How to Stake Stargaze (STARS) 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 STARS.
Key details for staking STARS using Trust Wallet
- Minimum amount required for staking: 0.000001 STARS
- Lockup period for staking: 14 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 Stargaze (STARS)?
Stargaze is a community-controlled network that is primarily used for Non-Fungible Tokens (NFTs). It operates as a specific application built on the Cosmos Proof-of-Stake blockchain, using the Tendermint consensus mechanism for agreement among network participants. Stargaze's objective is to function like OpenSea, another platform for NFTs, but with a major distinction: it is managed by its community through two Decentralized Autonomous Organizations (DAOs) – a curation DAO and a protocol DAO.
The native token of this network is STARS. This token has several key roles:
- It is used to pay fees for transactions and data storage on the network.
- It allows network participants to operate validator nodes, which help maintain and secure the network. STARS token holders participate in the network's unique governance model and can stake their tokens to secure the network and earn rewards.
- It gives holders the right to vote on network changes, such as improvements to the protocol or adjustments to its parameters.
- It also empowers holders to participate in the DAO voting process, which guides the selection and funding of NFT creators.
- Lastly, STARS tokens can be used to create (mint) and bid on NFTs on the platform.
Before you stake STARS using Trust Wallet
Before we dive into how to stake STARS 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 STARS in your wallet
You’ll need STARS in your Trust Wallet before you stake it, so use the appropriate instructions below to get STARS into your wallet.
- Use these instructions to deposit STARS into your wallet.
How to stake STARS using Trust Wallet
To stake STARS, do the following:
- Select the “Earn” button from the main wallet page.
- Select “STARS Stargaze”.
- 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 STARS using Trust Wallet
How much do you earn staking STARS?
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 STARS?
The minimum stake amount is 0.000001 STARS.
What is the lockup period when I stake STARS?
The lockup period is 14 days.
Can I use my STARS while they are staked?
No, you won’t be able to use your tokens while they are staked/locked. Before you use your STARS tokens, you’ll need to unstake them.
How do I unstake STARS on Trust Wallet?
To unstake STARS, do the following:
- Go to ‘Earn’ from the main wallet page, choose STARS.
- 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 STARS, staked STARS takes 14 days to unstake. This is not something Trust Wallet controls.
How do I claim my rewards?
- Go to ‘Earn’ from the main wallet page, choose STARS.
- Select the option to claim rewards and follow the instructions.
What is the best wallet to stake STARS?
Many people wonder where the best place to stake STARS is. Trust Wallet is a great option because it allows you not only to stake your STARS to earn rewards directly with the protocol, but you can also claim your earned crypto directly within the wallet and store it safely.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.