Posted 2 months ago | by Catoshi Nakamoto

Please note: This article is may be periodically updated as new WAN staking options become available.

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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.

Wanchain wallet

Download the appropriate version of the Wanchain Desktop Wallet wallet for your system.

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

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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.

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Under “My Account”, click the “Select a FROM address” drop-down tab and pick the address you wish to stake from.

Guide: Staking WAN with the Wanchain Desktop Wallet

After selecting your desired address, enter an amount you wish to stake.

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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”.

Staking WAN

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”.

Guide: Staking WAN with the Wanchain Desktop Wallet

An example of both a Pending and Success transaction found under “Status” column.

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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.

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).

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To unstake from a Galaxy PoS Validator, click “Exit” under the “Action” column.

Guide: Staking WAN with the Wanchain Desktop Wallet

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

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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.

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.

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About Wanchain

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.

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Original article published on Wanchain’s Medium.

About Catoshi Nakamoto

c6ea0c3794492f30883e516d39b2597a?s=90&d=blank&r=g Guide: Staking WAN with the Wanchain Desktop WalletActivist/Journalist, former writer - We Are Change, The Mind Unleashed, Coinivore, others. Currently writing for - Activist Post and Bitboy Crypto. Not Right or Left Apolitical. I Care About Truths (CATS.) Cryptocurrency enthusiast, I mined and lost 100+ BTC in 2010-2011. I work with - Bitboy, SoMee, CEEK, Presearch, and W3BT aka FMW Media Group. Friend of mostly everyone who isn't a dick. Just A Cool Cat.