The Avalanche blockchain is a Proof-of-Stake network in which token holders can stake AVAX, the native token of the Avalanche blockchain, to help secure the network.
This step-by-step guide, in which you will learn how to stake your AVAX using the official Avalanche Wallet, is divided into three parts:
- Creating your Avalanche Wallet
- Transferring funds to the P chain
- Delegating your AVAX to a Validator
Please note that this is a preliminary guide and compiled in the Avalanche Everest Testnet (You can see which network you are connected to in the upper right corner). The purpose of this guide is to give AVAX holders a better understanding of the staking process. The process of staking through the Avalanche Wallet on mainnet is the same as in the testnet so that you can use this guide for both networks alike.
Part 1: Creating your Avalanche Wallet
Visit https://wallet.avax.network/ and click “Create New Wallet”. In the subsequent window, click “Create Key Phrase”.
Safely store your 24-word key phrase. Note that whoever has access to your key phrase ultimately has access to your funds. In case you lose your key phrase, you are unable to access your wallet.
After you have written down your key phrase in a secure location, check the box and then click “Verify”. In the subsequent window, fill in the blanks from your key phrase, click “Verify” and then click “Access Wallet”.
This is the main menu of your Avalanche Wallet. Properly fund your account to start the staking process. Simply copy your address and send funds to it.
Part 2: Transferring funds to the P chain
Head over to the “Earn” section in the menu on the left of the Avalanche Wallet. Click “Transfer” in order to move funds from the X chain over to the P chain. The X chain is used to create & trade digital assets whereas the P chain is used to manage metadata with regards to the Avalanche network (such as staking).
Note that as a Delegator, you need to stake at least 25 AVAX
Make sure to leave some funds on the X chain so that you can cover transaction fees. Then click “Transfer”.
After the transfer is completed, you are presented with IDs of the export and import transaction respectively. Click “Back to Earn” to continue with the staking process.
Part 3: Delegating your AVAX to a Validator
Click “Add Delegator” in order to delegate your stake.
Choose a validator that best fits your preferences. You can also search for a specific Node ID via the search bar.
Choose the time period during which you want to stake your AVAX. Note that your tokens are illiquid for as long as they are staked. Choose the amount of your AVAX that you want to stake and click “Confirm”.
Note that as a Delegator, you need to stake at least 25 AVAX. Also, you need to stake for at least 2 weeks.
Also note that once your staking period has ended, you are not going to earn further rewards until you stake again. Furthermore, you cannot stake past the “End Time” of your validator, which you can find in the overview of available Avalanche validators.
The subsequent window provides a final overview of your staking operations. Click “Submit” to finalize the staking process.
Congratulations, you are now a delegator on the Avalanche blockchain. Once the staking period you set is concluded, you will receive your staking rewards and your staked tokens will become liquid again.
Whenever you want to access your wallet, visit https://wallet.avax.network/ and click “Access” & choose “Mnemonic Key Phrase” in the following window. Enter your key phrase and click “access wallet”. Note that you need to provide your key phrase in order to access your wallet, so make sure to have it available.
Avalanche Docs (Staking): https://docs.avax.network/v1.0/en/staking/
Avalanche Telegram: https://t.me/avalancheavax
Avalanche Support Email: email@example.com