a free FIO Crypto Handle via Edge wallet. Please follow the guide steps if you need assistance with that.

Now, let’s cover the actual staking process through the Anchor wallet.

Setting the Anchor Desktop app

1. In order to stake through the Anchor wallet, download it on your PC. To do so, please visit the following link.

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2. After installing and launching the application press the Import an Existing Account Button.

Note: Make sure that in the top-left corner you have chosen FIO Protocol. Sometimes, due to default settings, it may be set to the EOS or another blockchain. 

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3. Press the Import Private Key button.

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4. Enter your private key (should consist of 51 characters and start with “5”). Then, select both your accounts and press the Import Account button.

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5. Enter your local wallet password and press Authorize.

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How to Stake FIO

During this moment, the whole staking procedure is taking place in a FIO Registration Helper.

1. First, move to the FIO Registration Helper URL and press the Sign In button.

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2. Select an Anchor wallet Sign-in option.

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3. Press the Open Anchor app button.

Note: For some browsers, this may not work straight away. Due to the given reason, click on the mentioned button with the right button of your mouse and press Open in a new window. This should trigger the action.

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4. After that, an identity request will pop up in your Anchor Wallet application. Press the Prove Identity button located at the bottom-right corner of the UI.

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Important! While proving an identity make sure that you have chosen an active/hot account and not the owner/hot, otherwise your staking process might face issues.

5. As you have successfully managed to log into the system, we can switch to the Staking menu.

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6. To proceed with the staking process press + Stake FIO button.

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7. Now, in the “crypto handle” field, simply type your FIO Address. After that, enter the FIO amount you would like to stake.

Note: amount and max fee are denominated in SUFs or Smallest Units of FIO. Due to the given reason, add 9 zeros to the number of FIO you want to stake or unstake. 

In order to actually earn rewards, you must enter the technology provider’s (proxy) name. Let’s stake with [email protected]. Add is to TPID field, check the accuracy of the entered information, and press the Stake FIO Tokens button.

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8. Sign the transaction through the Anchor Wallet Desktop app.

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Congratulations! You have successfully staked FIO tokens and will start earning rewards immediately after the staking activation date (22/02/2022)!

How to Unstake FIO

1. Unstaking is easy! Move to the Staking section and press the Unstake FIO button.

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2. Enter the same credentials as before, during the process of staking. In terms of amount, you can unstake the full amount or part of the funds. Then, press the Unstake FIO button.

Note: Once you unstake, you must wait 7 days before your unstaked tokens will become available to transfer.

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3. One more time, sign the transaction, in order to prove its validity and your funds will get unstaked.

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Useful links

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