1. BITBILIHome
  2. Article

Step-by-Step guide: How to stake SUI Tokens

• 317 views

TL;DR Breakdown

  • SUI tokens are a specific crypto that can be staked to participate in the governance and validation of the SUI blockchain network.
  • Staking involves holding and securing crypto tokens in a wallet to support the operations of a blockchain network. 
  • Staking allows token holders to earn rewards for participating in network consensus and maintaining its security. Here is where you can stake SUI tokens.

The SUI tokens launch on Binance‘s Launchpool has drawn much attention from the crypto world. Validators can vote on upgrades according to the Amount they have staked via SUI, which is used for network support and staking. The involvement of Justin Sun and the prospect of legal action have increased the interest in the growth of the SUI token.

Contents
hide

1
What is SUI Token and how is it used?

2
SUI Tokens Staking – What are the requirements?

3
How to Stake SUI Token

4
Crypto exchanges where to get SUI

What is SUI Token and how is it used?

SUI supports and runs the Sui network, specifically to cover transaction and administrative costs and compensate validators for protecting the network. Validators can vote on network upgrades by possessing and staking SUI, and each vote is proportional to the amount of SUI they stake. 

Holders who transfer their tokens to validators and so distribute their votes among other users are also rewarded by Sui. Delegators can change their allocation after each epoch, which is a 24-hour period, which encourages validators to act honestly.

According to a CNBC report, Binance stated that SUI tokens would be made accessible through its Launchpool, which enables users to deposit their crypto holdings into a liquidity pool and get rewards. The launch of SUI tokens on Binance Launchpool significantly increased interest in the SUI token within the cryptocurrency community.

Justin Sun, the founder of Tron, made a large deposit of TrueUSD (TUSD) stablecoins into Binance following the announcement, which is needed to farm SUI tokens. Whale Alert, a program that monitors significant asset transfers between blockchain addresses, discovered the transfer.

Changpeng Zhao (CZ) tweeted that the Launchpool was created for retail users and not simply whales after the move attracted the community’s attention.

image 27Step-by-Step guide: How to stake SUI Tokens
Source: Binance

Justin Sun would face repercussions from CZ if he uses any of the deposited TUSD to acquire Launchpool SUI tokens, as the business was suspicious of a possible SUI token grab and threatened legal action. In response, Justin Sun clarified that the deposit was not intended to participate in any exchange promotion but to facilitate market-making across the top TUSD exchanges.

SUI Tokens Staking – What are the requirements?

A set of validators, each with a specific amount of stake from SUI tokens holders, process operations. Each validator’s voting authority for processing transactions is proportional to their share of the network’s total stake. Staking SUI signifies that the SUI tokens are secured for a predetermined period of time, known as an epoch. When an epoch changes, SUI token holders are free to redeem their SUI or transfer their stake to a new validator. Here are the requirements forstaking SUI:

1. A validator must stake a minimum of 30 million SUI.

2. A validator must maintain a minimum stake of 20 million SUI.

3. No set minimum must be delegated. Please note that a delegator must pay additional gas fees in SUI tokens.

4. There is no set time limit for staking. After each era, delegators can shift validators or withdraw SUI.

5. There is no cap on the length of stakes for validation.

6. Delegation fee rates start at 2%.

How to Stake SUI Token

Step 1: Install the SUI wallet 

To start staking, install the SUI wallet extension. There are various applications with nearly identical names, so use caution while clicking any links.

The SUI network and the native SUI wallet support the Ledger wallet.

Here is what the setup looks like after:

image 27 1Step-by-Step guide: How to stake SUI Tokens
Source: SUI

Step 2: Buy SUI

The SUI network presently allows customers to purchase SUI using Transak or MoonPay.

Unfortunately, the network is incompatible with widely used wallets because SUI uses the ‘Move’ programming language.

The minimum SUI purchase quantity on Transak for card payments and Google Pay is $30 (as of this writing), with fewer costs. The minimum rate is the same for MoonPay.

