3 min read

MultiversX — How to Stake $EGLD Tokens with Luganodes

MultiversX (Formerly Elrond) is a high-throughput, secure, and decentralized blockchain network

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Published on

3 June, 2023

Introduction:

MultiversX (Formerly Elrond) is a high-throughput, secure, and decentralized blockchain network created to enable radically new applications for users, businesses, society, and the new metaverse frontier.

In this guide, we’ll show you how to delegate your $EGLD tokens with Luganodes and start earning rewards in a few simple steps.

Validator Details:

Validator Name: Luganodes

Validator Address: erd1qqqqqqqqqqqqqqqpqqqqqqqqqqqqqqqqqqqqqqqqqqqqp9llllls5wmsa9

Blockchain Explorer Link for the Validator: https://explorer.multiversx.com/providers/erd1qqqqqqqqqqqqqqqpqqqqqqqqqqqqqqqqqqqqqqqqqqqqp9llllls5wmsa9

Unbonding Period:

  • Unbonding period is a timeframe in which the funds are locked when you unstake
  • The unbonding period on MultiversX is 10-days, after which you can finalize the withdrawal, and the undelegated amount will be transferred to your available balance.

Step-by-Step Staking Guide:

Step 1 — Set up your MultiversX Wallet

  • Head ove to the official MultiversX wallet website and create a new wallet or log into the existing one

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  • Once you have conected your wallet or created a new one, make sure you have at least 1.1 EGLD ( The minimum amount of EGLD required to stake is 1 EGLD and 0.1 EGLD for Transaction charges)
  • Then head over to the Staking Dashboard to strart staking your EGLD

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Step 2— Select your Validator/ Staking Provider

  • Once you’re on the Staking Dashboard, click on Stake Now

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  • Now on the given list of validators/ Staking service providers, search for Luganodes.

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Now select Luganodes and click on continue.

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Step 3 — Select your Amount and Confirm the Transaction

  • After you've selected your staking provider, enter the amount of EGLD you want to stake and click continue (Minimum amount required to stake is 1 EGLD).

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  • Now upload your Keystore File you downloaded while creating your MultiversX wallet and enter your password to access your wallet and confirm the transaction.

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  • Once you’ve accessed your wallet, click on Confirm to confirm you transaction.

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You’ve successfully staked your EGLD with Luganodes, and you can see your staked assests and Staking Provider detail on the Staking Dasboard itself.

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Step-by-Step Unstaking Guide:

Please note that Unbonding period on MultiversX is 10 days and your assets won’t be generating any rewards during that time

Step 1 — Log in to your MultiversX Wallet

  • Log in to the MultiversX wallet you used to stake your EGLD and head over to the Staking Dashboard

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  • Under My Delegations, click on Withdraw to start the unstaking process

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Step 2— Unstake your Assets

  • Enter the amount of EGLD you want to Unstake and click on Unstake.

MultiversX_12.png

  • Confirm the transaction.

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Once you’ve confirmed the transaction, you can see you asstes in the Pending unstake which you can withdraw after the unbonding period is over.

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About Luganodes

Luganodes is a world-class, Swiss-operated, non-custodial blockchain infrastructure provider that has rapidly gained recognition in the industry for offering institutional-grade services. It was born out of the Lugano Plan B Program, an initiative driven by Tether and the City of Lugano. Luganodes maintains an exceptional 99.9% uptime with round-the-clock monitoring by SRE experts. With support for 36+ PoS networks, it ranks among the top validators on Polygon, Polkadot, Sui, and Tron. Luganodes prioritizes security and compliance, holding the distinction of being one of the first staking providers to adhere to all SOC 2 Type II, GDPR, and ISO 27001 standards as well as offering Chainproof insurance to institutional clients.

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