Looking for a simple way to earn rewards while supporting a growing blockchain network? Staking SUI could be the perfect opportunity for you. SUI is the native token of the Sui network, a cutting-edge blockchain designed for fast, secure, and scalable transactions. It powers decentralised applications and supports smart contracts, making it a versatile platform for developers and users.
You can actively participate in the network’s proof-of-stake system by staking SUI. This helps secure the network and process transactions while you earn rewards in return. Beyond staking, SUI is also used to pay transaction fees, store value, and participate in governance decisions through on-chain voting.
With a limited supply of SUI, its value is designed to grow as adoption increases. Ready to start staking? This guide will walk you through the steps to earn rewards with SUI today!
How To Stake SUI (SUI)?
SUI tokens can be staked in three different wallets through different mechanisms. In this guide, you will understand all three methods in detail:
Staking SUI With SUI Wallet
Staking SUI tokens using the SUI Wallet is a great way to earn rewards while contributing to the network’s security. Here’s a step-by-step guide to help you set up your SUI Wallet and start staking your tokens with ease.
Step 1: Download And Install The SUI Wallet
The first step to staking SUI is downloading the SUI Wallet browser extension. Currently, the wallet is available only on Google Chrome. Follow these steps:
- Open the Chrome Web Store.
- Search for “SUI Wallet”.
- Click “Add to Chrome” and confirm the installation.
Once the extension is installed, you can proceed to create your wallet.
Step 2: Create Your SUI Wallet
After installing the wallet, you need to create an account. The SUI Wallet offers different options to create your account:
Option 1: Sign in with Google or Twitter
The SUI Wallet supports zkLogin, allowing you to sign in using your Google or X.com account without compromising privacy. With zkLogin, your OAuth credentials are securely utilised to perform transactions without linking your identity to your SUI address.
Option 2: Create a Passphrase Account
If you prefer a more traditional approach, you can create an account using a passphrase:
- Select “More Options”.
- Choose “Create a Passphrase Account”.
- Set a secure password with at least 12 characters, including numbers, letters, and symbols.
- Agree to the terms and conditions.
- Click “Create Wallet”.
Writing down your recovery seed phrase offline in a secure place is essential. This seed phrase is necessary to recover your wallet if needed.
Step 3: Import An Existing Wallet
If you already have an SUI Wallet, you can import it using your passphrase:
- Select “Import Passphrase”.
- Enter your existing passphrase to access your wallet.
Step 4: Stake Your SUI Tokens
Once your wallet is set up, it’s time to stake your SUI tokens and start earning rewards. Here’s how to do it:
Step 4.1: Access the Staking Section
- Open your SUI Wallet.
- Navigate to the dashboard and select the “Stake & Earn SUI” option.
Step 4.2: Choose a Validator
- Scroll through the list of available validators.
- Review the validator’s details, such as commission rate and performance.
- Click on your preferred validator to continue.
Step 4.3: Enter the Amount to Stake
- Specify the amount of SUI you want to stake.
- Double-check all the details to ensure accuracy.
- Click “Stake Now” to confirm your transaction.
Step 4.4: Confirm Staking Transaction
Once you confirm your staking details, you should see a transaction confirmation. Your SUI tokens will start earning rewards at the beginning of the next epoch.
Step 5: Earning Rewards
Rewards from staking are automatically compounded, which means you don’t need to manually restake your rewards. This feature helps you maximise your staking returns effortlessly.
Staking SUI With Martian Wallet
Staking your SUI tokens with Martian Wallet is an excellent way to earn rewards while supporting the network. Follow this step-by-step guide to securely set up your wallet and stake your tokens.
Step 1: Download And Set Up The Martian Wallet
Begin by downloading the Martian Wallet browser extension. Only download it from the official website to ensure security. Once the extension is installed, open the wallet.
- Create a New Wallet: Click “Create a New Wallet” on the start screen to set up a new account.
- Recover an Existing Wallet: If you already have a wallet, select “I already have a Wallet.” Enter your private phrase to recover it.
Step 2: Set A Strong Password
Choose a password that combines numbers, letters, and symbols and is at least 12 characters long. Write it down and store it offline for added safety. After setting your password, agree to the terms and conditions and click “Continue.”
Step 3: Secure Your Recovery Phrase
You’ll now receive your recovery phrase, also known as a seed phrase. This phrase is crucial for accessing your wallet in the future. Write it down and store it securely offline. Never share your recovery phrase with anyone, as losing it means losing access to your assets.
