The need for high-performance blockchains is evident in the rapidly advancing digital asset domain. Sei, a permissionless Layer-1 blockchain, is designed to meet this demand, especially for Web3 digital asset exchanges. Its standout features include unparalleled speed, performance, and cutting-edge innovation, focusing on achieving the fastest time-to-finality in the blockchain sector.
Built on the Cosmos SDK, Sei employs a unique consensus mechanism that makes it exceptionally fast. Sei is optimized for decentralized trading, DEXes, and DeFi applications. Sei uses an order book model instead of the usual automated market maker (AMM) systems, enhancing security, privacy, and user control.
Sei’s advanced technologies, such as parallel processing and instant block finality, enable it to potentially outpace even Ethereum-based Rollups. Moreover, Sei’s vision extends beyond just efficiency. It aims to provide a platform where anyone with internet access can swiftly and seamlessly interact with Web3 applications.
As we delve into staking Sei using the Compass Wallet, understanding Sei’s foundation and capabilities is paramount. This guide will equip you with the knowledge to get the most out of Sei’s potential effectively.
How to create a Compass Wallet
Step 1: Download the Compass Wallet Chrome Extension
Start by navigating the Chrome Web Store and searching for the official Compass Wallet extension. Click on Add to Chrome to initiate the download. Once the extension is added, you’ll see the Compass Wallet icon on your Chrome browser’s toolbar.
Step 2: Create a new wallet
After you’ve added the Compass Wallet Chrome extension, click on the Compass Wallet icon in your Chrome toolbar. In the pop-up window that appears, select the option that says Create new wallet. This will initiate setting up a new wallet within the Compass platform.
Step 3: Save your recovery phrase
After creating your wallet, Compass Wallet will provide a recovery phrase. Please write it down and store it securely. This phrase is vital for accessing your wallet if issues arise, so keep it confidential and safe.
Step 5: Choose a password. Click Proceed.
Next, create a strong password for added security. Ensure it’s unique and not easily guessable. After entering your chosen password, click the Proceed button to finalize the setup process.
Step 6: Your Compass is ready.
After confirming your recovery phrase and completing any additional security measures, your Compass Wallet is now set up and ready for use. You can start transferring, staking Sei, or exploring other features within the wallet.
How to stake SEI?
Step 1: Initiate the Staking Process
Navigate to the Compass Wallet’s main dashboard or Home page. Look for and click on the Stake option to initiate the staking process for your Sei tokens.
Step 2: Begin Staking
Select the Stake button to start staking your Sei tokens in Compass Wallet.
Step 3: Selecting a Validator
In the provided search bar, type in Everstake. Once the Everstake validator appears in the search results, click on it to select it as your preferred validator for staking your Sei tokens.
Step 4: Specify Delegation Amount
Enter the specific amount of Sei tokens you wish to delegate. After entering the desired amount, click Review to proceed and double-check your delegation details.
Step 5: Finalize the Staking Transaction
Carefully review the transaction details presented. Once you know your decision, click the Stake SEI button to complete the staking process.
Step 6: Monitor Your Staking Activity
After staking, navigate back to the Stake page within the Compass Wallet. Here, you can view the amount you’ve staked (deposited) and any rewards you’ve earned from staking your Sei tokens.
How to Unstake SEI?
Step 1: Initiate the Unstaking Process
From the Compass Wallet menu, simply click on the Stake option to navigate to the staking section where you can manage and unstake your Sei tokens.
Step 2: Select the Validator
To proceed with unstaking, click on the name of the validator from whom you wish to unstake your SEI tokens. This will lead you to the validator’s specific page or section.
Step 3: Unstaking your tokens
Once you’re on the validator’s page, find and click Unstake or option to begin the process of unstaking your SEI tokens.
Step 4: Specify Unstaking Amount
On the next screen, input the specific amount of SEI tokens you wish to unstake or click the Undelegate all option to remove all staked tokens. After determining the amount, click on Review to proceed and verify the unstaking details.
Step 5: Confirm the Unstaking Transaction
Thoroughly review the transaction details to ensure everything is accurate. Once confident, click the Unstake SEI button to finalize the unstaking process. Keep in mind that the unstaking process will take 21 days to complete.
Why the 21-day period? When you decide to unstake, the tokens are locked for 21 days. This is a security and network protocol measure. After this period, the tokens will be automatically returned to your wallet.
Step 6: Monitor Your Pending Unstakes
After initiating the unstaking process, navigate to the Stake section within the Compass Wallet. Here, you can view information about your pending unstakes, including the amount and the time remaining until the tokens are returned to your wallet.
The Takeaway
Staking Sei using the Compass Wallet is a straightforward process that allows users to maximize their holdings and contribute to the network’s security. By following the steps outlined in this guide, users can seamlessly stake and unstake their Sei tokens, ensuring they reap the benefits of their investment. As with all financial decisions, staying informed and regularly monitoring your staking activities is essential. The Compass Wallet provides all the necessary tools and features to make your staking journey smooth and rewarding. Whether you’re a seasoned crypto enthusiast or a newcomer to the staking world, Compass Wallet offers a user-friendly platform to enhance your Sei staking experience.
At Everstake, we aim to provide a secure and enriching staking experience. When you choose to stake Sei with Everstake, you’re not just aiming for passive rewards but also becoming a pillar in the network’s strength and stability.
With a proven track record across 70+ blockchains, Everstake’s reputation as a trusted validator is well-established. Our vision goes beyond just offering competitive staking rates. We’re on a continuous innovation journey, investing in our infrastructure and developing state-of-the-art tools that redefine the blockchain user experience.
By aligning with Everstake, you’re embarking on a potentially rewarding staking journey and playing a crucial role in shaping the future of the Sei ecosystem. If you have any questions or need clarification, feel free to contact our Sei Blockchain Manager on X. We’re always ready to assist and ensure you have a smooth experience.
