Modern blockchain platforms, such as ICON, have simplified the staking process for users and made it accessible. Token holders can delegate their coins, eliminating the technical complexity of setting up and maintaining their own nodes. At the same time, you can start staking even with a small amount.
Using hardware wallets such as Ledger makes staking more secure. In this review, we will tell you how to stake your ICON tokens (ICX) with validators (P-Reps) using the Ledger hardware wallet and the MyIconWallet web wallet.
How to create a MIW wallet
Go to the official MyIconWallet website via this link or copy and paste it into the web browser's search bar.
Be careful, as web wallets are vulnerable to phishing. For security reasons, always check the address in the browser. The domain should look like this: Myiconwallet.com.
Click "Unlock a Wallet" to create a new wallet using the Ledger device or another method.
Select the method you want to use to access your wallet. In our case, it is "Ledger". Before you click the button, connect your Ledger device and sync your device with your wallet.
After syncing, the available addresses will be displayed in the MyIconWallet web wallet as a list. Now you need to top up your wallet with ICX tokens, so that they can be staked. Select any of the available addresses and click on it.
You will see a summary of the selected address: the total and available number of coins, as well as the I-Score indicator.
To top up the crypto wallet, click on the address at the top, as shown in the picture, and then click "Copy Address". If you already have coins in your Ledger wallet, then go straight to staking.
Now send the address to the sender or inform the exchange through which you will top up your MyIconWallet wallet. Wait until the coins are displayed on the balance, then you can proceed to the next stage – staking.
You can track your staking progress using the Everstake Telegram bot. To do this, launch the @everstake_bot bot and add your ICX address. Select Start Monitoring > Add Subscription > Icon. Then name the account and insert the ICON wallet address.
How to make an ICON (ICX)
So, you have topped up your wallet and now you can stake ICX tokens. To do this, click "Stake".
Specify the number of coins that you want to delegate to the validator by moving the slider to the left or right, or by clicking "Stake Maximum" to stake all available coins.
Check that the amount entered is correct and click OK in the pop-up window. Don't forget to confirm the transaction on your Ledger device.
Congratulations! You have successfully staked ICON. You can track the transaction status and view its details by clicking on the link with the transaction hash in the window that opens.
Please note that not all your wallet balance is used for staking. This is because to delegate and get rewarded for ICX staking, you must vote for at least one validator (P-Reps), but you can choose multiple validators. Let's show you how to vote with ICON tokens using the Everstake validator, one of the most popular P-Reps.
How to vote for a P-Rep
So, to get rewards, you must vote for at least one validator, for example, Everstake. To vote for the ICON P-Rep network validator, go to the "Voting" section.
Start entering the P-Rep name in the search bar, and then the validators available for voting will appear, as shown in the screenshot below, or simply select it from the drop-down list.
Manually enter the number of votes you want to cast for the P-Rep validator, but not exceeding the maximum value.
Make sure that all the data is entered correctly. If the data is entered correctly, click "Continue".
Now confirm the transaction using the Ledger hardware wallet.
You successfully voted for a P-Rep. To view transaction details, click on its hash. Now you can get rewards that will be credited every 48 hours from the moment of voting.
If everything went well, then you will receive a notification by the bot. Here you can track all the statistics on the staking of various coins, including ICON, Tezos, IOST, Cosmos, and others.
You will not be able to cancel the vote if your tokens are currently delegated to P-Rep. But first, you need to remove the coins in the "Settings" section, after which the voting tokens will be available for refund.
For staking, users receive an I-Score after each reward. These points can be converted into ICX tokens, used to increase the staking balance, or used to vote for P-Reps. To convert the received I-Score, click on one of the buttons next to the indicator, as shown in the figure.
Select what you want to do with your I-Score and click "Continue".
The I-Score balance will be reset, and one of the other balances will increase. Please note that the more often you convert an I-Score to a staking balance, the faster the return will grow due to the compound interest.
The Everstake team wishes you a profitable staking! Support us with your vote!
If you have any questions, feel free to reach out to our ICON Blockchain Manager on Twitter.
