Ultimate Guide of Sui Staking 2023
Great news! SUI staking on Mainnet is now live, which means you can start earning passive income on your $SUI by staking and receiving rewards.
Great news! SUI staking on Mainnet is now live, which means you can start earning passive income on your $SUI by staking and receiving rewards. To help you get started, we've put together a comprehensive guide that covers everything you need to know about staking SUI on the Sui Explorer website or wallets like Sui Wallet, Suiet, and Martian Wallet. Whether you're new to staking or an experienced crypto enthusiast, this guide will walk you through the process step by step.
What is Staking?
Staking is a process in which individuals or entities hold and lock a certain amount of coins for a specified period of time in order to earn rewards. This method of earning rewards is becoming increasingly popular in the world of blockchain technology. By staking coins, users can help secure and validate transactions on the network, as well as generate new blocks.
Staking involves locking a predetermined amount of coins in a wallet or on nodes of a blockchain project. The amount of coins locked and the duration for which they are locked determine the amount of rewards earned. The longer the duration and the larger the number of coins locked, the greater the rewards.
Staking with Delegated Proof-of-Stake mechanism on Sui Network
Staking is an essential mechanism for many blockchain networks, and the Delegated Proof-of-Stake (DPoS) consensus mechanism is a popular method of staking.
Sui's DPoS system has a fixed set of validators chosen based on their share of the total stake. Validators process transactions and earn rewards according to their stake and operational efficiency. At the end of each epoch, stake rewards are distributed to participants based on their accrued stake and the epoch's subsidies. Efficient and responsive validators earn boosted rewards, incentivizing them to provide a reliable platform for transaction submissions.
How to stake SUI to earn SUI rewards?
If you are looking to stake SUI and earn rewards, there are two ways to go about it: accessing the Sui Explorer website or staking directly from a wallet that supports the current Sui blockchain network. However, before you begin, it's important to note that you will need to use one of the three wallets that support the current Sui network: Sui wallet, Martian, or Suiet.
We'll show you both ways right below:
Method 1: Staking SUI and selecting validators through the website Sui explorer
Before you can start staking your SUI, you must set up a wallet supporting the Sui Blockchain network. There are currently three options available: Sui wallet, Martian, and Suiet. For this guide, we'll use Sui wallet.
If you never create a sui wallet, we suggest you spend a few minutes reading our Set-up Sui wallet Guide article.
After having your own wallet and grabbing some $SUI from CEX, you are ready for the staking process.
- Step 1: Go Sui Explore
Once you have set up your SUI wallet, the next step is to go to the Sui Explorer website at https://explorer.sui.io/.
- Step 2: Choose the Validators
On the website, you will find a list of validators available for staking on the Sui Network.
- Step 3: Confirmation
After selecting the validator you want. Select “Stake” to connect the wallet and get ready to stake SUI on Sui Blockchain by entering the amount of $SUI you want to stake.
Method 2: Staking SUI and selecting validators through wallets that support Sui Network
Getting started with staking your SUI on the Sui blockchain network is an easy process that requires a few simple steps.
- Step 1: Open your wallet extension.
On the dashboard, select “Stake & Earn SUI”.
- Step 2: Chose a validator
Here, you can select the validator that you wish to stake your SUI on.
To choose your preferred validator, scroll down the page and click on the validator(s) of your choice. Once you have made your selection, click on the "Select Amount" button to proceed.
- Step 3: Confirmation
In the next step, enter the amount of SUI that you wish to stake. Review all the details carefully and make sure that they are accurate. If you are satisfied with the information you have provided, click on the "Stake Now" button to initiate the transaction.
If the transaction is successful, you should receive a confirmation message.
Conclusion
Congratulations! You've learned all about SUI staking on the Sui blockchain network. By following the steps outlined in this guide, you can now stake your SUI and earn rewards. Whether you choose to stake through the Sui Explorer website or one of the three wallets, Sui Wallet, Suiet, or Martian Wallet, you're well on your way to earning passive income. Happy staking!
In the next article, we will guide you through the process of other staking platforms on Sui. We hope you find it informative and useful.
Be sure to check out Suipiens' website and social media channels to stay up-to-date on all things about Sui Blockchain!