How to Stake NEAR and Earn Rewards 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 rewards, 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 NEAR.
Key details for staking NEAR using Trust Wallet
- Minimum amount required for staking: 0.1 NEAR
- Lockup period for staking: 2 days
- Staking yield (APR): Please see rates listed in the ‘Earn’ section of the Trust Wallet app.
Trust Wallet does not control the minimum amount, lockup period, or staking rate.
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 return for their staking commitment, participants can earn staking returns, somewhat like earning interest in a traditional banking system.
What is Near Protocol?
NEAR Protocol is a layer-one blockchain designed as a community-run cloud computing platform. It addresses limitations seen in competing blockchains by focusing on enhanced transaction speeds, improved throughput, and better interoperability. The protocol uses human-readable account names, contrasting with cryptographic wallet addresses commonly used in platforms like Ethereum. It also introduces solutions to scaling problems with its consensus mechanism known as “Doomslug.”
Managed by the NEAR Collective, the protocol aims to provide a platform that's secure for managing high-value assets and efficient enough for daily use. Projects such as Flux, a market creation protocol, and Mintbase, an NFT minting platform, exemplify the applications being built on NEAR Protocol. NEAR token holders participate in the network's governance model and can stake their tokens to secure the network and earn rewards.
Before you stake NEAR using Trust Wallet
Before we dive into how to stake NEAR 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 the option to ‘Create a new wallet.’
- Select an option to back up your wallet.
- Go through the instructions to start using your 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 NEAR in your wallet
You’ll need NEAR in your Trust Wallet before you stake it, so use the appropriate instructions below to get NEAR into your wallet.
- Use these instructions to deposit NEAR into your wallet.
How to stake NEAR using Trust Wallet
To stake NEAR, do the following:
- Select the “Earn” button from the main wallet page.
- Select “NEAR”.
- Select “Stake”.
- Choose the amount you want to stake and choose the validator you want to use by selecting the Validator dropdown.
- Once you choose a validator, then select “Continue”.
- Follow the remaining instructions to confirm your stake.
Frequently asked questions about staking NEAR using Trust Wallet
How much do you earn staking NEAR?
Staking rates may vary depending on the network, and the rate is not set or controlled by Trust Wallet. You can check the current rate anytime from within the app.
Note: Validators and delegators help secure the network through staking and will sometimes charge a commission for their services. This is neither controlled by Trust Wallet nor does Trust Wallet take any proportion of this commission.
What is the minimum amount to stake NEAR?
The minimum stake amount is 0.1 NEAR.
When do I start receiving rewards when I stake NEAR?
The time to your first reward is: 12 hours.
What is the reward frequency when I stake NEAR?
With each epoch (12 hours).
What’s the minimum reward amount in order to claim?
You claim when unstaking.
Are my NEAR staking rewards automatically restaked?
What is the lockup period when I stake NEAR?
The lockup period is 2 days.
Can I use my NEAR while they are staked?
No, you won’t be able to use your tokens while they are staked/locked. Before you use your NEAR tokens, you’ll need to unstake them.
How do I unstake NEAR on Trust Wallet?
To unstake NEAR, do the following:
- Go to ‘Earn’ from the main wallet page, choose NEAR.
- Then choose Unstake and follow the instructions to confirm the unstaking process.
Note: You will not be able to withdraw your tokens while they are staked. If you want to withdraw your NEAR, staked NEAR takes 2 days to unstake. This is not something Trust Wallet controls.
How do I claim my rewards?
It’s important to note that rewards are added to your staked balance automatically. Therefore you’d claim those rewards by unstaking funds from your staked balance.
What is the best wallet to stake NEAR?
Many people wonder where the best place to stake NEAR is. Trust Wallet is a great option because it allows you not only to stake your NEAR to earn rewards directly with the protocol, but you can also claim your earned crypto directly within the wallet and store it safely.
Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.