Velas (VLX) is currently the world’s fastest EVM Blockchain, enabling up to 75 000 transactions per second, processed instantly, with the highest security out there, at almost free.
In addition, VLX is using the Delegated Proof of Stake consensus (DPoS) mechanism. Since it is a PoS, we can stake it to earn interest.
Some wallets support the storing of VLX coins; in this article, we will focus on the official Velas web wallet.
Related Post: GUIDE to Velas (VLX) coin
How and Where to Stake Velas (VLX)
Here are the seven (7) steps to stake and confirm that staking is successful.
1. Use the Official Velas (VLX) wallet
Go to the official site of Velas, and you can select your preference of wallet platform. Most software wallets require installation and support of most operating systems, e.g. Windows, macOS, Linux, Android and iOS.
In this article, we will use the official web wallet as it requires no additional installation, runs on any web browser and is convenient.
Set up your web wallet if you haven’t, and move on to the next step.
2. Buy Velas (VLX) coins
Currently, Velas (VLX) coins are available only in supported cryptocurrency exchanges. The choice of the exchange depends on your preferred payment methods.
Use one of these exchanges below for payments using credit cards, bank transfers, Google Pay, Apple Pay, Paypal, and many more.
For swapping between crypto to crypto (this means you already have, e.g. Bitcoin, and you want to swap some of it into VLX), use these;
3. Transfer VLX to your Velas wallet
Now you need to transfer VLX from your exchange to your Velas web wallet.
Go to your web wallet, click <Receive> and copy your VLX Deposit Address.
Paste the address onto your crypto exchange <Withdrawal> section to send VLX to your Velas wallet.
4. Start Staking VLX in the Velas wallet
Once VLX is deposited into your Velas web wallet, you can start delegating your VLX coins to the network.
Click <Staking> on the left-hand side of the wallet interface, and you will see a list of <Not Staked Validators>. You can click on each validator to see more information about them.
5. How to Choose a Velas (VLX) Validator
You can see more details for each validator, such as dominance and validator interest. You are free to choose any validator from the list.
So how do you decide which one to go for?
Consider the following criteria;
- Dominance – the lower the number, the better it is
- Validator Interest – You have to pay the validator commission for each reward. You can choose those validators with 0% interest.
- Annual Percentage Rate (APR) – The higher, the better
Once decided, click the <Stake> button.
6. Enter & Confirm the Amount to Stake
Enter the exact amount of VLX coins you want to stake with the validator. Click on the <Use max> button if you’re going to delegate & stake all your VLX coins in your wallet.
Check the details, and if it is correct, press <Confirm> to begin the staking process.
7. Successful Staking
How do you know if staking is successful?
Stakes, once delegated, do not become effective immediately. They must first pass through a warmup period, which can take a few days. Meantime, you have to be patient and check your wallet once in a while.
Two (2) things to note so you can be sure;
- You must receive a notification in your web wallet that says, “Stake account has been created successfully“. This message usually comes right after you confirm your staking.
- When you click on <Staking> on the left-hand side of your Velas wallet, you should see two (2) groups of validators. One is called <Staked Validators>, and this is the one that you had chosen to stake your VLX. The other one is the usual <Not Staked Validators>.
So that is all. You had successfully staked your Velas (VLX) coins in your wallet.