Velas Network $VLS
How to stake Velas on Keplr wallet using strataOne.
Last updated
How to stake Velas on Keplr wallet using strataOne.
Last updated
What is Velas?
$VLX is a utility coin used in Velas Ecosystem. $VLX can be used in three ways:
Users can stake VLX and receive rewards for block validation;
Users can access or pay for services within the Velas Ecosystem such as BitOrbit;
As with any cryptocurrency, users can trade with VLX or treat it as an investment.
what does it mean to stake?
To put in simpler terms, staking is essentially a lot like an interest-bearing account, in this case a staking pool. You deposit your coins into the staking pool along with others. The smart contract distributes them to validators. When the validators complete their tasks they get rewards. Part of those rewards are then deposited into your account and the accounts of everyone who participated.
How to Deposite Velas.
To delegate with Velas wallet you need Velas Native token which you can swap in the wallet or buy already Native on the exchanges: CoinEx, DigiFinex, Kucoin, and Gateio.
A stake account is a different type of account from a wallet address that is used to simply send and receive $VLX tokens to other addresses. If you have received $VLX in a wallet address you control, you can use some of these tokens to create and fund a new stake account, which will have a different address than the wallet you used to create it.
STEP 1: To create a stake account just select the Validator which you more like and click stake, you can do this by searching on the search button on the top right of your wallet. click and ensure its the exact Validator you want to stake on.
STEP 2: After that, you will see the information about what steps will be done and Confirm
STEP 3: Enter the amount which you want to stake and click Next
STEP 4: That is all, a stake account was created successfully and the tokens were successfully delegated to the Validator
CONGRATULATIONS, staking under Strataone was done successfully!
If you return back to the Staking page and reload the staking you should see just created stake account
If you return back to the Staking page and reload the staking you should see just created stake account
Staking rewards on Velas are determined by a variety of factors, some of which are related to the chosen validator, while others depend on the global network state. Rewards are automatically added to the active stake to compound, which means withdrawing earned rewards also requires the cooldown phase to pass.
To claim the rewards you need to select Request to withdraw and enter the amount which you want to withdraw after the cooldown period.
After that, you can go to Withdrawals to monitor when it will be available to withdraw to your Velas Native balance.
written by: Thompson (creator StrataOne)
