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.
- Your Monad (MON) will be locked when you stake them.
- Unstaking your MON tokens will take up to about 2 epochs, around 11 hours or more.
- The minimum staking amount is 0.10 MON.
- Always have some extra amount of MON that will be needed for transaction fees.
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.
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.
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.
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.
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.
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.
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.
Staking Monad (MON) on Gem Wallet will reward you with MON tokens.
How to Unstake Monad (MON) on Gem Wallet
Your Monad tokens are locked until you unstake them. After unstaking your Monad tokens, can withdraw your MON back to your wallet.
Monad native unstaking usually takes about 1 epoch, around 5.5 hours. However, depending on when the unstake request is submitted relative to the epoch boundary, it can effectively take up to about 2 epochs, around 11 hours or more.
Step 1 - Navigate to Your Stake Details
Open your Gem Wallet and tap on Stake to go to the Staking screen. Tap on your active stake to open the Stake Details screen.
Step 2 - Input Unstake Amount
On the Stake Details screen, under the Manage section, tap on Unstake. Enter the amount of MON you want to unstake. Make sure to leave a small amount of MON in your wallet to cover the transaction fees. Tap Continue to proceed.
Step 3 - Confirm the Unstake Transaction
Review the unstaking details carefully, including the amount of MON you are unstaking. Once confirmed, tap Confirm to submit the transaction to the Monad Network.
Step 4 - Check the Status
The untaking time will be shown on the Stake status. After this period, your MON will be ready to withdraw back to your wallet.
How to Withdraw Unstaked Monad (MON) on Gem Wallet
After the 1-day unbonding period has passed, you need to manually withdraw your unstaked MON back to your wallet.
Step 1 - Navigate to Your Stake Details
Open your Gem Wallet and tap on Stake. Tap on your stake to open the Stake Details screen. You will see your unstaked MON listed as "Awaiting Withdrawal".
Step 2 - Select Withdraw
Under the Delegations section, tap on the one that says "Awaiting Withdrawal" to initiate the withdrawal of your unstaked MON. Make sure to leave a small amount of MON in your wallet to cover the transaction fees.
Step 3 - Confirm the Withdrawal Transaction
Review the withdrawal details and tap Confirm to submit the transaction. Your MON will be returned to your wallet once the transaction is confirmed on the Monad Network.
How to Claim Monad (MON) Staking Rewards on Gem Wallet
Staking rewards accumulate over time and can be manually claimed at any point without affecting your staked MON.
Claiming rewards does not unstake your MON. Your delegation remains active and continues earning rewards after you claim.
Step 1 - Navigate to Your Stake Details
Open your Gem Wallet and tap on Stake. Under the Manage section, you will see your accumulated Rewards available to claim.
Step 2 - Select Claim Rewards
Tap on Claim Rewards under the Manage section, to initiate the reward claim. Make sure you have enough MON to cover the gas fees for the claim transaction.
Step 3 - Confirm the Claim Transaction
Review the details of your reward claim. Once you are satisfied, tap Confirm to submit the transaction to the Monad Network.
The claimed MON rewards will appear in your wallet balance shortly after the transaction is confirmed.
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.