Renowned as the world's lightest blockchain, Mina Protocol aims to simplify the onboarding process for individuals who wish to venture into the exciting world of decentralized finance. We've put together a step-by-step guide on how to stake MINA with validators
What Is Mina Staking?
Staking MINA refers to the act of locking up MINA tokens for a specific period to participate in network consensus and validation activities. This process provides benefits for both the network users and validators, as it incentivizes participation and improves network security.
Staking aims to create more secure and efficient networks. Its implementation has significant implications for the future of distributed systems, providing increased incentives for participation while improving overall network performance.
Mina Validators And Delegators
The Mina network relies on two distinct types of nodes to maintain network security and enable block validation: validators and delegators. Validators are responsible for verifying the correctness of new blocks added to the chain. Read more about a blockchain validator node.
On the other hand, Mina delegators play a supporting role by selecting trusted validators and delegating their tokens.
When you delegate stake to a validator, you specify:
- ID of the node you wish to delegate to.
- Start and stop times of your delegation (which must be while the validator is actively validating).
- Precise amount of Mina you are staking.
Mina Staking Requirements
- Minimum amount that a validator must stake is 1 MINA.
- Minimum amount that a delegator must delegate is 1 MINA.
- No minimum staking period. Typically, rewards will be distributed within 2-4 months from delegation.
- No maximum staking duration for validation.
- Minimum delegation fee rate is 5%. Note that there is no fixed rate; some validators charge up to 10% for staking services.
Both validators and delegators can benefit from the Mina staking model. More insights into the Mina incentives are available via its official page.
Mina Staking Rewards
The current MINA staking rewards are around 12% within 23 initial months after the launch. As highlighted in Mina's official blog post, staking MINA offers up to 24% supercharged rewards during the first 14 months after the mainnet launch.
How To Stake Mina With Validators: A Step-By-Step Guide
Step 1: Install a wallet
Install a wallet to start staking. Current wallets that support MINA staking are:
- Clorio wallet (desktop browsers, Linux/Windows/MacOS app).
- Auro wallet (desktop browsers, Android or iOS app).
- Staking-Power wallet (Android or iOS app).
In this guide, we use the Auro wallet.
Step 2: Top up your wallet
The simplest way to top up your wallet is to transfer Mina tokens from Binance. First, you buy MINA on Binance, then follow the steps to transfer tokens to your Auro wallet.
Wallet -> Fiat and Spot (scroll to Mina) -> Withdraw -> Enter your address.
In addition to Binance, you can transfer MINA from other exchanges, such as Gate.io.
Coinlist is also one of the most popular wallets to stake Mina tokens. However, the Mina transfer is currently unavailable on Coinlist. If you want to stake Mina on Coinlist, you'll first need to buy USDT and use USDT to buy Mina.
Step 3: Choose Mina validators
- Once you have Mina tokens in your wallet, click 'Staking' on your dashboard.
- Click on the validator and specify your fee. There are 3 options: Slow (0.0011 MINA) - Default (0.0101 MINA) - Fast (0.2001 MINA).
Step 4: Delegate Mina
- Following step 3, tap 'Next.' Now the app will display your transaction details
- Check all the details and tap 'Confirm.'
Step 5: Unstake Mina
If you decide to unstake your Mina token, you will need to go through a similar process to delegating your Mina. You will need to select the validator and then unstake your tokens.
Mina holders can unstake their Mina staked anytime they want. The time to receive rewards will vary based on each validator.
Best Mina Validators For Staking
Not sure which validators to pick up for staking Mina tokens? Check out our list of the top 10 Mina validators based on APY, commission, voting power, and overall performance.
Our staking validator guides are released monthly to reflect the dynamic nature of validator nodes and provide the best up-to-date validating node info.
Start staking your Mina tokens today!
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