Staking Hyperliquid (HYPE) with Gem Wallet
Staking Hyperliquid (HYPE) is a process that allows you to earn HYPE by participating in the network's consensus mechanism. This guide will take you through the steps needed to stake your HYPE using Gem Wallet, ensuring you can maximize your returns securely and efficiently.
- Your Hyperliquid (HYPE) will be locked when you stake them.
- It will take 7 days to completely unstake.
- The minimum staking amount is 0.01 HYPE.
Always check that you are using the latest version of the app for optimal performance and security.
How to Stake Hyperliquid (HYPE) on Gem Wallet
Step 1 - Fund Your Hyperliquid Wallet
Before you can start staking, you need to ensure that your Hyperliquid wallet is funded with HYPE tokens. The easiest way to get Hyperliquid is to buy it directly with Gem Wallet. Tap on Buy and then select the amount of HYPE that you want to purchase.
Alternatively, you can buy HYPE tokens from various cryptocurrency exchanges such as Binance, Coinbase, or Kraken. Make sure you have a verified account on one of these platforms to purchase the tokens. Once you have purchased HYPE, transfer the tokens to your Gem Wallet.
Make sure that you copy the Hyperliquid wallet address correctly when sending HYPE from another wallet to avoid any loss of funds.
Step 2 - Navigate to the Stake Screen
Open your Hyperliquid Wallet and navigate to the Stake screen by tapping on Stake. Now on the Stake screen, you will see some details about the APR and the Lock Time when you stake your Hyperliquid. Tap on Stake to proceed.
Step 3 - Choose Validator
Staking involves delegating your tokens to a validator who participates in the network’s consensus. Gem Wallet provides a list of validators you can delegate your HYPE to. Review the list carefully.
Look for validators with high uptime, low commission rates, and a good reputation in the community. You can find more detailed information about Hyperliquid validators here.
Step 4 - Input Stake Amount
After selecting a validator, you need to decide how much HYPE you want to stake. Tap on Continue.
Some validators may have a minimum staking requirement. For Hyperliquid, the minimum staking amount is 0.01 HYPE. Ensure your stake meets these criteria to avoid any issues.
Step 5 - Confirm the Stake Transaction
Double-check all details of your staking transaction, including the validator and the amount of HYPE you are staking. Once you are satisfied with the details, Confirm the transaction. The transaction will now be submitted to the Hyperliquid Network.
The transaction will just take a few seconds to be confirmed on the Hyperliquid Network. Congratulations, you have successfully staked Hyperliquid with Gem Wallet.
Hyperliquid Staking Rewards
By staking Hyperliquid you can earn at least 2.3% in Hyperliquid rewards (as of writing). This is not a fixed rate since the rewards can be affected by the validator you have chosen.
Staking Hyperliquid (HYPE) on Gem Wallet will reward you with HYPE tokens.
Unstaking Your HYPE
Your Hyperliquid tokens are locked until you unstake them. Unstaking will take 7 days before you can get your Hyperliquid tokens back. To unstake your HYPE, simply tap on the Stake details. Then under Manage, tap on Unstake. Indicate the amount you want to Unstake and confirm it.
Is Staking Hyperliquid on Gem Wallet Secure?
Yes, Gem Wallet is a secure and open-source wallet for staking Hyperliquid. Here are some reasons why you need to stake your HYPE with Gem Wallet:
- Transparency: Open-source wallets have publicly available code that can be reviewed and audited by anyone.
- Community Trust and Collaboration: Being open-source fosters a collaborative environment where developers and security experts continuously improve the wallet.
- No Hidden Backdoors: Open-source wallets are less likely to have hidden backdoors or malicious code, as the open nature of the code allows for thorough scrutiny by the community, minimizing the risk of unauthorized access.
Staking Hyperliquid (HYPE) using Gem Wallet is a great way to earn passive income while supporting the network. By following these steps and tips, you can ensure a smooth and secure staking experience.