Persistence token XPRT can be staked for 30 – 88% APY in the first year. This rewards rate is among the highest in the industry.
With this article we will go through the staking process step by step.
Staking will begin via the native Persistence wallet.
To learn how to create a Persistence wallet, please read this guide.
Within the wallet dashboard, you can select your desired validator to delegate XPRT. Simply confirm the transaction and be set.
How Do I Sign in to the Wallet Dashboard?
Step 1: Sign In
Head over to https://wallet.persistence.one/ and click on the “Sign In” button on the top right.
Step 2: Continue with Address
Click on the “Continue with Address” button.
Step 3: Submitting Address
Enter in your wallet address and click “Submit”.
That’s it, you’re now in the dashboard!
How to Stake Your XPRT
Step 1: Go to the Staking Section
Sign in through https://wallet.persistence.one/ & navigate to the “Staking” section of the Persistence wallet dashboard.
On this screen, you will still see your balance, delegated XPRT, and other data at the top of the page, but within the “Staking” section, you are also able to view validators on the network.
Step 2: Selecting a Validator
Select a validator of your choosing to delegate your XPRT tokens to for staking. Users are able to delegate their XPRT to any validators of their choosing.
Each validator has their voting power, commission rate, status (checkmark means online, x mark means offline). You will want to consider these data points before choosing a validator.
When choosing a validator to delegate your XPRT tokens, make sure to look at the commission rate which has a direct impact on your rewards being paid out. Low Commission = High Rewards.
However please note that commission rates are the bread and butter for many validators. They rely on it to maintain reliable operations.
Furthermore, it is important to make sure that the selected validator is able to maintain a solid close to 100% uptime for their services.
You may want to consider delegating to smaller validators in order to further decentralize the network. This does not only support the network resilience, but also the value of your XPRT investment long-term.
Also consider validators that are long-term committed to providing value to Persistence by supporting the platforms app development, tooling, and educational materials.
At Staking Rewards we have pre-vetted a set of validators in Persistence. Browse through the list and search for the verified badge. These validators are registered with Staking Rewards and are considered reliable. Please note that any validator is free to get in touch with us to get verified. We are not affiliated with any of them and thrive to provide an independent ranking.
In the Persistence Wallet dashboard the list looks as following:
Note: Do not delegate to the Foundation nodes. The commission rate for these validators is 100%, meaning you will not receive staking rewards. These are temporary nodes maintained by the Persistence team to contribute to network stability in the initial stage and will be switched off by the end of Q2 2021 or early Q3 2021.
Step 3: Actions
Once you have chosen a validator you’d like to delegate your tokens to for staking, click on the “Actions” button.
Here you will see buttons to delegate, redelegate to another validator, or unbond from a validator.
Then click the “Delegate” button.
Step 4: Delegation
Choose how many XPRT tokens you’d like to delegate to this validator and enter the amount in the “Delegation Amount” field.
You will be able to see your balance of XPRT & create a memo (optional)
Click “Next”.
Step 5: Signing the Delegation Transaction
Once you click “Next”, you will be greeted with this screen to use your private key (KeyStore file) or Mnemonic to delegate.
Step 6: Confirmation of Delegation
Once you click “Delegate” you will be shown the transaction hash of your transaction to verify that you have successfully delegated to that validator:
You have now successfully delegated to a validator and will begin receiving staking rewards from the network.
How to Redelegate to Another Validator?
Note: If you have delegated to a Foundation node then you should follow the below steps to redelegate to another validator. Foundation nodes are not meant for delegations and you will not receive staking rewards if delegating to a Foundation node.
Step 1: Click Your Current Validator and “Redelegate”
Click on the validator that you have delegated to and click “Redelegate”.
Step 2: Confirm New Validator and Redelegation Amount
After you click on “Redelegate” a window will appear asking which validator you would like to redelegate to and how many XPRT tokens you would like to delegate to the selected validator.
Select your chosen validator and enter the amount of XPRT tokens you wish to delegate to the new validator.
Then click “Submit”.
Step 3: Confirmation
After you click “Submit” a message will appear to show you the transaction hash of the redelegation:
You have now successfully redelegated to another validator!
How to claim rewards and earn compounded interest
Last but not least, please make sure to regularly claim your rewards and delegate them to a validator again.
This is a manual process required in order to receive compounded interest on your stake.
Never underestimate the power of compound interest!
Step 1: Claim your Rewards
Click you current validator and choose “Claim your Rewards”
Step 2: Delegate your Rewards
Choose your Validator and click “Delegate”
Please consider, that tokens are locked for 21 days from the time when you start to undelegate them. You are not able to receive rewards, not transfer them within that period.
Congratulations you are now ready to earn rewards on your XPRT!
Learn more about Persistence on Staking Rewards.
If you have any questions, make sure to reach out to us via telegram.