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. 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
- There is no unbonding period
- Rewards are automatically compounded every epoch
Ready to Stake?
For this guide, we assume you already have a BitGo account set up and funded with SUI tokens. However, if you have any questions or need some extra clarity, feel free to contact your Figment or Bitgo representative.
Staking Sui: Step-by-step guide
To get started, we will navigate to our Bitgo account and locate our SUI wallet.
Once we locate our SUI wallet, we can click on it. Here we will see all our wallet details, and if we scroll down, we can see our total balance and what is available to be withdrawn, along with a deposit and withdrawal button.
Under “staked,” we will see our current staked position as well as a “Stake” and “Unstake” button. We can click on “Stake” to begin the staking flow.
This will prompt the staking window to pop up. Our first step here is to choose Figment as our validator. Enter the amount of SUI you wish to stake, and then click “Initiate Staking”.
From here, we’ll see the staking transaction processing and after waiting a few minutes, the “Sign Transaction” button will appear. Next, enter your wallet password and two-factor authentication to sign the transaction.
Now we can go back and see the transaction confirmations on the Bitgo interface and in the Sui block explorer.
Congratulations, you’ve just staked SUI straight from your BitGo account! If you would like to unstake, the process is the same, except you start by clicking “Unstake”.
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 digital assets. Figment is 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.