How to stake Celo? - A step-by-step guide
The Celo platform is a layer-1 protocol that introduces an ultralight and fast app through which you can do transactions in stablecoins or tokens. This protocol allows you to develop user-friendly and borderless financial tools accessible via mobile.
The Celo token as it is the native currency on the platform. You can earn this crypto in various ways, including staking, lending, or yield farming. However, as it is based on PoS, staking is highly rewarding.
This article runs through the steps to stake Celos to make better profits.
How to stake Celo?
The following simple steps will help you figure out how to stake Celo tokens!
- Create a Celo web wallet
You first need to create a web wallet to earn Celo staking rewards. For this, go to the Celowallet.app and click on Create New Account. It will show a warning for security risks of using the browser version. Here you can proceed by clicking the I Understand button.
Then, it will show your public address, unique icon, and seed phrase. Note down your wallet address and seed phrase so that you can securely access your account in future.
Set up the desktop app
After that, install the desktop app on your device. Sign in to your wallet by entering your details. Once your wallet runs on the app, you can send Celos to it for staking.
Now, you need to lock the Celos you want to stake. For this, click on the More button, which will open a dropdown menu. Select the Lock option here and enter the amount you want to stake. After that, proceed with Continue and confirm with Lock.
Assign Celos to a validator group
Once you have locked the tokens for staking, you can assign them to multiple validators. Again, go to the More dropdown menu and select Stake for assigning them to a validator. It will lead you to a list of validators in the system.
This is tricky, as you have to choose the right validator to earn better rewards. However, you can easily check their track records by clicking on their names. If the status is good, you can proceed with the Vote for Group button.
After that, you can enter the number of tokens you would like to delegate to the selected validator. Finally, continue and confirm by clicking on Vote.
Activate validator votes
The last step for staking Celo is to activate your validator votes. As the platform requires 24 hours to verify the votes, you would have to wait. Then, revisit the app after the period, and it will ask you about vote activation.
Proceed with Activate; a page will appear with all the details about the validator and staked amount. Finally, verify these details and activate these votes to stake Celos.
Celo staking is one of the easiest ways of earning rewards on the platform. First, you must set up a Celo wallet and app on your device. Then, send Celos to your wallet and lock them for staking. After that, delegate the tokens to a validator by voting for them. Finally, activate your votes after 24 hours to earn staking rewards.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.