In this article, you’ll learn how to stake Avalanche. Avalanche (AVAX) is a "proof of stake" blockchain 3.0 project. It pays interest to nodes and delegators. It has an incredibly promising future.
Avalanche is an open-source blockchain for decentralized applications, financial primitives and interoperable blockchains. It bears a lot of resemblance to Polkadot and the promises of ETH 2.0. But above all, it’s packed with potential.
Requirements
- 25 AVAX minimum:- if you don’t have any, click here to buy some from Binance, they’re fairly inexpensive at the moment.
- An Avalanche wallet:- this where you’ll store your AVAX tokens, we’ll run through creating one in this guide.
You Need an Avalanche wallet
Go to the Avalanche web-portal
At this very moment, there aren’t any hardware wallets. However, you can create a wallet via Avalanche’s official web portal. You’ll be able to stake directly from their wallet.
When you’re there, hit create wallet.
Store your mnemonic seed phrase
Once you create a new wallet, make sure you store your mnemonic text in a safe place, as you won’t be able to recover your wallets/funds without it.
Send AVAX to Stake
If you don’t have any AVAX and/or if you’re looking to buy some, you can buy some from Binance.
Find your X-Chain address
Take your "X-chain address" and send some AVAX to it.
Track your transaction with the Avalanche Block Explorer
The transactions are fast, as Avalanche is pretty innovative. You can check the progress of your Avalanche transaction using the Avalanche Block Explorer.
How to Stake Avalanche AVAX
Go to the Earn tab
Go to the Earn tab on the left. Here you’ll see all of your staking options. At present, you can stake as a Validator or a Delegator.
Minimum amounts required to stake AVAX
You’ll need a minimum of 25 AVAX to delegate your tokens. If you want to run your own node, you’ll need 2000 AVAX tokens as a minimum
Validators take a small fee from the delegators, but it’s usually menial. Validators, however, must have ample hardware for validating.
Move your AVAX from the X Chain to the P Chain
On receipt, your funds will be on the X Chain. You can transfer it to the P chain in the Earn section.
Note, there is a small fee for transferring between the chains. So bear this in mind if you’re submitting the minimum amount. Add another AVAX token just to be sure.
Refresh the wallet (log in and out)
After the transfer, you may not see your funds in your wallet. If this is the case, log out and then back in again. Don’t worry, it shocked us too, but rest assured your funds are safe.
Start staking
We became delegators, and as such will recieve rewards for doing so! Click on the add delegator button.
You’ll then see all the nodes that you can delegate to. Each node has different numbers of people delegating to it, and different levels of uptime. And importantly, different fees. We chose to go with a popular low-fee node.
The staking rewards will be locked for period of time, but after this period, you’ll have more AVAX!
Confirm the amount you wish to stake, then await the delegation transaction to be sent. Once its sent, you’re staking!
Summary
It’s very simple to stake AVAX. You’ll need a minimum of 25 AVAX in your wallet. The best place to buy Avalanche AVAX tokens is on Binance.
Create a wallet via their web portal, send funds, transfer your AVAX from the X chain to the P chain, then choose your staking option.
