How to Stake BNB and Earn Yield Using Trust Wallet
Trust Wallet, available as a mobile app and Chrome Extension, is a simple-to-use, self-custody crypto wallet and gateway to Web3 for people who want to fully own, control, and leverage the power of their digital assets. Trust Wallet allows you to store and manage your crypto and NFTs, buy, sell, and stake crypto to earn yield, access dApps securely and much more—all in one place. In this guide, we’ll focus on the staking feature, and specifically how to stake BNB.
Key details for staking BNB using Trust Wallet
- Minimum amount required for staking: 1 BNB
- Lockup period for staking: 7 days
- Staking yield (APY): Please see the Trust Wallet staking calculator
Trust Wallet does not control the minimum amount, lockup period, or staking yield.
Note: In-app staking for BNB is done on the Beacon Chain (with BNB Beacon Chain).
What is staking?
Staking is a method of supporting a proof-of-stake (PoS) or a delegated proof-of-stake (dPoS) blockchain network by holding and "staking" a specific cryptocurrency. This activity contributes to various functions within the network such as transaction validation, upholding the network's security, and refreshing the blockchain. In reciprocation for their staking commitment, participants can earn staking returns, somewhat like earning interest in a traditional banking system.
What is BNB?
BNB Beacon Chain is a parallel blockchain created by Binance, specifically designed to provide users with a platform to create smart contracts and develop decentralized applications (dApps) with improved scalability and lower transaction costs. It’s built to be Ethereum Virtual Machine (EVM)-compatible, allowing developers to easily port their existing Ethereum-based projects onto the BSC with minimal modifications.
The BNB Beacon Chain utilizes a consensus mechanism called Proof of Staked Authority (PoSA), which combines elements of Proof of Stake (PoS) and Delegated Proof of Authority (DPoS). This mechanism enables faster block times and greater transaction throughput, addressing some of the limitations faced by traditional Proof of Work-based blockchains. In addition, BNB can be staked via Trust Wallet to earn staking yield, which helps incentivize participation in the network.
Before you stake BNB using Trust Wallet
Before we dive into how staking BNB using Trust Wallet, you’ll need to create a wallet if you don’t already have one. Trust Wallet is available as a mobile app or you can get the Trust Wallet Extension for your desktop web browser. In this example, we’ll set up a new wallet using the Trust Wallet Mobile App.
Step 1: Download the latest version of the Trust Wallet App.
Step 2: Set up your new wallet
- Open the Trust Wallet app, and choose “Create a new wallet.”
- Select an option to back up your wallet.
- Once your wallet is set up, tap on “Start using Trust Wallet.”
Tip: If you already have a wallet that’s not Trust Wallet, you can choose to import that wallet. In this case, you’d choose the “I already have a wallet” option.
Step 3: Ensure you have BNB in your wallet
You’ll need BNB in your Trust Wallet before you stake it, so use the appropriate instructions below to get BNB into your wallet.
- Use these instructions to buy BNB directly in your Trust Wallet.
- Use these instructions to deposit BNB into your wallet.
- Swap other assets to BNB using these instructions.
How to stake BNB using Trust Wallet
To stake BNB do the following:
- Navigate to the BNB asset via the main wallet page, or if you cannot find it there, you can select the toggle icon in the top right hand corner, then search for it.
- Select “BNB Beacon Chain BNB”.
- Select the “More” button and then choose “Stake”.
- On the Staking page, select “Stake”.
- Choose the amount you want to stake, select Next, and then follow the remaining instructions to stake your BNB.
Frequently asked questions about staking BNB using Trust Wallet
What is the best wallet to stake BNB?
Many people wonder where the best place to stake BNB. Trust Wallet is a great option because it allows you not only to stake your BNB to earn yield, but you can also claim your earned crypto directly within the wallet and store it safely.
How much do you earn staking BNB?
Staking yield may vary depending on the network, and the rate is not set or controlled by Trust Wallet. You can check the percentage yield anytime using the Trust Wallet staking calculator.
What is the minimum amount to stake BNB?
The minimum stake amount is 1 BNB.
What is the lockup period when I stake BNB.
The lockup period is 7 days.
How do I unstake BNB on Trust Wallet
To unstake BNB, do the following:
- Navigate to the BNB Beacon Chain asset details page.
- Choose the “More” button, and select Stake.
- Then choose Unstake and follow the instructions to confirm the unstaking process.