Hi readers 👀 🙌 ,
Did you know that Flow’s first US dollar-backed stablecoin, Flow USD(FUSD), is available now? The launch of FUSD will strengthen cross-platform collaborations within the Flow ecosystem by allowing transactions of stable assets to flow freely across the whole network and will open up the ecosystem for whole groups of new participants!
So we figured, what better time than now to give you a step-by-step guide on staking your FLOW?
But before we jump right in, let’s take a quick look at Flow.
Introducing Flow
Flow is a blockchain built for the next generation of apps, games, and the digital assets that power them. Flow uses a multi-role architecture design to solve the scalability problem without composing a complex architecture as sharding. It allows developers to work on their projects based on Flow easily.
Flow is built by Dapper labs, which is famous for developing Cryptokitties and NBA Top Shot. It has a partnership with well-known brands such as NBA, UFC, and Warner Music Group.
Flow is a global network of computers working together to maintain the security and integrity of its users’ data and this global network is made up of many individual nodes. The node operator has to temporarily stake a large number of FLOW to the network as a promise for integrity, this process of temporarily giving up tokens is called staking. Anyone can earn rewards by staking or by delegating tokens to the validators.
Before we get started with staking, here are some things to keep in mind when staking FLOW:
- Estimated reward rate : 9–10 %
- Unbonding period: 7–14 days
- Reward type : FLOW
Why Stake with DSRV?
South Korea’s Leading Validator
We understand the importance of geographical distribution for blockchain networks. Proof-of-Stake enables us to start globally on day 1.
Strong Technical Contributor
We are a tech-driven team that loves to build solutions that help users participate in top blockchain networks.
Ecosystem Partner
Trusted by leading institutions, and passionate community members in South Korea and around the world.
Staking FLOW with DSRV
First things first, if you don’t have any FLOW yet, you can acquire some by buying them on any exchange offering FLOW trading pairs, such as Kraken, Huobi, Binance, and many more.
Table of Contents:
- Go to Flow Port
- Create a New Wallet
- Delegate
- Confirm
1. Go to Flow Port
1-1 Go to Flow port
We highly recommend using Flow Port to delegate your FLOW to DSRV. Go to Flow Port. If you are new to Flow port, select the ‘Sign Up’ button.
If you already have an existing Flow account, select the ‘Sign in’ button and skip the tutorial to the ‘Delegate’ step.
2. Create a New Wallet
2-1 Choose a Provider
Select ‘Blocto’ to create a new Flow account. If you are a Ledger user, go to the following link.
2-2 Create a New Account
Enter your email address and click the ‘SIGN IN/REGISTER’ button to create your Flow account.
2-3 Verify Your Passcode
Enter the 6-digit code that you received by email to verify your email address.
2-4 Confirm Your Account
Check your email and wallet address and click the ‘CONFIRM’ button to sign in.
3. Delegate
3-1 Go to Stake & Delegate Tab
Click the ‘Stake & Delegate’ tab on the left-hand navigation bar to start delegation.
3-2 Select Delegate
Choose the ‘Delegate’ option on the right side and click the ‘Start Delegating’ button to begin.
3-3 Delegate to DSRV
To delegate your FLOW to DSRV, please use the following validator address:
947771ab1fd233d8694aee6c4a4259ee7e2241f4a201067aaa28adbb989d7c97After entering the validator address, click the ‘Next’ button.
3-4 Enter the Amount of FLOW
Enter the amount of FLOW you wish to delegate. After entering the stake amount, click the ‘Continue’ button to complete delegating process.
3-5 Review the Transaction
You can review the delegation information such as delegated node ID and the amount of FLOW on this page.
Make sure the ID to delegate is ‘947771ab1fd233d8694aee6c4a4259ee7e2241f4a201067aaa28adbb989d7c97’, and check your staking amount of FLOW on this page.
After checking ID and amount of FLOW, click the ‘Submit’ button.
3-6 Confirm the Transaction
Click the ‘Continue’ button to complete.
Congratulations! Now, you’ve successfully delegated FLOW to DSRV.
Happy Staking!
4. Confirm
4-1 Confirm
You can now check your delegated node ID, Stake amount and Rewards in the ‘Stake and Delegation’ tab!
You can get more information about staking FLOW here. Happy staking! 🥳
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.
