Velas: Staking Made Easy
Marketing 3 min reading
Content
Show- Staking Epochs: An Overview
- Becoming a Validator
- Becoming a Delegator
- Choosing the Ideal Pool
- Withdrawal and Order of Withdrawal
-
Staking Instructions:
- For Delegators:
- For Full Nodes:
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When it comes to staking in the Velas system, you have two options: creating your own pool and becoming a validator or delegating your stake to an existing pool. Let's explore how each option works and help you make the most out of your staking experience.
Pool rewards are distributed proportionally between validators and staking delegators. If the percentage of stake from delegators falls below 60%, their rewards are adjusted accordingly, and the validator receives 40%.
Delegated Proof of Stake (DPOS) empowers delegators to "vote" on potential validators by staking tokens on them, increasing their chances of becoming validators themselves.
Staking Epochs: An Overview
The Velas network operates in staking epochs, which are currently set at approximately every 48 hours (subject to change). At the start of each epoch, a new validator set is selected from the existing candidates, and a snapshot of the validators' pools is created.
Becoming a Validator
To create your own pool and become a validator, you need to install a node. You can conveniently install a node from the Staking Page in your wallet. Once the node is set up, you can stake on your pool. However, it's important to note that the total stake amount of a candidate on their own pool must not be less than the candidate's minimum stake, which is set at 1 million VLX. After successfully creating an active pool, you have the opportunity to be selected as a validator in the next staking epoch and start receiving rewards.
Should a candidate withdraw all their coins from their pool, the pool becomes inactive and does not participate in the subsequent validator selection process.
Becoming a Delegator
If you prefer to delegate your stake to an existing pool, you can do so by staking a minimum of 1 VLX on the chosen pool. It is recommended to keep at least 1 VLX in your wallet for any gas fees. As a delegator, you share the pool rewards proportionally with other participants if the pool is selected as a validator.
Choosing the Ideal Pool
Selecting the right pool to stake in depends on a few factors. Firstly, consider the total stake amount in the pool. A larger stake increases the chances of the pool being selected as a validator more frequently. However, keep in mind that a pool with many delegators means your portion of the overall reward will be smaller.
Withdrawal and Order of Withdrawal
You can withdraw coins from your candidate's pool at any time, provided it is not currently serving as a validator in the current epoch. Whether you are a validator or delegator, you can create a withdrawal order from the pool and claim it once the epoch ends.
Staking Instructions:
For Delegators:
- Ensure you have a minimum of 2 VLX in your wallet.
- Open Velas Wallet.
- Go to the Staking Page, specifically the Delegator section.
- Choose a pool to stake to.
- Enter the amount you want to stake, a minimum of 1 VLX while leaving at least 1 VLX in your wallet for any gas fees.
- Click "Apply" and then "Confirm" to complete the staking process.
For Full Nodes:
- Ensure you have at least 1,000,000 VLX.
- Open Velas Wallet.
- Go to the Staking Page, specifically the Node section.
- Follow the provided instructions to deploy your own node using a created script.
- Verify the accessibility of your node using the "Check Your Node" list on our Node Page.
- In the "Become Staker" section, enter the amount you want to stake, which should be a minimum of 1,000,000 VLX.
- Click "Apply" and then "Confirm" to finalize the staking process.
More information on staking VLX can be found here.