Hey guys! Today, we’ll take a look at how you can use the Celo wallet to stake your own CELO tokens and start earning rewards.
Celo network uses proof of stake. Blocks are validated by a set of 100 validators, these validators are selected through elections that are held every day.
Go to the wallet, tap this link, and it will download the web version of the wallet, which is great for creating and managing accounts, but we’ll try out the desktop version for windows anyway. Click on the download for desktop button and select the OS.
I have already installed the wallet, here is the desktop version. Import the key and don’t forget to set a strong password. Our wallet is set up and we are ready to use Celo.
There are three main steps to Staking:
1) Block some CELO
Firstly, we need to block some of our funds. Only a locked CELO can be used to vote for validators or in management. To block, we click more and select the blocking form on this page.
Don’t forget to leave some CELO to pay for your transaction fees.
Confirm that our blocking transaction was successful, which means that our account is now ready to vote for validators or management proposals.
Let’s move on to the second step in which we will select a validator.
2) Go to the bid page and tap on “Stake”
Here we see a list of all possible network validators currently. But we need only one! Let’s go on “See/Change Your Votes” button.
Of course we choose Stake Service.
In this form, we can choose how much of our blocked CELO we would like to give to the validator.
And it’s DONE! Your transaction will be displayed in the left pane.
3) Activation the next day
Third, there is a little trick: the vote validator must be activated the next day after they have been sent, so just open the wallet tomorrow and it will show you a pop-up just like we saw with the activation button. Once you activate, you will start automatically receiving rewards and this means that the amount for which you voted will grow over time and you can always change your votes or withdraw them if you need.
If you are a beginner and you have any difficulties, you can contact the official communities as a Сelo or contact us in telegrams!
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