What is MultiversX?
MultiversX (Formerly Elrond) is a high-throughput blockchain that aims to power the metaverse frontier. The Multiversx network is the first to present a viable solution where all the three aspects of sharding – state, network and transactions – have been implemented at once. Combined with its “Adaptive” component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand. The token that powers the MultiversX network is EGLD 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 MultiversX (EGLD) tokens on the MultiversX network.
TL;DR
- View the current EGLD staking APR here
- Use the EGLD Staking Calculator to estimate your rewards
- Lockup: 10 days
- Average commission: 10.37%
- Minimum amount required for staking: 1 EGLD
- Estimated time needed to stake your EGLD in your wallet: 5 minutes
- Recommended MultiversX staking wallets: Ledger, MultiversX wallet
- Steps to stake:
- Go to the Staking Dashboard and make sure your EGLD tokens are on your MultiversX wallet.
- Click the ‘Stake’ button on the left-hand side menu of the page.
- Press ‘Stake now’ at the top right-hand side of the page.
- Select a validator from the list, if you’re not sure who to delegate to, consult our FAQ for guidance on selecting a validator.
- Enter the amount of EGLD you want to stake and sign the transaction.
Prerequisites
Where to buy EGLD
You can get EGLD 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.
MultiversX (EGLD) wallets
MultiversX 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 MultiversX wallet. Compatible wallets include:
How to connect MultiversX (EGLD) to Trust wallet
When setting up your MultiversX wallet using the official MultiversX wallet, it will automatically create an account for you which will be connected to the network. However, when using Trust wallet you will need to add the network to the wallet. Follow the steps below to add it:
- Open Trust wallet
- Click ‘Add Tokens’
- Search ‘Elrond’
- Select ‘Elrond eGLD’
Selecting MultiversX validators
Please refer to the FAQ section titled ‘How do I choose MultiversX (EGLD) validators’ on this page when selecting EGLD 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 MultivserX (EGLD) are Generated
Learn how rewards are generated in the FAQ section titled ‘How are the rewards generated’’ here.
How to stake MultiversX (EGLD)
Step 1: Make sure you have a MultiversX wallet
Stake your EGLD tokens using Ledger, MultiversX wallet, Trust wallet, amongst others. We will use the MultiversX wallet in this staking tutorial.
As a popular wallet in the MultiversX ecosystem, MultiversX wallet offers users the ability to stake tokens, access blockchain apps, and manage multiple tokens in one wallet. Simply connect your Ledger to MultiversX wallet or use MultiversX wallet directly to stake EGLD. Install the MultiversX browser extension and deposit your tokens into this wallet before continuing onto step 2.
Step 2: Go to the MultiversX staking portal and choose a validator
After entering your wallet, start staking and select validators. We recommend choosing validators from our Verified Staking Provider (VSP) Program. VSP validators have a blue tick on their logo here.
If you are unsure of how to choose a validator, please see the FAQ section named ‘Selecting MultiversX (EGLD) validators’ above this one to help you decide.
- Go to the MultiversX Staking Dashboard and make sure your EGLD tokens are on your MultiversX wallet.
- Click the ‘Stake’ button on the left-hand side menu of the page.
- Press ‘Stake now’ at the top right-hand side of the page.
- Select a validator from the list, if you’re not sure who to delegate to, consult our FAQ for guidance on selecting a validator.
Step 3: Finalize the transaction
- Enter the amount of EGLD you want to stake
- Press ‘Continue’
- Sign the transaction.
Congratulations! You have now staked your EGLD tokens and will start earning those juicy staking rewards.
Step 4: Track staking portfolio
- Track your EGLD staking rewards on the staking dashboard.
- Track the current and historical reward rates, validator count, number of unique EGLD staking wallets, and staking ratio of the EGLD network by visiting the MultiversX 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 MultiversX (EGLD) validators” and “How are the rewards generated” on the MultiversX asset page.
Step 5: How to Unstake EGLD
To unstake your EGLD tokens, follow the steps below:
- Press the ‘unstake’ button next to the validator name under the ‘My Delegations’ tab
Maximizing Staked EGLD
Now that you have staked your EGLD, you have three options which can be used to change your position. These options appear on the MultiversX Staking Portal. The options are:
Stake more
Stakers can add to their current stake or delegate to another validator. Simply follow the same process described in step 2 to add stake to your current validator.
Claim reward
Users can claim their EGLD staking rewards directly in the MultiversX wallet by clicking the ‘My Claimable rewards’ button.
Unbond
Users can unbond their EGLD by following the unstake process described in step 5. Keep in mind that your tokens will take 10 days to unbond.
Conclusion
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 MultiversX and thus contributing to the long-term success of your investment! MultiversX 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!
Lastly, don’t forget to check out the MultiversX (EGLD) asset page for more insights into staking EGLD, and drop us a message if you found this tutorial useful. Happy staking!