Sui is an innovative Layer-1 blockchain that facilitates smart contracts with a focus on speed, scalability, and security. Developed by Sui Foundation, it uses the Delegated Proof-of-Stake (dPOS) consensus mechanism and the Move programming language. By emphasizing asset-centric smart contracts and dynamic NFTs, Sui encourages a sustainable ecosystem and a dynamic Web3 community through decentralized governance.
This comprehensive guide will walk you through how to stake Sui via Sui Wallet in just four steps.
What is Sui Staking
Sui staking is a way for you to get involved in maintaining and operating the Sui blockchain network. Using a system called delegated proof of stake (dPOS), you can contribute your SUI tokens, the currency of the Sui network, to certain network participants called validators. These validators work to keep the network running smoothly and securely.
When you stake your SUI tokens, you're not only helping to ensure the network's overall security, but you can also earn rewards. What's more, staking gives you a say in how the network is governed, fostering decentralized and democratic management of the blockchain. So, by staking your tokens in Sui, you're playing a part in the network's growth and adaptability while also benefiting personally.
What is Sui Wallet
Sui Wallet is a cryptocurrency wallet specifically designed for use with the Sui blockchain network. It has over 1M downloads and allows users to securely stake, manage, and transact with their SUI tokens and other assets built on Sui. The wallet integrates Sui staking functionality, enabling users to easily delegate their SUI tokens to validators like Everstake and earn passive income through staking rewards.
How to Stake Sui: Short Guide
You can stake Sui tokens in a few simple steps. Here's how:
Step 1: First, you need to get some Sui tokens. You can buy these from cryptocurrency exchanges like OKX, Bybit, or KuCoin. There may also be other methods of acquiring Sui tokens that are best suited to you.
Step 2: Next, you'll need a wallet that supports Sui. Create a wallet in the Sui network or choose a compatible wallet like Ethos. Once you've set up your wallet, transfer your newly purchased Sui tokens into it.
Step 3: With your tokens securely stored in your wallet, you're ready to stake. Look for the 'Stake' option in your wallet or on the staking platform, and click it.
Step 4: The last step is to confirm your staking transaction within your wallet. After that, you're all set!
Remember, each wallet or staking platform might have slightly different steps or interfaces. If you need more detailed instructions for a specific method or wallet, consider checking out the Everstake&Sui page or the help section of your chosen staking platform.
Step-by-Step Guide to Staking Sui via Sui Wallet
Before staking, you need to acquire Sui tokens and create a wallet.
Acquire Sui tokens through an exchange like Binance, OKX, Bybit, or KuCoin. Sui is a popular coin available on most exchanges. Purchase the amount you would like to stake. Be sure to complete authentication so you can export coins to your wallet.
After acquiring tokens, create a Sui-compatible wallet, like Sui wallet or Ethos wallet, and transfer the tokens there. In this example, we will show how to create a Sui wallet, but the process is quite similar for other wallets.
Step 1 - Install Sui Wallet
Navigate to the Google Chrome Store and press Add to Chrome. You will be redirected to the extension's page - click Get Started.
Step 2 - Create a New Wallet
If you do not yet have a Sui wallet, click Create a New Wallet. Be sure to save your recovery phrase, then click Open Sui Wallet. After completing these steps, your new address will be created.
Step 3 - Transfer Tokens
You can now transfer tokens to this address. If you are using an exchange, click Withdraw/Transfer via Crypto Network and input your Sui wallet address in the designated field. If you are transferring from another wallet, simply click Send.
Step 4 - Stake and Earn
Once you have the amount you wish to stake, click Stake and Earn. Scroll to find and click the Everstake validator, enter the amount you would like to stake, and then click Stake Now.
Pros and Cons of Sui Staking
Financial decisions require a comprehensive understanding of the benefits and downsides of each potential action.
Pros :
- Earn Passive Income: Staking SUI tokens enables you to earn passive income through staking rewards. These rewards are periodically distributed as SUI tokens to your wallet.
- Contribute to the Ecosystem: By staking SUI tokens, you actively participate in the Sui network's growth and security. You also get the opportunity to endorse a validator you trust, thus playing a role in maintaining the network's integrity.
- Retain Asset Control: Even while staking, you maintain complete control over your SUI tokens. You can unstake them if you wish, offering flexibility and control over your assets.
Drawbacks:
- Depreciation of tokens: A downturn in Sui's worth could negatively impact your staking gains.
- Challenges related to the inactivity or subpar performance of validators: If a validator chooses to discontinue their node or fails to meet performance standards, you might need to redelegate your tokens to a more reliable validator.
Why Stake Sui with Everstake
- Reliable Infrastructure: Our highly-experienced technical team provides a reliable infrastructure with 99.9% uptime. We use bare metal servers distributed worldwide, backup nodes for emergencies, and dedicated DevOps monitoring the network 24/7.
- Reputable Validator: Everstake is one of the largest PoS/DPoS blockchain validators, trusted by over 625,000 users across 70+ blockchain networks.
- Transparency and Support: We are committed to providing clarity and transparency in our operations. All our activities are open to the public, and we are ready to address any questions anytime. Feel free to reach out to us on Discord.
Sui FAQs
What is Everstake?
Everstake is a responsible validator trusted by 625k+ users across 70+ blockchain networks, including Sui.
Created by engineers for the entire community in 2018. It’s a self-funded, profitable business employing 125+ people, running over 8,000 nodes for 70+ blockchain protocols, including bridges and oracles.
What’s the best place to stake Sui?
In your wallet or through Sui Explorer.
How much Sui do you need for staking?
There is no minimum requirement, you can stake one MIST (minimum nomination).
Is staking crypto safe?
Staking crypto is one of the safest ways to manage your assets.
Can I stake Sui with Everstake?
Yes, you can stake Sui with Everstake via wallets or Explorer.
How to Unstake Sui?
You can unstake Sui via the same wallet you used to stake by pressing Unstake Sui. Or do the same via the Sui Explorer. Unstaking is processed immediately, you are not getting rewards for the current epoch (24hrs).
How to stake Sui via Ehtos wallet?
Install Ethos wallet. Transfer tokens to the wallet, press Stake and choose Everstake.To see all available methods on how to stake Sui visit Everstake & Sui page.
How to stake Sui via Martian Wallet?
Install Martian wallet, transfer tokens to the wallet, press Stake and choose Everstake.To see all available methods to stake Sui visit Everstake & Sui page.
Where can I read an article about Sui Staking?
Visit this link to read about Sui Staking.
Follow Everstake Twitter, Discord, and blog for the latest updates.
