How to Stake NEAR (Near Protocol) in Moonlet Mobile Wallet: A Simple Guide for Newbies
Near Protocol provides developers with solutions to help them deploy secure and efficient blockchain applications and simplify DApps creation processes. We wrote in more detail about the Near Protocol in this review.
In today’s guide, you will learn how to stake NEAR tokens using the Moonlet mobile wallet.
How to create a wallet
Before staking NEAR, you need to create and fund a cryptocurrency wallet. Moonlet is a convenient multi-currency mobile wallet designed based on taking into account the specifics of each platform specifically for NEAR holders and a number of other blockchains. The wallet supports storage, transfer and staking of NEAR (Near Protocol) tokens.
Users can also import other NEAR wallets in the Moonlet app, in particular to integrate Ledger devices. The main page contains a quick guide to importing Ledger.
Now let’s move on to the tutorial and show you how to create a NEAR wallet in the Moonlet app.
Step 1. Download and install the app
Moonlet Mobile Wallet app is available on iOS and Android devices. Select your device for installation:
Step 2. Launch the application and create a new wallet
On the main screen of the Moonlet mobile wallet, three options are available:
- Restore wallet using a mnemonic phrase;
- Connect another wallet or device (Ledger);
- Create a new wallet.
We will create a new wallet in the application. Click “Create” to continue.
Read the terms of the user agreement and accept them.
Step 3. Save the seed phrase
The seed phrase is a 12-word mnemonic password that allows you to restore your wallet to other devices or clients in case you lose access to it. Without a seed phrase, you cannot restore access to funds.
Write words on paper or any other offline medium in the order shown on the screen. It is important to follow this sequence. Do not store your seed phrase on digital devices. That is not secure. Also, under any circumstances, do not share or pass on the mnemonic password to anyone — it belongs only to you. Click “Hold to unveil” to display the words on the application screen. Click “Next” to display the next 4 words and so on.
To check the correctness of the saved seed-phrase, enter the words under the indicated numbers. If everything is entered correctly, a new wallet will open.
Step 4. Set up your PIN
At this point, Moonlet will ask you to set a PIN to quickly enter your wallet. The PIN code protects the wallet on the smartphone from unauthorized access by third parties.
Enter and confirm your 6-digit PIN.
The wallet has been created. Now you can top it up.
How to fund your wallet
On the main screen of the application, select the NEAR blockchain as shown in the screenshot below.
An account for NEAR tokens will open, which will display account statistics and your coin balance.
You can get the wallet address in two ways.
Click on the ellipsis on the right.
Click “Copy address to clipboard”. Provide this address to the sender to receive NEAR tokens.
Select the NEAR partition as shown in the figure below.
Then click “Receive”.
This will open the wallet address and a QR code that the sender can scan to transfer tokens to you in another app.
Tokens arrived and are displayed using the Moonlet wallet balance. Now we can stake them.
How to stake NEAR
To delegate tokens and receive up to 14% per annum, open your NEAR account by clicking on it on the main screen of the application, and then clicking “Stake now”.
Find Everstake in the list of validators and select it. By default, there is a check mark to select the Moonlet validator. If you want to vote for Everstake, then it must be removed. Click Next to continue.
Enter the amount of NEAR tokens you want to stake. Use the buttons at the bottom of the screen to add a fixed amount of tokens, stake half or all of the tokens.
Note. Leave some coins to pay commissions for future transactions, or replenish the wallet again if you have staked the entire amount.
Now sign the transaction and wait for it to be added to the network.
After the transaction goes through, you will see it in the list of transactions. Click on a transaction for details.
All transaction details will be displayed here: amount, validator, status, etc. “Success” status means that you have successfully staked NEAR tokens and will now receive rewards.
Information on staking and validators is available in the “My Stakes” section of your NEAR account.
Click on the validator to display the details. Here you can vote for this validator again or withdraw coins.
Subscribe to the Everstake newsletter to get the latest updates from the Proof-of-Stake world in time and get staking guides in various wallets.