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Staking Monad (MON) with Gem Wallet

Staking Monad (MON) is a process that allows you to earn MON by participating in the network's consensus mechanism. This guide will take you through the steps needed to stake your MON using Gem Wallet, ensuring you can maximize your returns securely and efficiently.

TLDR
  • Your Monad (MON) will be locked when you stake them.
  • It will take 1 day to completely unstake.
  • The minimum staking amount is 0.10 MON.
  • Always have some extra amount of MON that will be needed for transaction fees.
important

Always check that you are using the latest version of the app for optimal performance and security.

How to Stake Monad (MON) on Gem Wallet​

Step 1 - Fund Your Monad Wallet​

Before you can start staking, you need to ensure that your Monad wallet is funded with MON tokens. The easiest way to get Monad is to buy it directly with Gem Wallet. Tap on Buy and then select the amount of MON that you want to purchase.

Buying Monad with Gem Wallet

Alternatively, you can buy MON 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 MON, transfer the tokens to your Gem Wallet.

Receive Monad with Gem Wallet

warning

Make sure that you copy the Monad wallet address correctly when sending MON from another wallet to avoid any loss of funds.

Step 2 - Navigate to the Stake Screen​

Open your Monad 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 Monad. Tap on Stake to proceed.

Open Monad Wallet Monad Stake Screen

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 MON to. Review the list carefully.

Choose a Validator

tip

Look for validators with high uptime, low commission rates, and a good reputation in the community. You can find more detailed information about Monad validators here.

Step 4 - Input Stake Amount​

After selecting a validator, you need to decide how much MON you want to stake. Make sure to leave a small amount of MON in your wallet to cover transaction fees. Tap on Continue.

Input MON Amount to Stake

note

Some validators may have a minimum staking requirement. For Monad, the minimum staking amount is 0.10 MON. 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 MON you are staking. Once you are satisfied with the details, Confirm the transaction. The transaction will now be submitted to the Monad Network.

Confirm Monad Stake Monad Staked Successfully

The transaction will just take a few seconds to be confirmed on the Monad Network. Congratulations, you have successfully staked Monad with Gem Wallet.

Monad Staking Rewards​

By staking Monad you can earn at least 14.46% in Monad rewards (as of writing). This is not a fixed rate since the rewards can be affected by the validator you have chosen.

tip

Staking Monad (MON) on Gem Wallet will reward you with MON tokens.

Unstaking Your MON​

Your Monad tokens are locked until you unstake them. Unstaking will take 1 day before you can get your Monad tokens back. To unstake your MON, simply tap on the Stake details. Then under Manage, tap on Unstake. Make sure to leave a small amount of MON in your wallet to cover transaction fees. Indicate the amount you want to Unstake and confirm it.

Is Staking Monad on Gem Wallet Secure?​

Yes, Gem Wallet is a secure and open-source wallet for staking Monad. Here are some reasons why you need to stake your MON 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 Monad (MON) 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.