Staking SUI through a Ledger wallet provides benefits like earning passive income, improving network security, participating in governance, and contributing to the network’s growth. To help you stake your SUI easily, this guide provides a comprehensive overview of the staking process.
What Is Sui (SUI)?
Sui is a low-latency 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 network. Sui serves as a permissionless platform and uses the Move programming language for smart contracts. Network governance, gas charges coverage, and staking are available to SUI token holders. Let’s further explore the key roles that SUI tokens play:
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Transaction Fees: SUI tokens serve as the main payment method for transactions on the Sui blockchain. These fees are distributed to validators as a reward for their efforts in securing the network and processing transactions.
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Staking Rewards: Staking SUI enables Sui token holders to participate in the network's consensus mechanism. This process implies locking up SUI tokens for a specific period to enhance the network's security and receive staking rewards.
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Governance: SUI token holders can engage in the governance of the Sui protocol. This encompasses casting votes on protocol upgrades, feature additions, and modifications to network parameters.
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Asset Denomination: SUI tokens are the native currency on the Sui blockchain, representing the value of all digital assets on the platform. These digital assets include fungible tokens, non-fungible tokens (NFTs), and other forms of digital assets.
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Gas Fees: SUI tokens are utilized to cover the gas fees that come with executing smart contracts on the Sui blockchain. These fees encourage validators to process transactions and offer computational resources for smart contract execution.
What Is Ledger?
Ledger wallets are hardware wallets that offer high security for cryptocurrency investments by storing private keys offline. Private keys are essential for accessing digital assets, and keeping them offline helps to minimize the risk of unauthorized access.
Ledger wallets use advanced security features, including a tamper-proof secure element chip that safeguards sensitive data in an isolated enclave. Also, Ledger wallets offer 2FA for added security. It requires a PIN code or mobile authenticator app to access your wallet, ensuring only authorized individuals can gain entry.
Ledger wallets offer robust security for your crypto assets. With offline storage and multi-factor authentication, they are the top choice for protecting your digital wealth.
Also, Ledger provides a companion app, Ledger Live, to manage your cryptocurrency assets and interact with your Ledger wallet with ease. With Ledger Live, you can track your portfolio, send and receive crypto, stake your SUI tokens, and access dApps.
Why Stake SUI?
Staking SUI provides benefits such as unlocking rewards, supporting network security, and influencing blockchain protocol development. Let’s review the main reasons why to stake SUI:
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Earn Rewards: Stake your SUI tokens to earn passive income through rewards. By locking up your tokens, you help the network and receive a portion of transaction fees generated on Sui. These rewards are distributed periodically, providing a consistent source of income.
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Maintain network security: Staking SUI tokens is crucial for maintaining Sui's security and stability. Validators are incentivized to act honestly and uphold the network's integrity by staking tokens that act as collateral. The more SUI tokens are staked, the stronger the network's security becomes, ensuring the safety of all transactions and assets.
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Impact the Future of Sui: By staking, you gain the power to vote and participate in decisions that will shape the direction of the Sui ecosystem. These include protocol upgrades, feature additions, and modifications to network parameters.
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Contribute to an Energy-Efficient Approach: Sui's DPoS consensus is more energy-efficient than PoW models. By staking SUI, you promote a sustainable and environmentally friendly use of blockchain technology.
How to Stake SUI?
Step 1: Install Sui Wallet Extension
Head to the Chrome Web Store and add Sui Wallet to your browser.
Step 2: Connect Ledger Device
1. Install Ledger Live, the app that complements your Ledger hardware wallet.
2. Connect your Ledger hardware wallet using the USB cable to your computer.
3. Enter your PIN to unlock the device.
4. If prompted, allow My Ledger to access your device by clicking both buttons.
Step 3: Install Sui App on Ledger Device
1. Open Ledger Live and navigate to the Manager section.
2. Search for the Sui app and click Install. If you cannot find the Sui app, ensure your Ledger device's firmware is up to date.
You will receive confirmation upon successful installation.
Step 4: Connect Ledger Device to Sui Wallet
1. On your Ledger device, navigate to the Sui app using the right button and press both buttons simultaneously to open the app.
2. Open the Sui Wallet extension and click Unlock Account.
3. Enter your password to proceed.
4. Hit the Add button in the Accounts section and click Set up Ledger. Then, choose Continue.
5. In the pop-up window, select your Ledger device and click Connect. Ensure the Sui app is open on your Ledger device.
6. Select the Ledger account you want to use for staking.
7. Enter your Sui wallet's PIN and click Continue.
8. Use the SUI Wallet extension or another appropriate wallet to transfer the SUI tokens you want to stake or store on your Ledger device to your Ledger address.
Step 5: Enable Blind Signing
1. On your Ledger device, navigate to the Sui app using the right button.
2. Press both buttons to open the Settings menu.
3. Press both buttons again to enable Blind Signing. The message should change from “Blind Signing Disabled” to “Blind Signing Enabled.”
4. Press the right button to see the Back option and click both buttons simultaneously to go back.
Step 6: Initiate Staking Process
1. Open the Sui Wallet and click Switch to in the Account section. Then, choose the Ledger account you want to use for staking. Verify that the selected account has Ledger next to it, indicating it's connected to your Ledger device.
2. In the Sui Wallet, click Stake and Earn SUI.
3. Choose a validator from the list and click Select Amount.
4. Enter the desired amount of SUI tokens to stake (minimum is 1 SUI).
5. Review the details, including staking amount, gas fee, and total transaction amount.
NOTE: After you enable Blind Signing, your Ledger device can still display a warning that the transaction is not recognized. This is expected behavior because Blind Signing hides transaction details. To proceed, press both buttons on your Ledger device.
6. After enabling Blind Signing, click Stake Now.
Step 7: Confirm Transaction on Ledger Device
1. On your Ledger device, press the right button to review the transaction details, including the transaction hash, blind signature transaction, and confirmation option.
2. While on the "Confirm" option, press both buttons to confirm the staking transaction.
Congratulations! You are now contributing to the security of the SUI network as a staker. Starting from the next epoch, you will receive juicy SUI staking rewards.
The Takeaway
When you stake SUI, you can earn passive income while also supporting the network's security, stability, and growth. Ledger provides an excellent option for staking your SUI tokens as it offers top-notch security and convenience through its hardware wallets.
It's crucial to select a reliable validator, such as Everstake, because we have a proven track record of security and uptime. This can significantly impact your staking rewards.
If you require any assistance or have any queries, feel free to contact our Sui Blockchain Manager at X.
If you want to learn more about SUI and how to stake it through other wallets, click here to start!
