What is Mina?
Mina is a proof-of-stake blockchain that uses zero knowledge smart contracts, known as “zkApps”, which are written in TypeScript. The goal of the Mina blockchain is to overcome the scalability and accessibility issues that have hindered the wider adoption of other blockchain platforms. Unlike many other blockchains, Mina Protocol is a lightweight blockchain that keeps a consistent size of only 22 kB, no matter how many transactions are added to the network. The token that powers the Mina network is MINA and it is exclusively used for trading, staking, delegating, paying transaction fees, and governance votes on the network. This tutorial will show you how to stake your MINA tokens on the Mina network.
- View the current MINA staking APR here
- Use the Mina Staking Calculator to estimate your rewards
- Lockup: 15-30 days
- Average commission: 5.36%
- Minimum amount required for staking: >0 MINA
- Estimated time needed to stake your MINA in your wallet: 1 minute
- Recommended MINA staking wallets: Ledger, Auro Wallet
- Steps to stake:
- Go to MINA Staking Portal and connect/enter your wallet
- Select block producers
- Confirm and happy staking 🤘
Where to buy MINA
You can get MINA tokens at a cryptocurrency exchange, at a DEX, or within select wallets. You should always do your own research when selecting a reputable cryptocurrency exchange. For best security, it is not recommended to leave your tokens on an exchange, but transfer them to your non-custodial or cold/hardware wallet after procuring them.
Mina has a variety of non-custodial wallets for you to choose from. We recommend that you use a hardware wallet such as Ledger otherwise we suggest using Mina wallet. Compatible wallets include:
How to connect MINA to Auro Wallet
When setting up your Auro wallet, it will automatically create a MINA account for you.
Important things to note
We’ve showed the mnemonic phrase for teaching in this tutorial. In reality, do NOT show any one your mnemonic phrases! Store them well as you can use them to restore your wallet.
Selecting Mina validators
Please refer to the FAQ section titled ‘How do I choose Mina validators’ on this page when selecting Mina validators. Also, you may want to utilize our criteria for verifying providers through the Staking Rewards Verified Staking Provider (VSP) Program.
How Staking Rewards for MINA are Generated
Learn how rewards are generated in the FAQ section titled ‘How are the rewards generated’’ here.
How to stake MINA
Step 1: Make sure you have a Mina wallet
Stake your MINA tokens using Ledger, Auro wallet, Clorio wallet amongst others. We will use the Auro wallet in this staking tutorial.
As a popular wallet in the Mina ecosystem, Auro wallet offers users the ability to stake tokens, access blockchain apps, and manage your MINA tokens in one wallet. Simply connect your Ledger to Auro wallet or use Auro wallet directly to stake MINA. Install the Auro wallet browser extension or download the Auro wallet here. Deposit your tokens into this wallet before continuing onto step 2.
Step 2: Go to the wallet, choose a block producer, and finalize the transaction
After entering your wallet, start staking and select validators. We recommend choosing validators from our Verified Staking Provider (VSP) Program. If you are unsure of how to choose a validator, please see the FAQ section named ‘Selecting Mina validators’ above this one to help you decide.
- On the wallet interface, click on ‘Staking’ and then ‘Go to staking’
- Pick a Block Producer from the list
- Click on ‘Next’, ‘Next’ again, and then ‘Confirm’
Make sure you do NOT stake your full available balance and leave at least 0.02 MINA in your wallet for gas fees. This cost will vary depending on the network activity on the Mina network.
Congratulations! You have now staked your MINA tokens and will start earning those juicy staking rewards.
Step 3: Track staking portfolio
- Track your MINA staking rewards on the staking dashboard.
- Monitor governance proposals on Mina network that may impact the staking mechanism.
- Track the current and historical reward rates, validator count, number of unique MINA staking wallets, and staking ratio of the Mina network by visiting the Mina asset page. To make better staking decisions, it’s essential to understand these relevant data points. To learn how these data points could impact your staking rewards, please read more in the FAQ sections named “How do I choose Mina validators” and “How are the rewards generated” on the Mina asset page.
Step 4: How to Unstake MINA
To unstake your MINA tokens, follow the steps below:
- Click on ‘Staking’ on the main interface
- Click on ‘Change’
- Select a new block producer that you want to delegate to
- Click on ‘Next’
Maximizing Staked MINA
Now that you have staked your MINA, you have X options which can be used to change your position. These options appear on the Mina Staking Portal. The options are:
- Stake more
- Change validators
- Claim reward & unbond
You can stake more tokens by repeating Step 2 shown above.
You can redelegate your stake to other validators by clicking on ‘Staking’ and then ‘Change’ to proceed the transaction.
Claim reward & unbond
You can claim rewards and unstake your position by clicking on ‘Staking’ and then ‘click on the corresponding button to unbond your stake. Note that you can only do so 1~2 epochs after your stake due to the delay, which takes 15 to 30 days at its max.
Staking is essential to Proof-of-Stake blockchains and comes with many benefits for investors and the network:
- Investors earn yield from token emissions and/or transaction fees.
- Stakers become eligible for airdrops as many networks prioritize granting these benefits to them.
- Staking helps to secure the network
- Staking from multiple participants helps decentralize the network
- Stakers can participate in governance, as many PoS networks allocate governance rights based on the amount of tokens staked
Congratulations! You are now not only getting the most out of your investment with compounded returns. YOU are also (in-)directly contributing to the decentralization, and the network security of Mina and thus contributing to the long-term success of your investment! Mina needs active stakers like you to become successful long-term.
Now share the tutorial with your friends so they can get to start staking as well!