XPLA is a blockchain gaming platform that strives to create the ultimate NFT gaming experience. You can stake your assets within XPLA and get rewards for that. This step-by-step guide will help you understand what staking is in order to bring an overall plan for diversifying your portfolio to your fingertips.
This guide will also show you how to stake XPLA via the XPLA Vault Wallet.
What Is XPLA?
XPLA (“Explore and Play”) is a proof-of-stake, Cosmos-based, gaming-specific Layer-1 protocol. With a focus on future-proof gaming, content, and entertainment, the XPLA chain was created to set the bar for the long-term, sustainable development of applications in the blockchain sector. Read more about XPLA in our overview.
For geeks, we must mention that the open-source XPLA Chain hosts its own ecosystem of decentralized applications (dApps) and lets top-notch developers offer new interesting tools. It is based on the widely accepted Byzantine Fault Tolerant (BFT) consensus algorithm. The XPLA Chain relies specifically on Tendermint and can be easily connected to other various chains through IBC and Cosmos SDK.
What Is the XPLA Vault Wallet?
XPLA Vault is a digital wallet extension that manages assets on the XPLA mainnet. Anyone can create their digital wallets through XPLA Vault to effectively control and manage the digital currency they have in XPLA’s ecosystem. With the XPLA Vault Wallet, anyone can stake their assets to get rewards. Let’s see why.
Why Stake XPLA?
Staking rewards start accruing when you stake XPLA via the XPLA Vault Wallet. Monitor your rewards in the staking section of XPLA Vault.
How to Create an XPLA Vault Wallet?
You need to install the XPLA Vault extension. Open the Google Chrome browser. Proceed to the wallet creation page and fill in the following lines:
- Wallet name.
- Password (to the wallet).
- Mnemonic (please write those words down somewhere to keep them confidential*).
*We share the whole process with you as an example. You must never share your mnemonic phrase with anyone nor share it on the internet. During the next step, you will be asked to enter those words. They are your only way to regain access to your wallet if you forget the password or attempt to log in from another device. After completing this step, you’ll be able to see your wallet balance.
Top Up Your Wallet
Next, you need to obtain some XPLA tokens to stake.
How to Stake XPLA via the XPLA Vault Wallet?
Now that you have the desired amount of tokens in your balance, you can proceed to staking. Go to the XPLA staking page to view a list of the validators to which you can develgate your tokens. At this point, it’s crucial to choose a proven option: go with Everstake, the Staking Rewards’ Verified Provider.
After that, you will see the page of your chosen validator, Everstake. Click the Delegate button to start the staking process. Choose the amount of tokens to stake. (We recommend leaving 1-3% to cover transaction fees. This will allow you to unstake in the future and avoid the hustle of buying more tokens just for a single transaction.) Click the Submit button.
On the Stake page, you will see all the info about the staking you’ve just initiated. Browse it for a few seconds to know what to look for in the future, such as your staking rewards balance and navigation buttons. If you want to unstake your XPLA tokens, go back to your validator’s page and click the Undelegate button. Then choose the amount you would like to withdraw and continue. Remember: It takes 21 days to unstake, and you can do this no more than seven times in one period. Since staking is a passive income model, please treat this portion of your portfolio accordingly.
Monitor Your Rewards
You will be getting your XPLA staking rewards continuously. To view your balance, go back to the XPLA Vault website. More info on XPLA and delegating XPLA tokens can be found on the Everstake website, together with a thorough FAQ section. If you don’t find the answer you are looking for, feel free to reach out to our team. We’ll be happy to help.
Conclusions
Both delegation and undelegation are easy. XPLA staking allows you to earn rewards on your savings effortlessly with the high level of security provided by the wallet from within their ecosystems.
Everstake is a validator for over 70 blockchains and has a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake.
Feel free to contact our XPLA Blockchain Manager on Twitter.
