Most likely, you are already well acquainted with staking and are now interested in staking SUI. Maybe you choose a suitable wallet or platform for this. You came to the address. Regardless of whether you are new to staking or a seasoned master, this article will be useful to you.
In this article, we will provide you with a step-by-step guide on how to stake SUI with the Gem wallet. In addition, we will tell you what we know about the Sui network and its staking features. Well, let’s get started!
WHAT IS SUI
Sui is a Layer-1 blockchain for instant and high-speed transactions. It’s perfect for on-chain use cases like games and finance.
SUI is the native token of the Sui blockchain, a decentralized platform built for high throughput and low latency transactions. Developed by Mysten Labs, the Sui blockchain aims to deliver scalability and usability for all crypto users. SUI tokens play a critical role in the network. Let’s take a closer look at the main features:
1. Transaction fee
It is quite logical that SUI tokens are used to pay transaction fees on the network. These fees cover the costs associated with processing and verifying transactions and, of course, help maintain the network’s efficiency and speed.
2. Staking and network security
Staking is a critical feature of the SUI token that allows token holders to participate in network security. Token holders can support validators who are responsible for creating new blocks. As motivation, stakers receive a reward for staking tokens.
3. Governance
SUI tokens grant holders governance rights that include voting on various proposals that determine the future of the network. These can be updates, parameter changes, and funding of community projects. This governance model empowers the community and ensures that changes to the network reflect the needs of token holders.
4. Validators rewards
Validators of the Sui network are rewarded with SUI tokens. This encourages validators to work honestly and efficiently, keeping the blockchain running.
WHY STAKE SUI?
Staking of SUI tokens, like other tokens, has several main advantages. First, you can earn rewards through passive income. Staking contributes to the ecosystem’s growth and stabilizes the token’s value due to the decrease in circulation. Second, you can double the security of the Sui network and participate in management decisions that affect the future direction of the network.
Your participation in staking not only strengthens the network but also increases your influence in making key decisions. These benefits will help you make your investments more dynamic and interactive.
SHORTLY ABOUT GEM WALLET
Gem Wallet is an open-source wallet that focuses primarily on DeFi. It provides a secure and intuitive interface for users to manage their SUI tokens, engage in transactions and participate in staking. This wallet will be a good companion for beginners and pros alike, offering the following key benefits.
- Full Ownership. The Gem Wallet app has never had access to any of your data or funds. DeFi is the core of the gem.
- Privacy. Gem Wallet doesn’t track any personally identifiable information, wallet addresses, or asset balances.
- Open Source. Gem Wallet has no investors, so you get an open-source, community-driven crypto wallet.
- Security. Gem Wallet protects your crypto and private keys with industry-leading security.
Now, let’s get to know the wallet better and stake SUI tokens together.
HOW TO STAKE SUI
Welcome to our how-to guide. Let’s take a step-by-step SUI staking.
Step 1: Install Gem Wallet
Choose to install a wallet on iOS or Android on the official Gem website.
Step 2: Create a New Wallet
Open the app on your phone. Click the Create a New Wallet button. Don’t forget to write down and keep your seed phrase safe.
Step 3: Manage Token List
Find the Sui chain in the list and “turn on” it to add it to the panel.
Step 4: Top up your wallet
- Top up your new wallet with SUI tokens. You can buy SUI tokens on exchanges such as Binance, Coinbase, KuCoin, etc.
- Once you have purchased SUI, transfer the tokens to your Gem Wallet.
- Make sure that you copy the Sui wallet address correctly when sending SUI from another wallet to avoid any loss of funds.
Step 5: Start Your Staking
- Open your Sui Wallet and click the Stake tab.
- Choose the number of tokens to stake and review the APR and lock time.
- Tap Stake to proceed.
Step 6: Choose Validator
- Open the Validators section in your wallet.
- Review the list of available validators for delegation.
- Select a validator and proceed with staking.
Step 7: Input Stake Amount
- Decide how much SUI you want to stake.
- Make sure to leave a small amount of SUI in your wallet to cover transaction fees.
- Tap on Continue.
Step 8: Confirm the Transaction
- Review the staking details, including the validator and the amount of SUI.
- Ensure everything is correct and tap Confirm.
- Your transaction will be submitted to the Sui Network.
Now, you can see your staked SUI tokens in your wallet. You can always stake more SUI tokens for higher rewards. Congratulations on starting your journey with Everstake!
SUMMARY
By staking SUI, you not only earn passive income but also contribute to the security, stability and overall growth of the network. Gem wallet is a good choice for SUI token staking, as it provides excellent security and convenience.
Don’t forget that an important factor for staking is the choice of validator because it contributes to your maximum rewards. Everstake is trusted by 735k+ users across 70+ blockchain networks.
We are one of the most reliable validators in the world due to its security measures, stable uptime, user-friendly interface and informative channels. It allows you to access payout information for different pools effortlessly and provides answers to common queries with just a few clicks.
We offer all the necessary statistics to help you make informed decisions and include a reward calculator to estimate your potential earnings based on various staking strategies. Everstake’s team carefully selects only the most promising PoS projects to join, conducting extensive research and due diligence before committing to a network as a validator.
The crypto world is full of opportunities, and we’re here to help you make the most of your investments through staking. If you need help, don’t hesitate to contact our Blockchain Manager on X.
SUI STAKING FAQ
What is an Epoch?
An epoch is a fixed period during which staking operations are processed and rewards are calculated. The duration of an epoch on the Sui network is 24 hours.
Can I stake SUI from multiple wallets?
Of course, you can stake SUI from multiple wallets. Usually, the staking conditions will be the same for different wallets. Your choice depends on which interface is more convenient for you and which features you need. Many wallets offer a variety of additional features that you may find useful. These can be enhanced security measures, NFT support, convenient interfaces and integration with other services.
Are there any risks of SUI staking?
You should understand that SUI staking, like any investment, involves certain risks. General risks include market volatility, which may affect the value of tokens. You can always sell your tokens, but you may lose some of the amount due to the change in the price of these tokens. It is worth weighing all factors and assessing your readiness for change because staking can benefit you.
How are SUI staking rewards calculated?
Validators receive rewards proportional to the gas fees collected for processing transactions and achieving consensus. Subsequently, these rewards are distributed among delegators as staking rewards. Thus, staking rewards are proportional to the delegated amount and the duration for which the stake remains active.
Additionally, the Sui Network has an auto-compound effect, meaning that your stake will automatically increase due to accumulated rewards. Consequently, rewards for subsequent epochs will be calculated based on a larger stake.
Can I increase my stake during an active epoch?
Yes, you can always increase the amount of SUI tokens you have staked, even during an active epoch. However, remember that you will start receiving rewards from the next epoch.
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