The Casper Network is a decentralised layer one Proof-of-Stake blockchain built off the Casper CBC specification. Casper is designed to accelerate enterprise and developer adoption of blockchain technology today and evolve to meet the needs of the future. The token that powers the network is CSPR and it is exclusively used for trading, staking, delegating, paying transaction fees, and governance votes on the network. This tutorial will show you where you can buy CSPR tokens and walk you through a step-by-step guide on how to stake Casper tokens.
- View the current CSPR staking APR here
- CSPR Staking Calculator
- Lockup: 14 hour unbonding period
- Average commission: 6.41%
- Minimum Stake: 500 CSPR
Step 1: Make sure you have the Casper Signer Extension
Casper Signer is the official non-custodial wallet that allows you to manage private keys and sign transactions on Casper Network, you can install it here.
Step 2: Create an account using the CSPR.Live explorer
Navigate to the CSPR.live explorer and follow the steps below to create an account:
- Click ‘Sign in’
- Click the red ‘Sign in’ button
- Set a password for your account then click ‘Create Vault’
- Click ‘Create Account’
- Enter a name for the account
- Choose the Algorithm ‘SECP256k1’
- Click ‘Create’
- Click ‘Connect’
- Approve the connection by clicking ‘Connect’
Step 3: Get yourself some $CSPR tokens
Currently, you can purchase $CSPR tokens using a centralised exchange (CEX) like Gate.io, OKx or Kucoin.
- Copy the address from the account you just created
- Withdraw the $CSPR tokens you bought to this wallet address
Once you have purchased $CSPR tokens on a CEX and you have withdrawn it to your wallet address, you will now be ready to go to the staking portal to delegate your stake.
Step 3: Delegate your $CSPR tokens
Go to the CSPR.live follow the steps below to delegate your tokens. If you are unsure of how to choose a validator, please see the section below this one to help you decide.
- Click on ‘Wallet’
- Click on ‘Delegate Stake’
- Select your account
- Enter the ‘Validator’ public key that you wish to delegate to
- Enter the ‘Amount’
- Click ‘Next’
- Check the details of the transaction and, if everything is correct, click ‘Confirm and Delegate Stake’
- Click ‘Sign the transaction with Casper Signer’
- Click ‘Sign’ in the Casper Signer plugin to complete the CSPR delegation procedure
Make sure you do NOT stake your full available balance. You MUST leave some room for transaction fees (5-10 CSPR). Please note there is a waiting period of 1 era (~2 hours), after which the tokens will be staked. You will be able to track rewards in ~ 4 – 6 hours. Also, a waiting period of ~ 14 hours is required before unstaking tokens, for safety reasons. To return to your account, click ‘Back to home’.
How do I choose a validator
You will see a list of different validators, including their fee, total stake and their self-staked amount on the validator page here.
You want to ideally choose a validator with:
- Low commission (Fee): Remember that the commission rate is the % of your staking rewards that goes to the validator. Don’t fall for ‘Zero %’ validators that try to bait you into delegating with them and then change their commission later on.
- Delegators > 0: A validator may be more popular or trusted if it has a higher number of delegators than others.
- Self > 0%: Remember that self-bonded refers to the amount of stake that the validator has put up themselves. The higher this number is, the more there is to lose for the validator and the more unlikely it is that they will act maliciously.
- Is in the active set: The validators in the active set are earning staking rewards.
- % of network > 0%: The voting % represents the weight that a validator holds when making governance decisions on the network. You typically don’t want to choose a validator with the highest voting power (as this makes the network more centralised) and you also don’t want to choose a validator with zero voting power.
- Performance: Be sure to choose a validator with a performance of > 99%
Once you have chosen a validator, you can copy their address and paste in the ‘Validator’ line when you are prompted to choose a validator.
Staking is an essential part of a Proof-of-Stake (POS) blockchain and there are many benefits to staking your crypto. If you haven’t already, check out the Casper asset page for more insights into staking Casper, happy staking!