Secret Network Staking Overview
Secret Network (SCRT) is a blockchain platform that allows users to create and use private-by-default smart contracts. SCRT is the main crypto coin of the Secret Network used for staking, governance, and transaction fees. Staking SCRT is a way of securing the network and earning rewards by delegating SCRT to one of the validators of the network. If you want to get involved in staking SCRT and have a say in the governance of the Secret Network, be sure to take a look at our guide on how to stake Secret Network. This is a great opportunity to earn rewards and play a role in the growth of the network, so don’t miss out!
How to Stake Secret Network (SCRT)
There are different ways of staking Secret Network (SCRT) but the most convenient platform to stake your SCRT is Keplr. It allows you to buy SCRT directly through your bank account using Transak, a fiat-to-crypto gateway that integrates with Keplr. Here is a step-by-step guide on how to stake Secret Network (SCRT) using Keplr:
Step 1 – Install Keplr and set up your Secret Network account
Step 2 – Buy SCRT and send it to your Keplr account
Step 3 – Open Keplr staking dashboard and choose a validator
Step 4 – Delegate SCRT to your chosen validator
Step 5 – Check your staking information and rewards
Step 1 - Install Keplr and set up your Secret Network account
Keplr is a browser extension that allows you to manage your Secret Network account and interact with Secret applications. You can install Keplr from the Chrome Web Store or Firefox Add-ons. After installing Keplr, you need to create a new account or import an existing one using your mnemonic phrase. You also need to set a password to encrypt your account and a name to identify it.
Step 2 - Buy SCRT and send it to your Keplr account
You can buy SCRT directly with your bank account using Transak, a fiat-to-crypto gateway that integrates with Keplr. Alternatively, you can buy SCRT on centralized exchanges such as Binance, Kraken, or Okcoin and send it to your Keplr account address. You can also use Secret Bridges to swap assets from other blockchains for SCRT on Secret DEXes such as SiennaSwap or Shade Protocol.
Step 3 - Open Keplr staking dashboard and choose a validator
To stake SCRT, delegate it to a validator who runs the network and processes transactions. You can choose a validator based on commission, uptime, performance, and reputation. Open the Keplr staking dashboard, select Secret Network, and click “Stake” to see active validators. Stake with multiple validators to diversify risk and rewards.
Step 4 - Delegate SCRT to your chosen validator
To delegate SCRT to your chosen validator, click on “Manage” and then “Delegate”. A pop-up window will appear where you can input the amount of SCRT you want to delegate. After entering the amount, click on “Delegate” and confirm the transaction on the Keplr pop-up window. You will need to pay a small gas fee in SCRT for the transaction.
Step 5 - Check your staking information and rewards
After delegating SCRT, you can check your staking information and rewards on the Keplr staking dashboard. Go to “My Validators” and you will see the details of your delegation, such as the validator name, commission rate, amount delegated, rewards earned, and unbonding period.
Also read: How to Buy Secret Network (SCRT)
Popular Video Guides on Staking Secret Network (SCRT)
Best Places to Stake Secret Network (SCRT)
Several alternatives are accessible for staking SCRT, and each has its own set of advantages and disadvantages. Below are some platforms where you can stake your SCRT:
Option 1: Keplr
Staking Secret Network (SCRT) on the Keplr platform is a way of securing the network and earning rewards by delegating SCRT to one of the validators of the network using the Keplr browser extension.
Pros
- Keplr allows you to interact with Secret applications that use private-by-default smart contracts, which can enable novel use cases for blockchain not feasible on public systems.
- It allows you to buy SCRT directly with your bank account using Transak, which can make it easier and faster for you to acquire SCRT and stake it on the network.
- It allows you to convert your SCRT into secretSCRT (sSCRT), which can give you more privacy and security while using the network, as you can hide your balances, transactions, and interactions from prying eyes.
- Keplr allows you to participate in the governance of the network by voting on proposals that affect the network parameters or features, which can give you more influence and stake in the future of the network.
Cons
- Keplr is a browser extension that may not be compatible with all browsers or devices, which can limit your accessibility and convenience while using the network.
- It is a non-custodial wallet that requires you to manage your own private keys and backup phrases, which can increase your responsibility and risk of losing your funds if you lose them or forget them.
- Keplr is a third-party wallet that may not have the same level of support or security as the official Secret Network wallet or other platforms, which can expose you to potential bugs, glitches, or vulnerabilities.