Step 3: Choose SUI validators

Click ‘Stake & Earn SUI’ on your dashboard after you have SUI in your wallet.

You can arrange the validator list by name, stake share, or APY depending on your priority.

image 27 2Step-by-Step guide: How to stake SUI Tokens
Source: SUI

Select Amount by clicking on the validator.

All the validator’s metrics are available, including the staking APY, stake share, Amount staked, start and end times for staking rewards, as well as gas costs.

Step 4: SUI delegation

Click “Stake Now” after entering your stake amount.

You’ll have to hold out until the delegation is officially confirmed. As stated in the start time for staking rewards, this procedure takes approximately 6 to 7 hours.

Once your delegation is approved, you can begin collecting stake incentives. You will receive incentives in SUI depending on how many tokens you have delegated and how long you have been staking.

Step 5: Unstake SUI

Similar steps to delegating your SUI must be taken if you choose to unstake your SUI token. After choosing the validator, you must unstake your tokens.

Each period’s end allows SUI token owners to unstake their SUI or change their stake to a different validator, as stated in Sui.io.

Crypto exchanges where to get SUI

Binance

Binance Launchpool, a DeFi platform that enables users to farm new assets, was announced as the first place where users will be able to farm SUI.

OKX

According to a blog post, SUI will also be accessible through the Jumpstart platform of the Seychelles-based cryptocurrency exchange OKX. The exchange announced last month that holders of OKB, the exchange’s native token, could purchase tickets for a token allocation lottery as a way for users to get involved early. Then, lottery winners would be permitted to purchase SUI. 

KuCoin

KuCoin has stated that investors will have quick access to tokens. According to the exchange, the only trading pair will be SUI/USDT, and USDT-margined futures will be offered once USDT’s liquidity is sufficient. 

Bybit

On May 3, Bybit held an SUI “recognition sale” in which only a small number of members of the community could purchase the token. Retail traders will be able to trade the SUI/USDT and SUI/USDC pairings.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Step-by-Step guide: How to stake SUI Tokens

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月6日 04:59
Next 2023年6月6日 06:47

Related articles

  • The future of the crypto world: decentralized Stablecoins

    TL;DR Breakdown Rune Christensen believes decentralized stablecoins, like Dai, will dominate the market if the crypto sector realizes its potential with centralized versions. Christensen’s vision includes gamifying the crypto experience making protocols more engaging, especially for younger users. Description The rapid growth of the cryptocurrency market has given rise to a plethora of coins and tokens, but it’s the stablecoins that are capturing significant attention. As the name suggests, stablecoins are designed to have a stable value, often pegged to traditional currencies or assets. Rune Christensen, the co-founder of MakerDAO, one of the most … Read more The rapid growth of the cryptocurrency market has given rise to a plethora of coins and tokens, but it’s the stablecoins that are capturing significant attention. As the name suggests, stablecoins are designed to have a stable value, often pegged to traditional currencies or assets. Rune Christensen, the co-founder of MakerDAO, one of the most significant DeFi projects, recently discussed the future of these decentralized stablecoins in the crypto ecosystem. Contents hide 1 The rise of decentralized stablecoins 2 MakerDAO’s innovative approach to…

    Article 2023年9月15日

  • North Korean APT group Konni targets the cryptocurrency industry using WinRAR vulnerability

    TL;DR Breakdown North Korean APT group Konni exploited a newly disclosed WinRAR vulnerability (CVE-2023-38831) to launch its first-ever attack on the cryptocurrency industry, marking a significant shift in its target sectors. The sophisticated malware used by Konni could adapt its tactics based on the system’s architecture, employing different User Account Control (UAC) bypass techniques to execute its payload. Konni’s entry into targeting the cryptocurrency sector indicates a broader strategy by North Korean hackers, raising concerns about the industry’s preparedness against advanced and evolving cybersecurity threats. Description North Korean APT (Advanced Persistent Threat) group Konni exploits a recently disclosed WinRAR vulnerability to launch its first attack on the cryptocurrency sector. A new vector of attack North Korean APT group Konni has made headlines by exploiting a recently disclosed WinRAR vulnerability (CVE-2023-38831) to target the cryptocurrency industry, according to a Chinese security firm … Read more North Korean APT (Advanced Persistent Threat) group Konni exploits a recently disclosed WinRAR vulnerability to launch its first attack on the cryptocurrency sector. A new vector of attack North Korean APT group Konni has made headlines…

