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Simple Staking

Overview​

xx network's Simple Staking simplifies staking for nominators. Nominators can manually nominate validators via the Web Wallet - Targets Tab but since not everyone wants to invest that much time and effort, we created Simple Staking. With Simple Staking, a few minutes, and only a handful of clicks, nominators can bond and unbond coins, select and change validators, and redeem rewards, while ensuring control and custody of your coins at all times.

Simple Staking is not 100% set and forget!

The participants of the xx network are ever changing. Validators come and go over time. We strongly suggest nominators invest the few minutes it takes to Change Validators at least once a month but weekly may also be justified.

Connect Wallet​

To use Simple Staking, you must add an account.

There are three ways to add accounts:

Accounts and browser sessions

When you add accounts, the account data is stored encrypted in the browser session data. Accounts are available across visits as long as you do not clear the session data. If you use multiple computers or browsers, accounts must be added to each.

Generate Wallet​

If you do not have a native xxChain account, click the GENERATE WALLET button and follow the prompts. If you need help, see the documentation for the Sleeve Wallet Generation Tool, the process is similar.

Fund the account

Once the newly generated account is added you will need to fund it.

Recovery Phrase​

You can add an existing account by clicking the RECOVERY PHRASE button. You will be presented with a form in which you must enter a standard mnemonic phrase, set a password, and click DONE

Import KeyFile (json)​

If you have exported an account from another wallet, such as the Web Wallet, you can import the account via a .json file by clicking the IMPORT KEYFILE (JSON) button.

First click the UPLOAD FILE button.

Next, you will be presented with a file selection window of your OS. Browse to the directory the .json file is located and select it.

You will see a notification it has found an account. Enter the password that was set when the account was exported and click IMPORT.

Add More Wallets​

You can manage the staking preferences of multiple accounts, just click the ADD MORE WALLETS link and select how to add additional accounts.

Wallet Connected​

Once your wallet or wallets are found, click the NEXT button.

Select Wallet​

Select the wallet you want to manage.

Staking Options​

  • Stake - Bond coins, select validators and stake.
  • Change Validators - Quickly select new validators.
  • Unstake - Unbond and stop staking some or all of your coins.
  • Redeem - 28 days after unstaking, unbonded coins can be unlocked and made transferable.

Stake​

Select the STAKE radio button and click the NEXT button.

Input the amount of xx coins you wish to bond and stake and click the NEXT button.

Wait a few seconds while the app selects validators for you.

Once validators are selected, you can review the list by clicking the SHOW VALIDATORS button.

Enter the password of the account and click the CONFIRM PASSWORD button.

Click the SUBMIT button.

Wait while the transaction is signed and submitted to the blockchain.

Once successfully completed you will see a summary of your staking preferences.

come back regularly

We strongly suggest nominators Change Validators at least once a month but weekly may also be justified.

Change Validators​

Select the CHANGE VALIDATORS radio button and click the NEXT button.

Click the NEXT button.

Wait a few seconds while the app selects validators for you.

Once validators are selected, you can review the list by clicking the SHOW VALIDATORS button.

Enter the password of the account and click the CONFIRM PASSWORD button.

Click the SUBMIT button.

Wait while the transaction is signed and submitted to the blockchain.

Once successfully completed you will see a summary of your staking preferences.

come back regularly

We strongly suggest nominators Change Validators at least once a month but weekly may also be justified.

Unstake​

Select the UNSTAKE radio button and click the NEXT button.

Input the amount of xx coins you wish to unstake and begin unbonding, and then click the NEXT button.

Enter the password of the account and click the CONFIRM PASSWORD button.

Click the SUBMIT button.

Wait while the transaction is signed and submitted to the blockchain.

Once successfully completed you will see a summary of your staking preferences.

Redeem​

About redeeming

Every 24 hours an era ends. At which time the earned rewards are paid out and begin to unbond. Unbonding takes 28 days. If rewards were paid out on Jan. 01, one would be able to redeem them on Jan. 29.

To check on the status of coins available to be redeemed one must connect an account. Once your wallet or wallets are found, click the NEXT button.

Select the wallet you want to manage and click the NEXT button.

If funds are available to be redeemed the REDEEM radio button will be enabled to select and the amount of coins available to be redeemed will be stated.

If funds are not available to be redeemed view the UNSTAKED FUNDS section. You will see the AMOUNT currently unstaked and the number of days the funds will be AVAILABLE TO REDEEM IN.

Forget Wallet​

If you would like to remove an account from the app, click the Forget? link.

You will be asked to confirm you wish to delete the account.

info

You can connect the account again at any time.