Staking Smart Chain (BNB)
Staking Smart Chain (BNB) is a process that allows you to earn BNB by participating in the network's consensus mechanism. This guide will take you through the steps needed to stake your BNB using Gem Wallet, ensuring you can maximize your returns securely and efficiently.
- Your Smart Chain (BNB) will be locked when you stake them.
- It will take 7 days to completely unstake.
- The minimum staking amount is 1 BNB.
- Always have some extra amount of BNB that will be needed for transaction fees.
Always check that you are using the latest version of the app for optimal performance and security.
How to Stake Smart Chain on Gem Wallet
Step 1 - Fund Your Smart Chain Wallet
Before you can start staking, you need to ensure that your Smart Chain wallet is funded with BNB tokens. The easiest way to get BNB is to buy it directly with Gem Wallet. Tap on Buy and then select the amount of BNB that you want to purchase.
Alternatively, you can buy BNB tokens from various cryptocurrency exchanges such as Binance, Coinbase, or Kraken. Make sure you have a verified account on one of these platforms to purchase the tokens. Once you have purchased BNB, transfer the tokens to your Gem Wallet.
Make sure that you copy the Smart Chain wallet address correctly when sending BNB from another wallet to avoid any loss of funds.
Step 2 - Navigate to the Stake Screen
Open your Smart Chain Wallet and navigate to the Stake screen by tapping on Stake. Now on the Stake screen, you will see some details about the APR and the Lock Time when you stake your Smart Chain tokens. Tap on Stake to proceed.
Step 3 - Choose Validator
Staking involves delegating your tokens to a validator who participates in the network’s consensus. Gem Wallet provides a list of validators you can delegate your BNB to. Review the list carefully.
Look for validators with high uptime, low commission rates, and a good reputation in the community. You can find more detailed information about Smart Chain validators here.
Step 4 - Input Stake Amount
After selecting a validator, you need to decide how much BNB you want to stake. Make sure to leave a small amount of BNB in your wallet to cover transaction fees. Tap on Continue.
Some validators may have a minimum staking requirement. For Smart Chain, the minimum staking amount is 1 BNB. Ensure your stake meets these criteria to avoid any issues.
Step 5 - Confirm the Stake Transaction
Double-check all details of your staking transaction, including the validator and the amount of BNB you are staking. Once you are satisfied with the details, Confirm the transaction. The transaction will now be submitted to the Smart Chain Network.
The transaction will just take a few seconds to be confirmed on the Smart Chain Network. Congratulations, you have successfully staked Smart Chain with Gem Wallet.
Smart Chain Staking Rewards
By staking Smart Chain (BNB) you can earn at least 3.7% in Smart Chain rewards (as of writing), paid out every 24 hours. This is not a fixed rate since the rewards can be affected by the validator you have chosen.
Staking Smart Chain (BNB) on Gem Wallet will reward you with BNB tokens.
Unstaking Your BNB
Your Smart Chain (BNB) are locked until you unstake them. Unstaking will take 7 days before you can get your Smart Chain (BNB) back. To unstake your BNB, simply tap on the Stake details. Then under Manage, tap on Unstake. Make sure to leave a small amount of BNB in your wallet to cover transaction fees. Indicate the amount you want to Unstake and confirm it.
Is Staking Smart Chain on Gem Wallet Secure?
Yes, Gem Wallet is a secure and open-source wallet for staking Smart Chain. Here are some reasons why you need to stake your BNB with Gem Wallet:
- Transparency: Open-source wallets have publicly available code that can be reviewed and audited by anyone.
- Community Trust and Collaboration: Being open-source fosters a collaborative environment where developers and security experts continuously improve the wallet.
- No Hidden Backdoors: Open-source wallets are less likely to have hidden backdoors or malicious code, as the open nature of the code allows for thorough scrutiny by the community, minimizing the risk of unauthorized access.
Staking Smart Chain (BNB) using Gem Wallet is a great way to earn passive income while supporting the network. By following these steps and tips, you can ensure a smooth and secure staking experience.
Learn more about Smart Chain Staking.