Before you begin!
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Now, on to the guide!
So you want to get one of the best APY’s available in crypto? You’ve come to the right place!
Staking HYDRA on your own system is a very simple process, however the initial setup can be a little confusing. So here is a simple guide for you! This guide covers the GUI wallet interface. It’s also possible to stake on Kucoin (pool-x) or MEXC Exchange, however the APY is lower. We recommend staking in your own wallet if you have 800 HYDRA or more. You can check the estimated time to get a reward with your amount of HYDRA using the staking calculator.
If you don’t already have some HYDRA, get some now.
Step 1 – Get the HYDRA staking wallet and transfer your HYDRA to it
Once you have some HYDRA, it’s time to set up your staking wallet. I recommend using a Raspberry Pi for staking (click here for a quick and easy setup guide), or you can download the wallet for your system. Note that the web wallet cannot be used for staking. Before transferring any assets to your wallet, it’s a good idea to encrypt it. This means even if someone gets their hands on your wallet file, they would need to enter your encryption password to access your funds. Use a strong password and do a test unlock!
Once you’ve encrypted your wallet, make sure you create a backup and test it using the restore function. Never store your backup online.
To test your backup, use the Restore Wallet menu item and select the backup you made.
When you restore your wallet, it should restart and reindex the blockchain. If it doesn’t restart itself, close and reopen the wallet.
You’re now ready to receive some HYDRA. Go to the receive tab and use the default receiving address, or generate a new one by checking the “Generate…” box and clicking the “REQUEST PAYMENT” button.
Step 2 – Stake your HYDRA!
Firstly, make sure the staking button in the “Stake” tab is set to the right.
Also, if you have encrypted your wallet, make sure it’s unlocked for staking only! This window should pop up when you set the staking switch to the right (if your wallet is encrypted).
When you first transfer some HYDRA to your wallet, you will have to wait 500 block confirmations (approx 17 hours) before it will be staked. While you are waiting for that, the message below will be displayed when you hover your mouse cursor over the lightning icon at the top right of the screen. The lightning bolt icon will be shown as just an outline when you are not staking. “Mature coins” means coins with at least 500 confirmations.
You can check how many confirmations your coins have by double clicking on a transaction under “Recent Transactions” in the “My Wallet” tab. The following window will pop up. This can also be checked on the block explorer.
The information below is also displayed in the “Stake” tab.
The top value (here, 1.000000000 HYDRA) is your current spendable balance. The “Stake” value below (0.00000 HYDRA in the picture above above) is usually 0. This value only changes when you have won a block reward, after which the coins from the UTXO that won the block reward will be “staked” (locked) for 500 confirmations and will thus be unspendable and not reflected in your overall balance. Don’t worry, this is a normal wallet function. “Network weight” is the total amount of HYDRA staked on the network. The ROI is the expected APY, 188.11% in the image above.
Also note that when you win a block reward, “Stake” will appear in the red box below in the “My wallet” tab. This value is the same value and meaning as the “Stake” in the example above.
Once 500 block confirmations have passed, the lightning icon will become white. This means you are now staking, congratulations! When you hover your mouse over it, you will see information similar to that shown below. The weight and expected time will reflect your own wallet information.
When will I win a reward?
You can think of staking as entering a lottery every block to win the block reward. Therefore, there is no guaranteed reward at a specific time. The “expected time” shown above is a calculation based on your probability of winning the lottery (i.e. your staking weight compared to the overall network staking weight). So above, you can think of it as a 1 in 16 chance of winning a block in 24 hours. Or a 1 in 10,800 chance of winning any individual block (calculation: average block time is 128 seconds. In 24hrs there’s 24 x 60 x 60 = 86,400 seconds, divided by 128 = 675 blocks, so we multiply by 16 to get the probability of winning a single block (for the example above).
Good luck! 😀
Save up to 60% off your travel accommodation!
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