Step 4: Stake Your SUI Tokens
Once your wallet is ready, it’s time to stake your SUI tokens.
- Access the Staking Dashboard: Open the Martian Wallet and select “Stake your SUI.”
- Choose a Validator: Scroll through the available validators and select the one you prefer.
- Enter Staking Amount: Specify how much SUI you’d like to stake. Ensure you leave some tokens for gas fees, and note that the minimum staking amount is 1 SUI. Click “Preview” to review the transaction.
Step 5: Confirm And Stake
Review the staking details, including the amount and gas fees. If everything looks good, click “Confirm and Stake.” A success message will appear, indicating that your SUI is now staked. You can close the window and start earning rewards from the next epoch.
Staking SUI With Suiet
Staking SUI allows you to earn rewards while contributing to the security of the Sui blockchain. One of the easiest ways to stake your SUI is using the Suiet Wallet. Below is a detailed guide on how to set up the Suiet Wallet and start staking your SUI tokens safely.
Step 1: Download The Suiet Wallet Extension
Start by visiting the official Suiet Wallet website. To avoid security risks, download the wallet only from the official website.
Once you’re on the website:
- Choose your preferred browser extension (e.g., Chrome or Firefox).
- Download and install the extension.
After the installation, you’ll see the Suiet Wallet icon on your browser toolbar. Click it to proceed.
Step 2: Create Your Suiet Wallet
To create a wallet:
- Open the Suiet extension.
- Select “Create Wallet”.
- Set a secure password. The password should be 12 characters long and include a mix of uppercase and lowercase letters, numbers, and special symbols.
- Write your password down and store it in a safe offline location.
Click “Next Step” once you’ve created your password.
Step 3: Secure Your Recovery Phrase
After setting the password, you’ll receive a recovery phrase. This phrase is essential for accessing your wallet in the future.
Here’s what you need to do:
- Write the recovery phrase down on paper.
- Store it somewhere safe and offline.
- Never share your recovery phrase with anyone.
Without this phrase, you won’t be able to recover your assets if you lose access to your wallet.
Step 4: Stake Your SUI Tokens
Now that your wallet is set up, it’s time to stake your SUI.
- Open the Suiet dashboard and select “SUI”.
- Click on “Stake” to begin the staking process.
- You’ll see a list of validators. Choose your preferred validator. In this example, let’s use Stakin.
- Enter the amount of SUI you want to stake. Ensure you leave a small amount of SUI in your wallet to cover gas fees.
Once you’ve entered the details, click “Confirm” to complete the transaction.
Step 5: Wait For Your Rewards
After confirming the transaction, your SUI tokens will be staked with the chosen validator. Rewards will start accumulating at the beginning of the next epoch.
Popular Video Guides On Staking SUI (SUI)
Best Places To Stake SUI (SUI)
SUI Wallet is a self-custody crypto wallet designed for seamless asset management within the Sui blockchain ecosystem. It allows users to manage SUI tokens, swap assets, organise NFT collections, and interact with decentralised applications (dApps). The wallet prioritises privacy and security with advanced encryption and offers integrations with hardware wallets like Ledger. Its user-friendly interface makes it accessible for both new and experienced users. With complete control over their assets, users can securely explore the Sui ecosystem and shape the future of this growing network.
Pros:
- Self-custody wallet providing 100% ownership of assets.
- Advanced security features, including Ledger integration.
- User-friendly interface for easy navigation and management.
- Supports NFTs and dApp exploration within the Sui ecosystem.
- Prioritises privacy by safeguarding user data.
Cons:
- Limited to the Sui blockchain, restricting multi-chain use.
- Hardware wallet integration requires additional setup.
- The wallet may lack support for some non-Sui assets.
KuCoin is a global cryptocurrency exchange that offers users a wide range of trading and earning opportunities. Its feature is KuCoin Earn, where users can stake their assets in the Balanced or Advanced categories to generate passive income. The Balanced category includes Flexible Savings and Staking options, allowing users to access funds anytime or lock them for better returns. The Advanced category provides fixed-term products like Dual Investment, which involve more complex strategies for higher yields. KuCoin’s user-friendly interface makes staking simple for both beginners and experienced investors.
Pros:
- Competitive APY rates range from 5% to over 20%.
