How to stake Near using My Near Wallet

Developers of blockchain platforms strive to create protocols that make the development of decentralized applications (dApps) simple and secure. One such platform is Near Protocol. 

Near Protocol uses PoS consensus to secure the blockchain and validate transactions, having a decentralized network of validators running the servers.

This guide will explain how to stake NEAR tokens in the non-custodial MyNearWallet. 

Create a wallet

Go to the MyNearWallet website and click “Create Account.” If you already have a wallet, click “Import Existing Account.”

There is an option to learn more about NEAR before creating your account.

MyNearWallet supports two security methods:

• Via a seed phrase (Secure Passphrase). 
• Via connecting Ledger hardware wallet.

A passphrase is a combination of words that are randomly generated by a crypto wallet. It is needed to recover your funds.

Note. The phrase is a unique key to your wallet and the only way to restore it. To keep your assets safe, you need to store the phrase correctly. You can either write the words on paper or save them to the hard drive. We also recommend using services like LastPass or KeepassXC.

Ledger wallets are hardware wallets for the cold storage of cryptocurrencies. It means that coins can be stored without an Internet connection, eliminating the possibility of remote wallet hacking.

After you select the Security Method, click the button below to continue creating the wallet. We will show the process of using a recovery phrase.

A seed phrase consisting of 12 words will appear on the screen. The safest method to store the phrase is to write it down on paper and keep it in a safe place. Then click “Continue.”

Important. Do not take screenshots while saving the recovery phrase, and do not copy it to the clipboard. Saving your seed phrase as a screenshot or text on a phone or laptop puts it in danger of being stolen. Never share your recovery phrase with anyone. To learn more, read our Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency. 

Confirm the seed phrase. At the next step, you should enter the Verify Phrase to complete wallet creation.

Your wallet is ready for use.

How to stake NEAR

Open the “Staking” tab on the MyNearWallet home page.

Click “Stake My Tokens” and select the validator.

Everstake is one of the validators. Thus, you can delegate tokens to us. Always DYOR when choosing a validator.

The wallet will show a validator’s fee. Everstake offers one of the lowest fees among other validators – only 3%.

Note. Pay attention to the fact that Near uses non-standard addresses in the everstake.poolv1.near format instead of long hexadecimal words like Bitcoin and Ethereum addresses.

To continue the staking process, click “Stake With Validator.”

Enter the number of NEAR tokens you want to delegate. Select the “Use Max” option to stake all available tokens in your wallet and click “Submit stake.”Remember to reserve a portion of tokens to pay a withdrawal fee. 

Finally, click “Confirm” to make the transaction.

It takes some time to verify the transaction. It takes a few moments. When it’s done, you will see the following message:

You can check your stake and rewards in the dashboard. Rewards are automatically reinvested, but you can withdraw and unstake as soon as the withdrawal button is available. 

How to unstake

Click the “Unstake” tab. 

Select the validator.

Choose the number of tokens you want to unstake or click “Use max.” Then click the “Unstake Token” button.

To continue unstaking, confirm the transaction.

Tokens will be unstaked after four full epochs — approximately 52–65 hours.

If you have done everything correctly, you will see the “Success!” inscription:

• Address of the Everstake validator: everstake. poolv1. near
• Fee: 3%
• Annual yield: 11%

To learn more about Near Protocol, visit our website’s Near Protocol FAQ page and read our article. If you need more options on how to stake NEAR, visit our Blog to find staking guides in different languages.

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