Decentralized finance (DeFi) continues to change how we view passive income, and staking has become a significant part of this revolution. Simply put, staking allows you to lock your cryptocurrency to support a network and earn rewards in return.
In this article, we'll dive into the Sei Network, a Layer-1 blockchain designed specifically for trading. Through the Cosmos SDK and Tendermint Core, Sei introduces an integrated order book, offering a unique approach to DeFi trading. Our main focus, however, will be on staking SEI. We'll cover the basics and how you can get started, guiding you every step of the way.
Whether you're new to staking or looking to understand SEI's unique offerings better, this guide aims to provide clear and concise information. Let's dive in.
Step 1: Connect Your Wallet to the Platform
Navigate to the Sei app. Once there, click Connect wallet to link your wallet to the platform and proceed with the staking or unstaking process.
Step 2: Select Compass Wallet
From the list of available wallet options, click on the Compass wallet to choose it as your preferred method for connecting to the platform.
Step 3: Finalize the Connection
After selecting Compass Wallet, click Connect once again to establish a secure connection between the platform and your wallet.
Step 4: Search for the Validator and Initiate Staking
Within the Sei App interface, type the desired validator's name into the search bar. Once the validator appears in the search results, click on the Stake button to begin the process of staking your tokens with that specific validator.
Step 5: Specify Staking Amount and Delegate
Input the specific amount of tokens you wish to stake in the provided field. After determining the amount, click Delegate to allocate your tokens for staking with the chosen validator.
Step 6: Approve the Transaction
After initiating the staking process, a prompt will appear requesting your confirmation. Carefully review all transaction details, including the amount you're staking, the destination address, and any associated fees. Once you're certain everything is accurate, click Approve to finalize the transaction.
Step 7: Monitor Your Staking Progress
Congratulations on successfully staking your SEI! To keep track of your staking activity and accumulated rewards, navigate to the Staking section and select Your delegations. This dashboard provides a real-time overview of your staked amount, pending rewards, and other relevant metrics.
Over to you
In conclusion, staking SEI in the Sei App is a straightforward process that allows you to actively participate in the DeFi revolution and earn passive income. By following the steps outlined in this guide, you can securely lock your SEI tokens and support the Sei Network while enjoying potential rewards.
Sei's integration of the Cosmos SDK and Tendermint Core, coupled with its unique approach to DeFi trading, positions it as an innovative player in the crypto space. As DeFi continues to evolve, staking SEI in the Sei App provides a promising opportunity for investors to contribute to and benefit from this transformative financial ecosystem.
Whether you're looking to diversify your crypto portfolio or simply explore new avenues for passive income, Sei's staking platform offers a user-friendly and rewarding experience. Get started today by following the steps outlined above and join the exciting world of DeFi staking with Sei. For any inquiries, you're welcome to contact our Sei Blockchain Manager on X.
