Sei is a Layer 1 Proof-of-Stake blockchain that is optimized for trading and exchanges. The network aims to solve scalability and performance issues that may be holding back decentralized exchanges (DEXs) on general-purpose blockchains.
Utilizing innovations like their Twin Turbo consensus mechanism, Sei is able to offer sub-second finality and over 20,000 transactions per second. Sei also has a native order-matching engine built into the base layer to enable high-performance order book-based DEXs. By customizing for trading apps, Sei provides the speed, throughput, as well as additional features needed for the next generation of DEXs, NFT marketplaces, gaming, and other trading-focused applications.
Key Staking Considerations:
- Rewards are distributed automatically every block
- Tokens are locked during the staking period
- A new delegation is required for compounding rewards
- There is currently no slashing on the network
- Unbonding Period: 21 days
For this guide, we will be using the Compass wallet for Sei. 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 SEI: Step-by-Step Guide
To begin staking SEI using the Compass wallet, head over to your Compass wallet dashboard.
If you do not have Compass wallet installed, visit the Chrome store here.
Here on the Compass Dashboard, select the “Stake” page along the bottom. This is where you will stake the SEI token. Click the “+ Stake” button to begin the staking process.
To begin the staking process with Figment, search for “Figment” in the validators field.
If you are having trouble finding the Figment validator, view the full details here.
Once you have found the Figment validator, select it, and then input the amount of tokens you wish to delegate. When you are ready, click “Review” to continue with the staking process.
Review the details, and when you are ready to stake SEI tokens, click “Stake SEI”
As a reminder, tokens are locked during staking and are subject to a mandatory 21 day unbonding period once they are unstaked.
Once you’ve confirmed the staking transaction on the Compass wallet, you will see a “Transaction is in progress” notification in the top of the screen, and this will quickly flip to “Transaction Success” once complete.
Once the transaction is successful, you will see a notification for this at the top of the screen along with a green bar.
You can now see your SEI balance, along with the staked balance. Congratulations! You successfully staked the SEI token to Figment’s validator.
Staking with Figment
Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 250 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets.
Figment’s institutional staking service offers seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem. To learn more about Figment, please visit figment.io.
If you are interested in staking Sei with Figment, meet with us.
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.