NEAR Protocol is a secure, decentralized platform for creating blockchain-based dApps and managing digital assets and identities. Since its inception, Near’s mission has been to onboard one billion users to the Open Web.
The Near blockchain was designed to be infinitely scalable and secure with the Near’s Nightshade sharding approach, and recently, Near announced its Blockchain Operating System (BOS). Anyone in the Open Web ecosystem can make their frontends compatible with the blockchain of their choice using the NEAR tool. The rapid growth of the blockchain can be attributed to all of these approaches.
This guide details the process of staking NEAR using the NEAR Mobile Wallet.
Why Stake NEAR?
Staking NEAR is a simple and efficient way to gain yield from your tokens on a blockchain. When users stake their funds, they help secure the network and earn rewards if the node creates a block successfully. These rewards are distributed proportionally to each user’s share of the total amount staked.
What is a NEAR Wallet?
NEAR Mobile is a convenient wallet developed by Peersyst. NEAR Mobile is a simple and secure wallet.
NEAR Mobile allows you to manage and import multiple accounts on your phone to have control and flexibility over your assets all the time. NEAR Wallet access the NEAR staking and earn rewards through the app for holding your tokens.
How to Set Up a NEAR Wallet?
First, go to the official NEAR Mobile website to download the wallet. NEAR Mobile app is available in the App Store and Google Play.
Open the app on your device and click Create Account button to start the account creation. If you already have a wallet, click Import your NEAR Wallet.
Next, you will see essential information about the NEAR Wallet and the Mnemonic phrase. Having read it, click the Generate Mnemonic button.
Remember, the Mnemonic phrase is crucial for accessing and recovering your wallet. Thus, it is essential to store it securely. We recommend writing down your recovery phrase and keeping it accessible only to you. Another option is to use a specialized device that’s intended for Mnemonic phrase storage.
Don’t take screenshots of the phrase, as this could expose it to unauthorized access. It’s essential never to reveal your recovery phrase to anyone.
To proceed to the next step, select the words from your Mnemonic phrase in the correct order.
You must create a password to prevent unauthorized third parties from accessing your wallet and confirming transactions without your authorization. You can use biometric authentication to access the wallet.
NEAR blockchain was designed to be simple, with a flexible account model and human-readable accounts — any name a user wants instead of a string of letters and numbers. Swapping the colorful tab with account information, you will find the options to import one more account or create a custom one.
To fund your wallet, click Receive button, copy the wallet address, and send the NEAR tokens from the exchange or other account to your address.
How to Stake NEAR using a NEAR Wallet?
Go to the Staking section. It will open a dashboard for your staked tokens, including the rewards and the staked amount.
Choose the Stake my tokens to start the staking process.
Enter the amount you want to delegate and click Next. Select a reliable validator from the list, or start typing its name in the search bar to find it faster.
Check the transaction details, and if everything is correct, click Next.
Having the completed transaction, click Continue, and you will get the notification about successfully staked tokens.
In the Stake section, you can manage your staked amount. You can unstake tokens by clicking the Unstake button and specifying how much you want to unstake.
Note: The unstaking period is approximately 52-65 hours (four epochs).
NEAR Blockchain Explorers
You can monitor the network’s statistics and access a list of the NEAR validators using one of the NEAR blockchain explorers:
Everstake is a responsible validator trusted by 625k+ users across 70+ blockchain networks created by engineers for the entire community in 2018. You can contact our NEAR Blockchain Manager via Twitter anytime with any queries.
