Staking Apecoin (APE) presents a powerful opportunity to fortify the security of the Apecoin DAO ecosystem while earning rewards for your valuable contribution. This guide will show you how to stack Apecoin with validators to make impressive returns.
Staking with validators is one of the best ways to keep your crypto safe and within your own custody compared to staking with an exchange chain or other platforms where you may not have complete control of your crypto.
What is Apecoin Staking?
Apecoin staking is the process of holding and locking up a number of APE tokens (the native cryptocurrency of the Apecoin network) over a period of time. The goal of staking is to participate in the network Proof-of-Stake consensus mechanism, help secure the network, and earn rewards.
Staking APE tokens helps the Apecoin network's consensus mechanism and helps secure the network while earning rewards through additional APE tokens. These rewards are distributed to validators in proportion to the amount of APE they have staked and the length of time they have been staking.
A delegator is a token holder who delegates cryptocurrencies to a validator or a staking pool on a Proof-of-Stake (PoS) blockchain.
When you delegate stake to a validator, you specify:
- The ID of the node you're delegating to.
- When you want to start/stop delegating stake (must be while the validator is validating).
- How many APE you are staking.
- The address to send any rewards to.
Apecoin Staking Requirements
- The minimum amount that a validator must stake is 1 APE.
- There is no minimum amount that a delegator must delegate.
- The minimum staking period for validation is 21 days.
- There is no maximum staking duration for validation.
- The minimum delegation fee rate is 1%
Apecoin staking rewards are divergent based on your choice of a validator. The annual percentage rate (APR) paid in return for staking AVAX to a validator is up to 5.36%.
How to Stake Apecoin Validator: Step-by-Step Guide
The below guide will provide details on the staking process, delegating staked tokens & how to get node id for APE holders.
Step 1: Connect to the MetaMask wallet
Connect with your wallet account to stake APE. You can check available wallets on Apecoin staking page and select one that fits your requirements. In this guide, we use MetaMask.
Step 2: Buy APE
You will need to purchase APE. You can buy APE on various cryptocurrency exchanges such as Binance, Bitfinex, or Kraken. Use our guide on how to buy Apecoin APE on the Binance exchange to get started.
Step 3: Choose Apecoin Validator
In the "All Validators" section, you have the freedom to explore and choose from a variety of validators to conduct your APE staking. For instance, let's consider staking with Blockdaemon as an example. Simply type "Blockdaemon" into the search area, select "Blockdaemon" from the list of options, and then click on "Delegate."
What are validators?
Step 4: Delegate APE
Specify the stake amount and select "Continue."
Once you initiate the transaction, a prompt from MetaMask will request access to your APE tokens. Simply click on "Confirm" to grant the necessary access. Please note that a gas fee may be associated with this transaction, per the Ethereum blockchain's fee structure.
Delegate Your AVAX
Click "Delegate" to continue the staking process.
Once the authorization transaction has been approved on the blockchain, you will see the message "Delegation completed."
Add Avalanche to your Metamask wallet.
Earn Staking Rewards
Visit the Apecoin Staking link at https://staking.polygon.technology/ and click "Login," then connect your wallet. Your staking amount and rewards will display in your account.
Step 5: Unstaking APE
Unstaking Your APE If you decide to unstake your APE, you will need to go through a similar process to delegating your APE. You will need to select the validator and then unstake your tokens. It is important to note that there is a cooldown period after unstaking, during which you cannot withdraw your APE.
Best Apecoin Validators for Staking
Unsure how to choose the right validator for staking your tokens? Check out our guide on the top validators for staking Apecoin tokens based on their staking rewards, node uptime, and the amount of Apecoin tokens available to stake.
Our staking validator guides are released on a monthly basis to reflect the changing dynamic nature of validator nodes and to provide the best up-to-date validating node info.
Start staking your avalanche tokens today!