How to stake on Lyra network

There currently are two types of staking, 1) Staking on a profiting account created by a node operator if that profiting account is created with seats or has seats left, 2) Staking on a Yield profiting account to earn a fixed 12% APY.

The below tutorial is made using the PC wallet that is the easiest way to begin staking:

In order to begin staking you need to select the desired master account and go to “My Wallet” tab.

Click on “STAKE” button, a new window will appear.

Now you can create a staking account that will be attach to the owner account pressing “NEW STAKE ACC”.

Enter an account name to facilitate keeping track of staking accounts, enter the number of days for staking from 3 to 36500 days and the account ID of the profiting account where you want to stake.

Click “CREATE STAKING ACCOUNT”, the owner account need to have funds to pay 10LYR + 1LYR transaction fee for each newly created staking account, the PC wallet create the staking accounts with compound staking, nebula and CLI wallet have the option to stake with no compound.

If the staking account is successfully created will return to the previous page where you will see the newly created account in a list, if not, click “REFRESH” button.

Now you can click “ADD STAKING” button on the newly created staking account to deposit tokens to the newly created staking account, you can add tokens in multiple rounds.

If you want to unstake tokens, you can click “UNSTAKE” button, that will unstake all deposited tokens on that staking account with all earned tokens and are credited back in the owner account, ATENTION a 0.8% fee is applied for unstaking tokens before the end of the staking period due to contract breaking.

You can create how many staking accounts you want on how many profiting accounts you want and stake portions of the owner account on multiple profiting accounts.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post