NEAR Protocol is a layer 1 blockchain that declared a mission to put usability first and change the world of Web3. NEAR aims to open the Web3 space to millions of new developers, programmers, and users.
This guide introduces NEAR Protocol and explains how to stake your NEAR tokens via the Nightly Wallet.
What Is the NEAR Protocol?
The major difference between the NEAR Protocol’s blockchain and many others is its reliance on commodity servers instead of expensive enterprise-grade hardware. Because of this, it makes it easy for the network to scale without a significant capital investment.
NEAR Protocol focuses on being user and developer-friendly. The unique Nightshade algorithm’s Doomslug consensus mechanism allows one to scale to 100,000 transactions per second. Another significant feature of the NEAR Protocol is that it uses Proof-of-Stake (PoS) instead of Proof-of-Work (PoW), which allows for staking its native token, NEAR.
Check out our article to learn more about what Near is and how it makes developing blockchain applications simple and efficient.
What Is the Nightly Wallet?
Nightly Wallet is a multi-chain wallet currently working on NEAR, Solana, and Aptos and available as a Chrome and Firefox extension on your mobile phone.
Nightly Wallet is the key to the Metaverse by providing functions such as token swipe, staking, liquid staking, and NFT display on each chain.
Nightly has already been integrated into the NEAR Wallet Selector.
Why Stake NEAR?
Staking NEAR is a simple and efficient way to gain yield from your tokens on a blockchain. Most importantly, staking is crucial for the operation of PoS networks.
How to Set Up the Nightly Wallet?
Go to the Nightly Wallet and choose your preferred browser (Firefox and Chrome).
In this guide, we use the Chrome browser. Install the extension by clicking the Add to Chrome button.
On the extension page, click the Add extension button to approve the installation of the plugin.
Open the Nightly Wallet extension in your browser.
In this window, you can either restore your existing wallet or create a new one. If you already have a Nightly Wallet, you can restore it and proceed to the next step. To create a new one, tap Create a new wallet.
Choose a password for your wallet. Heed the security recommendations and choose a strong password. Confirm your password and tap Create a wallet.
Next, you’ll see your Secret Phrase. Do not share your phrase with anyone. These randomly generated words are the keys to your wallet. If you forget them, you will lose access to your funds. Write your Secret Phrase down on paper and click Next.
To learn more about the best practices for protecting crypto, check out our article “Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency.”
Enter your Secret Phrase to verify your wallet.
Next, choose the NEAR network.
You can now deposit, send, swap, and stake NEAR. Check the wallet dashboard for the main functions.
Now your Nightly Wallet is ready for the next step: Staking.
How to Stake NEAR Using the Nightly Wallet?
Open your wallet, tap the NEAR icon and click Start Earning.
Choose Regular Staking to continue the staking process.
To delegate your NEAR, tap on the Plus icon.
This screen displays a list of all validators. Choose a reliable validator. Learn more about determining which validator is best for you from our article, “Addressing Crypto Staking Risks: Things to Check Before Delegating Your Assets to a Validator.”
Enter a staking amount within your wallet limit and click the Next button.
Your delegation is now active, and soon you will start receiving rewards.
You can always check your staking info by clicking on the Start Earning and Regular Staking buttons.
If you want to unstake your tokens, you need to click the Unstake button. Please note the unstaking period is approximately 52-65 hours (four epochs).
Everstake validates 70+ blockchains, and we dedicate a team of community, DevOps, and R&D specialists to each of them. You also get your community representative with Everstake.
If you have any questions, require support, or just want to stay in the know about NEAR, subscribe to our NEAR Blockchain Manager on Twitter.
