How to stake NEAR (Near Protocol) in Math Wallet: a detailed guide for beginners
Near Protocol developers have presented an open decentralized platform that simplifies the process of creating blockchain applications (DApps) and smart contracts. Any developer can launch their first application on the Near Protocol blockchain in just five minutes. The platform uses a Proof-of-Stake consensus mechanism which allows users to stake cryptocurrency using supported wallets and receive regular rewards.
In this tutorial, you will learn how to stake Near tokens in mobile Math Wallet.
How to Create a Wallet
Math Wallet is a feature-rich cryptocurrency wallet available on mobile and web platforms. The wallet supports over 65 cryptocurrencies. Math Wallet users can store and transfer cryptocurrencies, plus delegate them in order to receive staking income. To create a wallet, download it for your device: the application is available for iOS and Android mobile platforms.
The Android version of the wallet is temporarily unavailable on Google Play. A new version of the wallet is currently being tested. Once the app is ready and available on Google Play, you can download it using the link on the official website.
Note. If Math Wallet does not work correctly, download and install the application Test Flight for iPhone from the App Store. After that download the test version of Math Wallet Pro from this link. The application is still being tested! Use at your own risk.
Step 1. Launch Math Wallet Pro app and select a blockchain
Near Protocol uses its own high-performance and scalable blockchain capable of processing thousands of transactions per second. After launching Math Wallet, scroll through the “Select Wallet Type” section and choose the Near blockchain to create a wallet.
Step 2. Create a new account
After selecting the blockchain, click “Create a Near Account”. If you have previously created a wallet with Near you can import the old wallet using the seed phrase by selecting the appropriate option on the application screen.
Step 3. Protect the wallet with a password
A password is required to prevent unauthorized third parties from logging into the wallet and to confirming transactions. Create a complex password. Here are some simple guidelines for creating a strong password:
- Use as many different letters, numbers, and symbols as possible;
- Try not to repeat characters following each other;
- Do not use forward and backward sequences of numbers and letters on the keyboard, such as 1234, qwerty, or gfdsa;
- Alternate uppercase and lowercase letters.
If you find it difficult to come up with a password yourself, use online password generation services such as Passwords Generator. Enter and confirm the created password, and then click “Create a Wallet”.
Make sure to save your password and confirm it again.
Step 4. Save your Seed Phrase
Backing up your wallet is the most important step. Using a mnemonic password, you can restore access to funds on another device if you lose your smartphone or it is stolen.
Write down all 12 words displayed on the screen keeping to the sequence. Store the seed phrase only on paper or any other offline media. Avoid digital media — that is not secure. After you have written down the mnemonic password, click “Backup Mode!”.
Now, confirm that you wrote down the mnemonic password correctly: select the words sequentially and add them to the field in the same order as you wrote them down on paper.
Great! The wallet is created and ready to go. Top it up to stake Near tokens.
How to fund your wallet
On the main screen, select the NEAR token.
Hint! You can add other tokens if they are available on the blockchain you’re using, with the help of the “Add Assets” button.
The token page will open displaying all transactions associated with it. In the same section, users can send and receive tokens. To get the NEAR wallet address, click the “Receive” button.
An address that can be copied and a QR code to be read will appear. Send them to the sender to receive coins. As soon as you top up your wallet, you can proceed to staking.
How to stake NEAR
So, you have funded your wallet and now you can stake NEAR tokens in your Math Wallet. Open the “DApp” section.
Select Near Staking Tools from the list of applications. Please note that this is a third-party application that is not affiliated with Math Wallet.
The application has a single “Stake” button. Click it to continue.
A list of available validators will appear on the screen. Find the validator you want to delegate NEAR tokens to. For a quick search, start typing the name of the validator in a string, for example Everstake, and then click on it.
On this page, you can see the commission that the validator charges on the amount of income, and other details. Now click “Delegate to everstake.poolv1.near”. This is the address of the Everstake validator on the Near Protocol network.
Enter the amount of delegated NEAR tokens manually or use the “All” button to stake everything at once. Then click “Stake” to continue.
Finally, check the transaction details and click “Confirm” to stake NEAR. You will need a password or Touch ID for confirmation if you have connected it. To connect Touch ID instead of a password, select “Password-free mode”.
Note! If an error occurs and the tokens do not stake, reduce the amount. Do this until the transaction goes through.
We have successfully staked NEAR tokens and now active delegation is displayed on the main DApp page. To withdraw tokens, click on the section with an active validator.
Then click “Unstake”. The stake period takes approximately two days. After this period, the funds in the wallet will become available. Rewards are credited automatically.
Excellent! Now you know how to stake NEAR tokens in Math Wallet.
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