    Article 2023年9月16日

  • China’s Shandong Province sets ambitious $20.5 billion metaverse goal by 2025

    TL;DR Breakdown China’s Shandong province has released draft guidelines with the aim of building a $20.5 billion metaverse market by 2025. The province plans to construct metaverse-related industrial parks and nurture at least 100 metaverse firms. The local government in Shandong aims to facilitate companies in applying for at least 3,000 international and domestic patents by 2025. The metaverse is defined as an integrated digital space combining technologies like virtual reality, blockchain, and artificial intelligence. Shandong’s initiative aligns with China’s broader ambitions in blockchain technology and the metaverse, as evidenced by similar plans in other provinces and a national focus on homegrown blockchain technology. Description In a bold move, China’s Shandong province has released draft guidelines to boost its metaverse industry, targeting a market size of 150 billion yuan (US$20.5 billion) by 2025. The eastern Chinese province is soliciting public feedback on the guidelines until September 8. A comprehensive plan for metaverse development The Shandong provincial government has outlined a … Read more In a bold move, China’s Shandong province has released draft guidelines to boost its metaverse industry, targeting…

    Article 2023年9月7日

  • SEC charges 3M for alleged violations in China subsidiary

    TL;DR Breakdown The SEC has levied charges against 3M for alleged violations of the Foreign Corrupt Practices Act related to its subsidiary in China. This development emphasizes the need for multinational corporations to maintain transparent and ethical business practices, even in overseas markets. Description In a recent development, the U.S. Securities and Exchange Commission (SEC) has levied charges against 3M, the multinational conglomerate, over alleged violations of the Foreign Corrupt Practices Act (FCPA) in connection with its subsidiary in China. This move by the SEC underscores the agency’s commitment to ensuring that U.S. companies maintain ethical business practices, even … Read more In a recent development, the U.S. Securities and Exchange Commission (SEC) has levied charges against 3M, the multinational conglomerate, over alleged violations of the Foreign Corrupt Practices Act (FCPA) in connection with its subsidiary in China. This move by the SEC underscores the agency’s commitment to ensuring that U.S. companies maintain ethical business practices, even when operating overseas. Contents hide 1 Details of the allegations 2 Implications for 3M and the broader business community 3 Next steps for…

    Article 2023年8月26日

  • We asked GPT-4: What will the price of XRP be in December 2023?

    TL;DR Breakdown The article explores the potential price of XRP in December 2023, based on insights provided by OpenAI’s GPT-4. The ongoing Ripple Labs vs. SEC lawsuit is a critical factor that could significantly impact the crypto’s price. XRP ‘whales’ can considerably sway the price with their trading activity. In the expansive universe of cryptocurrency, the market’s capricious nature often sparks a flurry of speculation and forecasts. The tantalizing question facing traders and investors today is: What will be the price of XRP in December 2023? OpenAI’s GPT-4, the state-of-the-art language model, provides us with some compelling considerations. Decoding influences on XRP’s price At the forefront of these considerations is the ongoing legal tussle between Ripple Labs, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC). The outcome of this lawsuit is a crucial pivot for XRP’s future valuation. A victorious Ripple Labs could lead to a significant boost in investor confidence, consequently driving the price northwards. Conversely, a ruling favoring the SEC might cast a shadow over the token’s prospects. Furthermore, GPT-4 emphasizes the actions of…

    Article 2023年5月30日
TOP