ICON is a blockchain platform focused on interoperability. It is based on Delegated Proof-of-Contribution consensus algorithm, and users can stake the native ICX cryptocurrency.
Hana is an ICON’s multi-chain wallet that supports decentralized applications and governance on multiple chains.
This guide will explain how to stake ICX using Hana Chrome Extension.
Download, Install, and Setup the Wallet
Find Hana in the Chrome Web Store and download the extension by clicking Add to Chrome. It will install automatically.
Then fid the extension on the browser panel in the top right corner. After clicking on it, Hana will offer to create a new account and secure it with a password.
Save a seed phrase of 12 words. It is vital to store it safely because it’s the only way to restore your account. You can either write the words on paper or save them to the hard drive. We also recommend using services like LastPass or KeepassXC.
Right after, Hana will ask you to confirm the seed phrase.
Click Continue, and Hana will take you to the selection page. It offers a long list of chains you can add to the wallet. For now, we will keep it simple and have ICON only. However, you can select more anytime.
Click Continue and then Get started to finalize the wallet creation process.
Send and Receive ICX
Once the wallet is ready, you can start transferring ICX. On the bottom panel, click the arrows icon, which leads you to a Send/Receive page.
To deposit, tap Receive and select ICON. It brings you to a page where you can use a Hana-generated QR code or an address to transfer tokens. Sending process works similarly by entering an address into Hana.
Staking and Voting Process
Once we get some ICON, we are ready to stake. You need at least 5 ICX to stake. Keep in mind that unstaking will take 5-20 days.
Start with hitting a dollar icon. It brings you to a page where you can allocate your votes. There is a list of P-Reps (public representatives): ICON network operators acting as delegates. Top-22 get elected as main P-Reps. Based on the number of votes received, they earn representative rewards and benefits from block production and validation.
Click “Change votes for” and decide how many ICX you would like to allocate to a chosen P-Rep. Then a slider will appear, which you must drag to increase the total votes. Everstake is one of the ICON P-reps.
Unstaking is done by dragging the slider down to zero.
Staking will start after the allocation of votes. Rewards are received every day except for 48 hours after the initial stake.
Track changes under the Portfolio Value on the wallet’s homepage and see all transactions by hitting a razor icon.
It was everything you need to know about the ICON staking with Hana wallet. The straightforward process allows you to stake and earn easily.
If you have any questions, feel free to reach out to our ICON Blockchain Manager on Twitter.
