Today marks another milestone in Radix's journey, with the arrival of Staking and Unstaking in the Beta wallet. This blog post aims to guide you through installing the new wallet and the staking process.
1. First things first, we need to install the latest wallet software, which is available for Windows, Mac and Linux, via the following link:
2. After installing the wallet, if you haven't already acquired some Beta tokens, you can do so by clicking the "Get Free Betanet Tokens" link as shown in the top right of the wallet window:
3. After a few moments, your wallet should display a balance of XRD - but don't get too excited, this is all make believe money at Beta! However, the process we'll follow for Staking and Unstaking is representative of how things will work at mainnet. Next up, click on the "Stake and Unstake" link on the left side banner, which will take you to the screen shown here:
4. So far so good - next thing we need is a trusty, reliable validator to stake our XRD to. On the top right of the screen you will see the "View all Validators" link. This link will take you to the Radix explorer which provides details of all Validators along with links to their websites and various details to help you decide who to stake with. Naturally in this example we're going to show you how to stake to Radstakes, but at mainnet our advice would be to stake your XRD to a broad range of Validators who a) have a regular presence in the community, b) have some "skin in the game" by having their own stake applied to their node and c) who are showing excellent uptime. These are of course just suggestions, you may have an affinity for a particular node runner, but keep in mind that even the most reliable and experienced nodes will have downtime, so it's never a bad thing to diversify the risk to maximise your staking rewards.
5. In the list of Validators, you will find our Betanet node, named Faraz|Radstakes. Here's a handy link to the page in the Beta explorer:
6. Once on our Validator page, copy the Validator address which is the long string of text starting with 'vb'. Tip - there is a handy icon to the right of the address that will copy the address to the clipboard.
7. Return to the wallet screen and paste the validator address into the Validator field as shown here, followed by an amount to stake:
8. Click the "Stake" button and you will be prompted to enter your pin which you will have created after installing the wallet software. Once your pin is entered, click on "Confirm":
9. Congratulations - you are now staking your Betanet XRD! Return to the "Stake & Unstake" section of the wallet and you will see all your "Current Stakes" appear on the right hand side tab. From here you can add or reduce your stake as you see fit. Word of warning - after staking, if you choose to unstake, your tokens will not be immediately available, they will be subject to a lengthy unstaking delay to ensure that the node you were delegating to was not acting maliciously. Please keep in mind that at mainnet, this delay is likely to be for a couple of weeks.
10. Sit back and watch the emission rewards roll in! Provided your chosen Validator is active and online, you should start to see your token balance increase. The emission rate at Beta is not representative of mainnet, but gives a good idea of how the functionality will work at mainnet.
As always, if you have any questions, please feel free to email us or contact us through our chat function and we'll get right back to you.