A Simple Guide to Staking on the Persistence Wallet
With lots of drums rolling, XPRT went live on the first of April this year, offering 35%+ in APR rewards. The floor is now open for enthusiasts to stake their XPRT tokens, and this article will provide you with details on how to achieve that.
XPRT is the Persistence network’s native token, and staking on the network will keep their chain secure and create valuable exposure to multiple decentralised applications for stakes in the community.
Outlined below is a simple guide on how to stake your XPRT tokens:
Signing into the Wallet Dashboard
On your device, visit Persistence Wallet. Your next step is to click on the “Sign In” button at the top right corner of your screen and click the button that says “Continue with Address”. The third step is to submit your wallet address by clicking “Submit”.
Staking Your XPRT
To start staking, you will be required to click on the “Staking” button in your wallet dashboard. On this dashboard, you can view your data, balance, and all staked XPRTs.
Your next step is to select a validator, then delegate your XPRT to your preferred validator. Note that every validator has the following: status, voting power, and commission rate. I would advise you to check these out before choosing your preferred validator
After you’ve done this, simply select the Actions button, where you will be presented with options to either, claim rewards, delegate, or redelegate. Watch out for a window that will show you the name of the validator you have chosen, actions you can carry out, and commission percentage. Now, go ahead and click Delegate. Enter the number of tokens you want to delegate and click ‘Next’.
The final step here is to sign the delegation transaction by using your KeyStore file password to delegate. Clicking “Delegate” confirms your transaction.
Claiming Staking Rewards
Remember I mentioned irresistible rewards after delegating XRPT? Yes, that is on! By clicking the “Claim” button, you can claim rewards from the validator you staked in.
You can view your claimed rewards in your wallet. If you own multiple addresses for claiming rewards, your rewards will be automatically sent to those addresses.
Redelegating to Another Validator
This is important for the period after your first delegation. To redelegate, select the particular transaction on your Staking Page, click your current validator, and “Re-delegate”
Be sure to confirm your new validator and redelegation amount. You will get a confirmation message confirming the success of your transaction.
Unbonding XPRT tokens
Unbonding your XPRT tokens is also very simple. After every delegation of XPRT tokens, there’s a period of bond which lasts 21 days.
You can unbond your tokens by selecting the particular transaction in the Active or Inactive Validators tab in the Staking Page. Click “Actions”, and then in the validator window click “ Unbond”. In that same window, you’ll get to see the Staking Amount.
You can then enter the amount of token which you intend to unbind and click “Next”. Finally, enter your wallet password and click “ Unbond”.
Final Thoughts
Persistence’s competitive APR, alongside its intuitive UI, makes them one of the hottest DeFi platforms to earn returns on your investment. All in all, users can be sure to get the best staking experience while contributing towards securing the Persistence Network.
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