Posted 2 months ago | by Catoshi Nakamoto
Please note: This article is may be periodically updated as new WAN staking options become available.
Wanchain staking options
Wanchain offers users an amazingly simple way to earn rewards by staking their WAN using the Wanchain Wallet! There are two extremely safe and reliable staking options available to all users: Galaxy PoS Validator node delegation and Storeman node delegation. This guide will cover how to stake WAN using the Wanchain Desktop Wallet and help you get familiarised with your staking options. Enjoy!
But first…install the Wanchain Desktop Wallet!
Before taking your WAN, first install the Wanchain Desktop Wallet. The Wanchain Desktop Wallet can be downloaded on the official Wanchain Website under the “PRODUCTS” tab. Other wallets — including the Offline and Mobile Wallets — can also be downloaded here. These will be covered in a separate guide.
Select the appropriate wallet for your system.
After setting up your wallet and securing your password and private key, you’ll be taken to the wallet’s homepage as seen below. Now would be a good time to deposit any WAN you have into your wallet.
Staking option 1: Galaxy PoS Validator node delegation
It’s time to stake your WAN
To stake your WAN, locate “Galaxy PoS” on the left side panel and select “Delegation,” as seen above.
The “Select a Validator” drop-down list provides a plethora of different validators you can stake with. You might find it useful to click the “more info” text found immediately to the right of the “Select a Validator” prompt for details on each validator.
Under “My Account”, click the “Select a FROM address” drop-down tab and pick the address you wish to stake from.
After selecting your desired address, enter an amount you wish to stake.
After inputting your desired staking amount, you’ll be directed to the Transaction Confirmation page. Be sure to double-check and review all the information, then click “Send”.
Your delegation is now shown in the “Delegation History.” Its immediate status will appear as “pending”. When the delegation is successfully sent, the status will be updated to“Success”.
Top up your staking delegation with more WAN
To increase the staking amount, select “Top up”. The topping up process is identical to the staking process in this guide.
Your Wanchain delegation is secured and you’ll now be entitled to staking rewards. It is recommended to check on your rewards periodically to make sure everything runs smoothly with your validator.
Unstaking your WAN
At any time, you may unstake your WAN from a Galaxy PoS validator node. The unstaking process will unlock your tokens within approximately 3 days (3 epochs).
To unstake from a Galaxy PoS Validator, click “Exit” under the “Action” column.
After clicking “Exit” you will be directed to the “Register to Withdraw” page. Once you’ve reviewed and confirmed the details, click “Send” to begin the unstaking process.
Staking option 2: Storeman node delegation
You can also delegate your stake to a Storeman node instead of a Galaxy PoS Validator node. Simply go to “Storeman” located underneath “Galaxy PoS”, then select “Delegation”. Now you’re ready to delegate your WAN to a Storeman node! The Storeman node staking process is identical to staking to a Galaxy PoS Validator node.
Unstaking your WAN
You can unstake you WAN at any time! To do so, click “Claim”. The unstaking process will unlock your tokens within 40 days (by the next Storeman node selection cycle).
Staking into a Storeman node VS a Galaxy PoS Validator node
Storeman nodes generally yield higher staking rewards than Galaxy PoS Validator nodes, though there can be situations that lead to Galaxy PoS Validator nodes producing similar or higher returns. For instance, if there is a sudden surge in transactions on the Wanchain network, the increase of gas fees paid to Galaxy PoS Validator nodes can close this gap. You can see the 90-day average yield for both on WanScan.
From the user’s perspective, the staking process between Storeman nodes and Galaxy PoS staking is nearly identical. The only real difference is the reward percentage and the time needed to unstake. WAN locked in a Storeman Node are subjected to a longer unstaking process.
Remember – once you have unstaked from a Storeman node, you will need to click “Claim” for your coins to return to your wallet.
True DeFi is interoperable — Wanchain is the world’s premiere decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This cross-chain infrastructure empowers developers to build truly decentralised cross-chain applications to power the future of DeFi.
Original article published on Wanchain’s Medium.