- Flexible and fixed staking options to suit different investor preferences.
- There is no minimum staking requirement for many supported cryptocurrencies.
- Daily rewards with options to automatically compound earnings.
- Supports a wide range of crypto assets for staking and trading.
Cons:
- Some high-yield staking options require lengthy lock-up periods.
- Advanced staking products may be complex for beginners.
- Not all staking products are available for U.S. users.
MyCointainer is a straightforward crypto staking platform designed to help users earn passive income by staking over 150 cryptocurrencies. It offers competitive annual percentage yields (APY) of up to 14%, making it an attractive option for investors looking to grow their digital assets. The platform provides flexible staking without lock-up periods, allowing users to start with as little as €1. Additionally, MyCointainer offers rewards through cashback and airdrops, making it a valuable platform for crypto holders.
Pros:
- There are no lock-up periods for staking.
- Start staking with as little as €1.
- Earn additional rewards through cashback and airdrops.
Cons:
- Limited support for specific regions.
- Staking fees may reduce overall returns.
Benefits Of Staking SUI (SUI)
Staking SUI (SUI) provides several key benefits for investors and supporters of the network. By staking your tokens, you can earn rewards, contribute to the network’s security, and influence its future. Let’s take a closer look at the advantages of staking SUI.
Earn Passive Income
One of the main benefits of staking SUI is the opportunity to earn passive income. By staking your SUI tokens, you will receive rewards in the form of additional SUI tokens. These rewards are generated from various sources, such as transaction fees, token inflation, and storage fees. As you stake more tokens, your potential to earn a higher passive income increases, providing a steady way to grow your investment.
Strengthen Network Security
Staking SUI plays a crucial role in securing the network. By staking your tokens, you either become a validator or support a validator. Validators are responsible for verifying transactions and adding them to the blockchain. This process ensures the SUI network remains decentralised and resistant to attacks. Your involvement helps strengthen the integrity and reliability of the entire ecosystem, benefiting all users in the network.
Gain Voting Rights
Staking SUI can also provide you with governance rights within the network. When you stake your tokens, you can vote on various network proposals, such as updates or changes to the protocol. This empowers you to have a say in how the SUI network evolves and its future direction, giving you a voice in key decisions that affect the community.
Contribute To The DeFi Ecosystem
Staking SUI directly contributes to the growth and stability of the decentralised finance (DeFi) ecosystem. By staking your tokens, you support the on-chain economy, which helps drive innovation and development within the DeFi space. Your participation supports decentralised applications (dApps), liquidity pools, and other DeFi projects, fostering a more robust and sustainable ecosystem.
Incentivize Validators
When you stake your SUI tokens, you incentivise validators to perform at their best. Validators play a vital role in maintaining the network’s efficiency and security. By staking, you ensure they have the resources needed to carry out their responsibilities effectively, ultimately leading to a more efficient and secure network for all participants.
Frequently Asked Questions
What Is SUI Staking?
SUI staking involves locking your SUI tokens to support the security and functionality of the Sui blockchain. Participants earn staking rewards in return for helping to maintain network stability. This process contributes to network governance and provides an opportunity for passive income, making it a popular choice for investors who prefer to grow their holdings without actively trading.
What Are SUI Tokens And Their Uses?
SUI tokens are the native cryptocurrency of the Sui blockchain. They serve multiple purposes, including paying transaction fees (gas fees) and staking with validators under the Delegated Proof-of-Stake (DPoS) system. Token holders can also participate in governance decisions, helping shape the network’s development. Additionally, staking SUI tokens allows users to earn rewards while strengthening the blockchain’s security and performance.
How Are Staking Rewards Calculated On Sui?
SUI staking rewards depend on several factors, such as the amount of SUI tokens staked, the duration of the staking, and overall network activity. After each staking cycle, rewards are distributed in SUI tokens and automatically added to the staked balance. The longer and larger the stake, the higher the potential returns, incentivising users to remain actively engaged in the network.
What Are the Risks of Staking SUI Tokens, and How Can You Reduce Them?
Staking SUI tokens comes with risks, such as slashing penalties, where a portion of your staked tokens may be forfeited due to validator misconduct or downtime. To minimise these risks, selecting trusted validators with a strong performance history and high uptime rates is essential. Conduct thorough research before staking to ensure your tokens are managed securely and effectively.
