Staking Sei (SEI)
Staking Sei (SEI) is a process that allows you to earn SEI by participating in the network's consensus mechanism. This guide will take you through the steps needed to stake your SEI using Gem Wallet, ensuring you can maximize your returns securely and efficiently.
- Your Sei (SEI) will be locked when you stake them.
- It will take 21 days to completely unstake.
- The minimum staking amount is set by the validators you chosen.
- Always have some extra amount of SEI 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 Sei on Gem Wallet
Step 1 - Fund Your Sei Wallet
Before you can start staking, you need to ensure that your Sei wallet is funded with SEI tokens. The easiest way to get Sei is to buy it directly with Gem Wallet. Tap on Buy and then select the amount of SEI that you want to purchase.
Alternatively, you can buy SEI 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 SEI, transfer the tokens to your Gem Wallet.
Make sure that you copy the Sei wallet address correctly when sending SEI from another wallet to avoid any loss of funds.
Step 2 - Navigate to the Stake Screen
Open your Sei 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 Sei 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 SEI 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 Sei validators here.
Step 4 - Input Stake Amount
After selecting a validator, you need to decide how much SEI you want to stake. Make sure to leave a small amount of SEI in your wallet to cover transaction fees. Tap on Continue.
Some validators may have a minimum staking requirement. 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 SEI you are staking. Once you are satisfied with the details, Confirm the transaction. The transaction will now be submitted to the Sei Network.
The transaction will just take a few seconds to be confirmed on the Sei Network. Congratulations, you have successfully staked Sei with Gem Wallet.
Sei Staking Rewards
By staking Sei (SEI) you can earn at least 4.80% in Sei rewards (as of writing). You get rewards immediately but you would have to manually claim it. This is not a fixed rate since the rewards can be affected by the validator you have chosen.
Staking Sei (SEI) on Gem Wallet will reward you with SEI tokens.
Unstaking Your SEI
Your Sei (SEI) are locked until you unstake them. Unstaking will take 21 days before you can get your Sei (SEI) back. To unstake your SEI, simply tap on the Stake details. Then under Manage, tap on Unstake. Make sure to leave a small amount of SEI in your wallet to cover transaction fees. Indicate the amount you want to Unstake and confirm it.
Is Staking Sei on Gem Wallet Secure?
Yes, Gem Wallet is a secure and open-source wallet for staking Sei. Here are some reasons why you need to stake your SEI 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 Sei (SEI) 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 Sei Staking.