Crypto assets can be a great way to generate passive income. One of the best ways to earn money on your crypto with Suiet Wallet is to stake and earn rewards from your Sui tokens.
Whether you're a crypto newbie or a seasoned pro looking for an easy tutorial, this comprehensive guide will walk you through the Sui staking via Suiet Wallet process step-by-step, ensuring your assets are safe.
What Is SUI Token?
SUI is the native token of the PoS Sui blockchain that you can use to participate in governance and staking.
The multifaceted role of the SUI token unfolds across various functions within the network:
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Participation in DPoS Consensus: Sui token holders can participate in the Delegated Proof-of-Stake (DPoS) consensus mechanism by staking their tokens. This contributes to the network's security and earns stakers rewards.
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Transactional Fuel: Sui tokens are used to pay for gas fees associated with transactions and smart contract executions. This ensures that the blockchain operates smoothly and efficiently.
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Empowered Governance: Sui token holders have governance rights, which means they can influence protocol upgrades and network decisions. This gives them a say in the future of the Sui ecosystem.
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Versatility: You can use SUI as a liquid asset for various applications, including the standard features of money – a unit of account, a medium of exchange, or a store of value - and more complex functionality smart contracts enable, interoperability, and composability across the Sui ecosystem.
What's Suiet Wallet?
Suiet Wallet is non-custodial, meaning you have full control over your SUI tokens. You can use it to store, send, receive, and stake your tokens from both desktop and mobile devices.
Key Features:
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Ease of use: Suiet Wallet is a user-friendly wallet with a simple and intuitive interface.
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Multi-chain support: The team is working on adding support for more blockchains like Ethereum and Polygon besides Sui.
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Enhanced Security: Suiet stands out from other wallets by prioritizing universal accessibility through user-friendly features while ensuring top-notch security measures, including full open-source code, zero user tracking, and default encryption, learning from past incidents to safeguard users' assets comprehensively.
Why Stake SUI?
There are several reasons why you should stake SUI tokens. Firstly, you earn passive income by earning rewards for participating in the security and operation of the Sui network. Secondly, you support the Sui network by staking tokens and making the network more robust. And finally, you participate in governance by getting the right to vote on proposals that affect the network.
How to Stake SUI?
Step 1: Download Suiet Wallet from the Google Web Store
Head to the Chrome Web Store and add Suiet Wallet to your browser.
Step 2: Create Your Suiet Wallet Account
Open Suiet Wallet and create a new account with a strong password. Be sure to safeguard your recovery phrase, as it is essential for accessing your wallet if you lose your password or device.
Step 3: Top Up Your Wallet with Sui Tokens
Fund your Suiet Wallet with SUI tokens, which you can buy on such exchanges as Binance, Coinbase, KuCoin, etc.
Step 4: Delegate SUI
Click the SUI Token and hit the Stake button. In the search bar, type Everstake and select the validator from the list. Specify the number of SUI tokens you want to stake and click Confirm.
Step 5: Confirmation and Auto-Compounding
Review the transaction details and click Confirm to delegate your SUI tokens with Everstake. Your tokens will now start earning staking rewards, which are automatically compounded and restaked for added convenience.
Step 6: Stake More SUI Tokens for Higher Rewards
The more SUI tokens you stake, the larger your share of the total stake and the greater portion of the staking rewards you will receive. So, if you want to boost your staking rewards, simply stake more SUI tokens with Everstake.
The Takeaway
You've successfully staked your SUI tokens with Everstake using the Suiet Wallet. Staking is a perfect way to expand your crypto portfolio and support the Sui Network. The crypto world is full of opportunities, and we're here to make the most of your investments via staking. If you need help, don't hesitate to contact our Blockchain Manager on X.
