How to Stake NEAR via the Omni Wallet

The NEAR Protocol assists developers in revolutionizing systems and developing useful dApps with the help of its unique features, such as scalability and interoperability.

Users can help support the blockchain’s decentralized consensus mechanism by staking their assets, while rewards are distributed proportionally to the user’s share of the total amount staked.

You have a great opportunity to get passive income and maintain control over your tokens by delegating NEAR to Everstake.

This guide will show you how to create a wallet and stake NEAR tokens via the Omni Wallet.

What Is the NEAR Protocol?

The NEAR Protocol is a smart contract blockchain platform that is efficient, community-based, and developer-friendly. It is a secure, decentralized platform for creating blockchain-based dApps to manage digital assets and identities. 

NEAR uses a unique scaling mechanism – nightshade sharding – making it especially easy to onboard new users. It opens the door to the mass adoption of Web3.

NEAR encourages everyone interested in Web3 to:

• Build decentralized applications.
• Create without limits.
• Develop regional communities and hubs.
• Mint NFTs. 
• Become node validators and Chunk-Only Producers.
• Stake NEAR.

To know more about the NEAR Protocol, how it works, and what makes it so unique, read our article What is NEAR and how it makes developing blockchain applications simple and efficient.

What Is the Omni Wallet?

Omni is a full-service, self-custody cryptocurrency wallet, which makes it seamless to stake various tokens, manage assets cross-chain, and collect and display NFTs. This next-generation cryptocurrency wallet is currently available on mobile for iOS and Android, making it incredibly simple for Web3 users to manage their cryptocurrency portfolios directly from their mobile devices.

Omni supports over 27 chains, including top layer one and layer two networks. Omni provides a staking service for tokens under 16 major networks. With the adoption of Ethereum Layer 2s increasing even through the bear market, users can easily bridge assets and manage funds on Layer 2s using Omni. 

Why Stake NEAR?

Users support the decentralization of the consensus by staking their assets, but the reason investors stake – is to get rewards. If the node successfully creates a block, the validator receives it and shares this reward with the delegator. Rewards are distributed proportionally to the user’s share of the total amount staked. Everstake offers one of the lowest fees among other validators – only 3%. The current APY is 10.02%.

You have a great opportunity to accrue more value by entering what will become the backbone of tomorrow’s economy.

How to Create an Omni Wallet?

Omni is a next-generation Web3 wallet app. It is the rebranded SteakWallet.

You will need to download the app and create an Omni wallet to start the staking process. 

Please go to the Omni Wallet, choose your preferred operating system (iOS or Android), and install the app on your mobile phone.

Once installed, go to the OMNI Wallet app and click the Let’s go button. To continue using the wallet, you also need to choose  Set up a Passcode or Use Face ID to secure your wallet. If you have an OMNI account, you can import it or create a new one. To import your existing wallet, click the Import an existing wallet button. Your Ledger can be connected to OMNI, too. 

The next step is your secret phrase. The wallet will generate a random secret phrase you must save and remember it. To finish the wallet set-up, you should enter your 12-word phrase in the correct order and click Next. 

Note: Protect your secret phrase. Anyone with this phrase will have control of your funds. If you lose it, you will lose access to your wallet.

How to Stake NEAR via the OMNI Wallet

The self-custodial Omni wallet makes multi-chain staking easy and fast. The staking complexity is abstracted and translated into three simple taps on your mobile device.

On the home screen, click the Earn button. Scroll down in the Staking menu and choose NEAR. The NEAR staking screen will appear on the device. To continue the staking process, press the Stake NEAR button.

Note: You need at least 0.05 NEAR to successfully stake and cover gas fees.

This will open the Staking Info Screen. Tap Let’s go! Input the amount of NEAR you want to stake and press Next.Check the network fee and open the list of validators by clicking the Staked with tab. Choosing a responsible validator is the key to the safety of your funds and income. After choosing a validator, tap the Confirm Stake button.

Note: You can tap the drop arrow next to Average to select your network fee amount. Stick to Omni’s recommended network fee to ensure your transaction is processed appropriately.

After your confirmation, you will get information about your successfully staked NEAR.

Conclusion

To view your active stake, go to the main page. There you can also unstake, stake to multiple validators. The unstaking period is approximately two days.

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