Option 2: MyCointainer
MyCointainer is a custodial platform that enables easy staking of digital assets, including SCRT. By staking SCRT on the MyCointainer platform, users can benefit from convenience, simplicity, and diversification while utilizing the Secret Network. The platform also offers other features such as masternodes, exchange, and fiat gateway.
Pros
- MyCointainer provides a simple and efficient way to stake SCRT and other digital assets, allowing you to start earning rewards on the network quickly.
- With access to features such as masternodes, exchange, and fiat gateway, MyCointainer offers added convenience and flexibility for managing your crypto assets.
- By staking multiple assets on the same platform, MyCointainer allows you to diversify your portfolio and potentially reduce risk while increasing returns.
Cons
- Custodial platforms like MyCointainer require you to trust a third-party service provider with your private keys and funds, which can increase your risk of theft, hacks, or losses.
- MyCointainer charges a service fee for using their platform, which can reduce your overall rewards and profits from staking SCRT.
- MyCointainer may not provide the same level of privacy and security as other platforms or wallets that support Secret Network, which can potentially expose your data and transactions to external threats.
Option 3: Secret Network
Secret Network is a blockchain platform that emphasizes user privacy by enabling them to manage their data sharing. SCRT staking on this platform involves delegation to a validator or running a validator node, contributing to network security and enabling governance participation. Moreover, secret applications use private-by-default smart contracts, providing unique use cases that are not feasible on public systems.
Pros
- Staking SCRT on the Secret Network platform strengthens network security and privacy features, benefiting the entire ecosystem and its users.
- The platform provides opportunities to earn rewards for contributing to the network, potentially increasing returns and profits.
- It grants participation in network governance through voting on proposals, allowing for greater influence and stake in the network’s future.
- Staking SCRT on the Secret Network platform enables interaction with Secret applications that use private-by-default smart contracts, allowing for innovative blockchain use cases that are not feasible on public systems.
Cons
- Staking SCRT on the Secret Network platform carries the risk of slashing penalties for validator downtime or misbehavior, which can reduce your staked amount.
- The platform requires technical skills and resources to choose a validator or run your own node, which can be challenging or costly.
- Staking SCRT on the Secret Network platform may not be as convenient or user-friendly as other platforms or wallets that support Secret Network, which can affect your accessibility and ease of use.
Also read: Secret Network (SCRT) Price Prediction
Benefits of Staking Secret Network (SCRT)
- Staking SCRT helps to secure the Secret Network and enables participation in community governance.
- It allows for passive income through block-making process participation, with a current annual reward rate of approximately 3% (minus validator fees).
- It provides liquidity, as tokens can be unstaked at any time without a lock-up period or penalty. Delegation to different validators is also possible without moving tokens.
- Staking SCRT also grants access to Secret Network’s privacy features, such as secret contracts and secret tokens, which can facilitate novel use cases for blockchain technology that are not feasible on public systems.
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Frequently Asked Questions
What is staking Secret Network (SCRT)?
Staking Secret Network (SCRT) involves delegating your SCRT tokens to a validator on the network, which helps secure the network and earn rewards. Validators are nodes that process transactions and receive block rewards, which they share with their delegators. Staking SCRT also allows you to participate in the governance of the network, with rewards currently above 30% annually.
How much can I earn by staking Secret Network (SCRT)?
Staking Secret Network (SCRT) can earn you a current annual reward rate of 29.64%, according to Staking Rewards. However, the actual rate may vary depending on factors such as network inflation, validator commission, and staking ratio.
What are the risks of staking Secret Network (SCRT)?
Staking Secret Network (SCRT) comes with some risks that you should consider before delegating your tokens. These include soft slashing, hard slashing, undelegation period, validator commission, and inflation. Soft slashing can occur when a validator goes down for more than 18 hours, while hard slashing occurs when a validator double-signs a block. There is also an undelegation period of 21 days during which you cannot access your SCRT or earn rewards.
How can I unstake or withdraw my Secret Network (SCRT)?
To undelegate or withdraw your SCRT, you need to use your wallet that supports Secret Network or a platform like Citadel. However, it’s important to be aware that undelegating your SCRT will cause you to stop earning rewards immediately, and you will have to wait for 21 days before you can access your SCRT. Additionally, you may incur some transaction fees. So, you should carefully consider the consequences before deciding to unstake or withdraw your SCRT.
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