ICON (ICX) — A complete guide for Staking on ICON network using Ledger Nano
Step by step guide for desktop staking using Ledger Nano hardware wallet
Staking is the process of holding ICX tokens in a cryptocurrency wallet to support the operations of a blockchain network. Essentially it means locking your ICX tokens in the wallet to receive passive income in the form of reward ICX tokens. The current annual reward rate is around 18.6%.
In other words, staking is very similar to having an interest-bearing bank savings account that provides passive interest.
The Public Representative(P-Rep) nodes validate transactions and handle overall governance of a blockchain network by participating in the processes of reaching consensus and defining key governance parameters. They are an important part of the staking process as the users need to choose a P-Rep that will represent them in the network.
ICON staking process is divided into the 3 phases:
- Staking — the initial phase where users choose the amount of ICX tokens they want to lock on the network
- Voting — the phase where users choose the P-Rep they want to give their votes to help them increase their role in the network.
- Claiming — collecting stake rewards/dividends
Stake reward is the same for all, no matter which candidate you vote for. To help the network and decentralization it is recommended to support smaller and active P-Reps.
If you like the guide please support us as a P-Rep with your votes.
Staking with Ledger Nano
The first step before staking is to install the official wallet ICONex and create a new personal wallet. ICONex for desktops comes as a Chrome extension and can be downloaded from the Chrome store.
1. Installing the ICONex Chrome extension
2. Creating a new wallet
At the moment there are some issues when trying to connect to the ledger directly from the main wallet display displayed below. To avoid this issue a new empty wallet needs to be created first.
Choose a secure password following the noted character requirements.
3. Staking operation in the Wallet
Once you create a new wallet this is how your default wallet dashboard will look like.
If you have transferred ICX to your wallet on the Ledger Nano, the next step is to navigate to the Voting tab and then go to the My status mini tab. Once your Ledger Nano is plugged into the USB port and opened press Connect to Ledger.
Enter the ICON wallet on the Ledger Nano.
To open the wallet press Vote
To start the stake, the amount of the ICX needs to be selected by clicking on the Adjust button. In the popup window, the staked amount needs to be adjusted either by moving the slider, manually enter the amount to be staked in the Staked box or by clicking the + button to stake the max amount. If staking max amount always double-check if the staked amount is the same as the max amount.
After pressing Complete you need to Confirm the transaction on your ledger Nano by pressing the right button.
Your ICX tokens are now staked and you are now ready to vote for the P-Rep(s) of your choice. Please support us by voting for StakedTech validator.
To start the voting process click the Vote button.
The voting page consists of the main dashboard and the list of the available P-Reps listed below. To add the P-Rep to the voting list scroll down to your candidate and add him by pressing the + button.
To cast the votes to selected P-Rep (you can vote up to 10 P-Reps) you need to choose the number of votes in a similar way how staking was done — adjusted either by moving the slider, manually enter the number of votes in, or by clicking the + button to vote with the max amount of votes.
Confirm Voting by pressing the Vote button and Confirm the transaction on your ledger Nano by pressing the right button.
Your votes are now recorded on the blockchain and link to the relevant transaction is issued.
You have successfully staked your ICX and voted for your Public Representative (P-Rep) node on the ICON network. You are now part of the network and you are ready to collect your staking rewards from the next distribution.
5. Collecting your staking dividends
On ICON network staking rewards are issued in the form of I-Score. To claim your ICX rewards press the Claim button.
Confirm staking Claim by pressing the Confirm the transaction on your ledger Nano by pressing the right button.
Congratulations! Your first staking rewards are collected.
If you want to restake newly acquired ICX to increase your staking income then you need to go back to the Staking phase and repeat the staking and voting process to add new ICX to the previous amount.
If you like the guide and share our vision, please support us as your P-rep with the votes.
StakedTech is the ICON network Public Representative actively involved in securing the network and representing the community in the ICON network governance.