The NEAR Protocol is a smart-contract platform that focuses on developer and user-friendliness. It provides a scalable platform for running applications.
NEAR is an example of gen-3 blockchains, which aim to solve scalability issues and allow end-users and developers to enjoy the full potential of smart contracts and blockchain technology.
This step-by-step guide will show you how to stake the NEAR token easily with the Opto Wallet.
What Is the NEAR Protocol?
The NEAR Protocol allows developers to build dApps on its network with open-source codes written in popular programming languages:
- TypeScript.
- JavaScript.
- WebAssembly.
- Python.
- Rust.
- Solidity.
- CSS.
The NEAR token is the fundamental asset of the NEAR ecosystem, and its functionality is available to all accounts. The NEAR token enables the economic coordination of all participants who operate the network, plus it enables new behaviors among the applications built on top of that network.
What Is the Opto Wallet?
The Opto Wallet is a mobile wallet for the NEAR Protocol and the Octopus Network. It is a secure, open-source, and non-custodial wallet that allows users to transfer and stake their NEAR tokens.
The Opto Wallet is an open-source wallet with Bio Auth. It offers to explore a built-in dApp browser where users can easily find awesome NEAR dApps, manage their favourite ones, and interact with them. The Opto Wallet is available for iOS and Android software and supports Ledger.
Why Stake NEAR?
The NEAR Protocol chose Proof-of-Stake (PoS) as a consensus mechanism for the network that requires users to stake NEAR tokens to participate in validating transactions in exchange for rewards.
Validators must maintain a minimum amount of stake to keep their validator seat. Token holders can stake with a particular validator they believe is performing well for the network and earn a portion of the token rewards generated by the network. They help secure the network and get profits, staying involved with the community.
How to Set Up the Opto Wallet?
This section will show how you can create an Opto Wallet account. Follow these steps, and the process will be easy and fast.
You need to install the Opto Wallet on your device. To do this, go to the official Opto Wallet website, choose your preferred operating system (iOS or Android), and download the app.
Open the Opto Mobile Wallet app. You are on the Opto Wallet start screen. In this window, you can either restore your existing wallet or create a new one. To create a new one, tap Create.
During the next step, you will get your mnemonic phrase. No one has access to this phrase. If you forget it, you will lose access to your funds. Please store the secret phrase in a safe place.
Note: It is essential not to take screenshots or copy the phrase to the clipboard. The best way is to write it down so nobody else can reach the keywords. Please see our cryptocurrency security guide for more security information.
Now choose a PIN Code to protect your wallet. You’ll use this Code to sign in to your Opto account. Memorize or keep it in a secure place. Confirm your PIN Code to complete creating your wallet.
How to Stake NEAR Using the Opto Wallet?
Open the Finance tab as shown on the screen. There is the NEAR Staking section; you should continue the staking process.
The Opto Wallet offers to connect a NEAR Wallet or MyNearWallet account. Our guide will walk you through staking your NEAR tokens via the newly created Opto account. Log in to your new Opto account by confirming your address.
Tap the Validators tab to choose a reliable validator. The list shows each validator’s fee, the number of stakers, and the amount of total staked NEAR tokens. Then enter the number of NEAR you would like to stake and tap Deposit.
To finish the staking process, check all details and confirm your intention.
If everything was done correctly, congratulations! Now your delegation is active, and you will start receiving rewards.
Everstake is a validator for over 70 blockchains and has a dedicated team of community, DevOps, and R&D specialists.
Contact our NEAR Blockchain Manager on Twitter to get 24/7 support and stay up to date with all NEAR events and updates.
