Learn how to earn rewards for staking Kusama KSM using Trust Wallet. This step-by-step guide will show you how to stake, unstake, and claim rewards.
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 KSM.
Key details for staking KSM using Trust Wallet
- Minimum amount required for staking: 0.1 KSM
- Lockup period for staking: 28 days
- Staking yield (APR): Please see rates listed in ‘Earn’ section or using the Trust Wallet staking calculator
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 reciprocation for their staking commitment, participants can earn staking returns, somewhat like earning interest in a traditional banking system.
What is Kusama (KSM)?
Kusama (KSM) is an open-source, decentralized network often described as Polkadot's "canary network." It serves as an experimental platform for developers to test their projects in a real-world environment before transitioning them to Polkadot. KSM token holders participate in the network's unique governance model and can stake their tokens to secure the network and earn rewards.
Before you stake KSM using Trust Wallet
Before we dive into how to stake KSM 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 KSM in your wallet
You’ll need KSM in your Trust Wallet before you stake it, so use the appropriate instructions below to get KSM into your wallet.
- Use these instructions to buy KSM directly in your Trust Wallet.
- Use these instructions to deposit KSM into your wallet.
How to stake KSM using Trust Wallet
To stake KSM, do the following:
- Select the “Earn” button from the main wallet page.
- Select “KSM Kusama”.
- Select “Stake”.
- Choose the amount you want to stake, and then “Select validators”.
Important Note: When staking to the Kusama blockchain, you can choose more than one validator.
- Select “Done” to complete the validator selection process.
- Select “Continue”.
- Review your staking details and select “Confirm”.
Frequently asked questions about staking KSM using Trust Wallet
How much do you earn staking KSM?
Staking rates may vary depending on the network, and the rate is not set or controlled by Trust Wallet. You can check the rate anytime from within the app or by using the Trust Wallet staking calculator.
Note: Validators and delegators help secure the network through staking and will sometimes charge commission for their services. This is neither controlled by Trust Wallet, nor does Trust Wallet take any proportion of this commission.
Can I use my KSM while they are staked?
No, you won’t be able to use your tokens while they are staked/locked on the Kusama blockchain to your chosen validators.
What is the minimum amount to stake KSM?
The minimum stake amount is 0.1 KSM.
What is the lockup period when I stake KSM?
The lockup period is 28 days.
How do I unstake KSM on Trust Wallet?
To unstake KSM, do the following:
- Go to ‘Earn’ from the main wallet page, choose KSM.
- Select Stake.
- 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 KSM, staked KSM takes 28 days to unstake. This is not something Trust Wallet controls.
How do I claim my rewards?
It’s important to note that for KSM rewards are added to your staked balance automatically. Therefore you’d claim those rewards by unstaking any KSM from your staked balance.
What is the best wallet to stake KSM?
Many people wonder where the best place to stake KSM is. Trust Wallet is a great option because it allows you not only to stake your KSM to earn rewards directly with the protocol, but you can also claim your earned crypto directly within the wallet and store it safely.
Article reposted from Trust Wallet Blog: How to Stake Kusama (KSM)