Recently, tokens for participants in Mina’s community sale were unlocked and several exchanges such as Kraken, OKEx, and Coinlist, started offering access to MINA. Upon listing, Mina reached an all-time high of 20K on-chain accounts. And Mina also welcomed about 17K new MINA holders on the chain, showing more than a 500% increase.
Now that Mina has opened this new chapter, we figured what better time than now to give you a step-by-step guide on staking your MINA?
But before we get right into that, let us walk you through what Mina Protocol is.
Introducing Mina Protocol
Mina is aiming for “The world’s lightest blockchain, powered by participants.”. The entire Mina blockchain is going to stay its size as 22kb, no matter how many blocks are stacked in the blockchain.
To achieve this vision, Mina constructed recursively composed succinct non-interactive arguments of knowledge (snarks). Mina takes a snapshot of each block and each snapshot is snarked into a fractal meta-image of the whole chain.
The reason why Mina designed such a model is to solve the problem of increasing size of blockchains, which makes its users difficult to operate nodes as time goes on. Mina could be more secure and decentralized since it’s easy to participate as a full node even by using a cell phone.
Mina uses proof-of-stake mechanism. Thus you can earn staking rewards for validating transactions on the network by staking MINA. Not only will you contribute to creating blocks and reaching a consensus, but the network also becomes more healthy and secure as more tokens get bonded to the network.
Before we get started with staking, here are some things to keep in mind when staking MINA:
- Estimated reward rate : 0–15 %
- Unbonding period: none
- Reward type : MINA
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.
Trusted by leading institutions, and passionate community members in South Korea and around the world.
Staking MINA with DSRV
First things first, if you don’t have any MINA yet, you can acquire some by buying them on any exchange offering MINA trading pairs, such as Kraken, OKEX, and Coinlist.
Table of Contents:
- Go to Clorio
- Create a new wallet
- Delegate MINA
1. Go to Clorio
We are going to use ‘Clorio’ wep app to delegate your MINA to DSRV, which is created by Carbonara of westake.club. Go to Clorio.
If you already have an existing Mina account, select the ‘Access with Private Key’ or ‘Access with Ledger’ button to log in to your Wallet.
2. Create a New Wallet
2–1 Create a Wallet
This step is for those who don’t have a Mina wallet. Choose ‘Create a Wallet’.
2–2 Keep your public/private key-pair
It will give you a public/private key pair. After you keep your public/private key-pair, click ‘Continue’.
2–3 Download a paper wallet
You can also download a paper wallet. Click ‘Download a copy here’ to keep your key safe.
2–4 Verify your Private Key
Enter your Private key and click ‘Continue’ to log in.
3. Delegate MINA
3–1 Go to Staking Hub
After you fund your wallet, click ‘Staking Hub’ on the side menu.
This page gives you the staking status and the list of Validators.
3–2 Custom delegation
To delegate MINA to DSRV, you will use ‘Custom delegation’.
3–3 Insert Public key
This is DSRV’s validator address. Enter the address in the field and click ‘Confirm’.
3–4 Insert a Fee
This fee is for a transaction. You can choose between the Average fee and Fast fee, and also can insert your own fee. After entering the fee, click ‘Proceed’.
3–5 Insert Private Key
Finally, Insert your private key and click ‘Confirm’ to proceed with the delegation.
3–6 Check your delegation successfully broadcasted.
If your delegation is successfully broadcasted to the network, you can see the green alert on the right bottom.
You can see that the staking status has changed to DSRV. Because a take delegation is also a transaction, you can see it on the Overview page too.
Now, you’ve completed all steps for the staking. You don’t have to choose how much MINA to stake. Your full MINA balance will be skated automatically. Staking rewards are automatically included in the balance and the full balance is re-staked. Mina doesn’t have a bonding period, so you can freely send or withdrawal your MINA even right after staking.
You can get more information about staking on Mina 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.