Sui is a decentralized delegated proof-of-stake blockchain that enables horizontally scalable throughput with competitive speeds at low costs. The protocol uses Move, a programming language that focuses on security by using a modular architecture. Move also allows parallel execution and horizontal throughput scalability without adding additional complexity for node operators. Learn more about Sui in our “First Look” article.
Key Staking Considerations:
- Rewards are distributed automatically every epoch (24 hours)
- There is currently no slashing enabled
- The unbonding period is instant
- Rewards are automatically compounded every epoch
Ready to Stake?
For this guide, we will be using the Sui Wallet by Mysten Labs, additional documentation for this wallet can be found here. This wallet is non-custodial, and requires the user to keep track of their own mnemonic phrase, and password. To learn more about custody and best practices, check out our “What is Custody?” video.
Staking Sui: Step by step guide
To begin staking SUI using the Sui wallet, first head over to https://chrome.google.com/webstore/detail/sui-wallet/ and install the Sui wallet extension to your browser.
After installing the Sui wallet, start the process by creating a new wallet. Click “+ Create a New Wallet” to proceed with the wallet creation.
Create a password for your Sui wallet. This password will be used every time that you need to access the Sui wallet. Ensure that your password is backed up and stored in a safe place.
Creating a new wallet will generate a 12 word key phrase. This is a crucial step of the wallet creation process. Please ensure to backup your 12-word or key phrase in a safe place. If you ever lose access to your wallet, this 12-word phrase is the only way to recover your funds.
After you create a password, and backup your 12-word seed phrase, you have successfully created a Sui wallet. Now, you can copy the address at the top of the wallet, and fund it with SUI tokens.
Once you have funded your wallet with SUI tokens, you are ready to proceed with the staking process. Click on the “Stake & Earn SUI” button in the middle of the wallet.
For the first step in the staking process, you will be prompted to select a validator. Pick the Figment validator, and proceed with the process.
Once you select a validator, you are able to see the staking metrics associated with that validator. Input the amount of SUI that you wish to stake, and then click “Stake Now” to proceed.
Once you click “Stake Now” your transaction will submit to the network, and then you will see the screen below once your transaction is confirmed.
Congratulations! Once you submit the staking transaction and it is confirmed, you have successfully staked SUI to the Figment validator. On the homepage of the Sui wallet, you will now see the amount of SUI tokens you have staked, along with the current staking rate.
Staking Sui with Figment
If you are interested in staking Sui, Figment offers a host of services aimed at delivering safe and reliable staking rewards for your assets. Figment is the world’s leading provider of staking infrastructure. The complete staking solution for 200+ institutional clients including asset managers, custodians, exchanges, foundations, and wallets to earn rewards on their digital assets.
Figment’s Protocol team has extensive Sui knowledge intended to help dive into the specifics such as upgrades and staking information. Meet with us to learn more about Staking Sui.
The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, or investment advice. Figment undertakes no obligation to update the information herein.