Introduction
KSM staking allows users to delegate their KSM tokens to collators who secure the Kusama network, earning rewards in return. By staking, participants contribute to the network’s security and decentralisation while receiving staking yields. This guide will walk you through the step-by-step process of staking your KSM, from connecting your wallet to selecting a validator and viewing your rewards.
Setup a KSM Wallet
To stake KSM, you will need to set up a wallet that is compatible with the Polkadot ecosystem. We will go for SubWallet – an easy-to-use, extension wallet.
First, go to the SubWallet installation page and click the “Add to Chrome” button:
After you install the extension, you will automatically be redirected to SubWallet’s UI:
Next, click the “Crete new account” button and enter the password:
Last but not least, name your account and you are set!
This is what you should get at the end:
Buy KSM Token
A straightforward way to acquire KSM is through our Binance link, where you’ll receive a USD 600 welcome offer. Navigate to the “Markets” section and search for KSM. Once you’ve located the KSM, purchase the amount you desire.
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After buying KSM, transfer it off the exchange by following these steps:
- Navigate to the “Wallet” section in Binance.
- Select “Withdraw” and choose KSM as the token.
- Enter your KSM wallet address
- Set the withdrawal amount and confirm the transaction.
Congrats! Now you should have some KSM in your wallet and ready to stake!
Staking KSM from Staking Rewards
As a first step, go to the Staking Rewards landing page – https://www.stakingrewards.com/assets/proof-of-stake to find Kusama.
Choose the “Search” button on the left of your screen and type “Kusama”. Choose the black “Kusama” icon.
After you choose Kusama, you will be presented with a list of validators. You can review each validator’s stats such as the fee, performance and rewards. Choose the desired validator and hit “Stake Options”.
As a next step, you will be presented with the options of delegation venues – think of these as two separate staking accounts under one validator. After you choose the account, click “Stake Now”.
After hitting stake, you will be redirected to the SubWallet, showing you the validator address and potential rewards. Here, tap “Stake to Earn”
As a next step, enter your passcode to connect your wallet.
After your wallet is connected, choose the amount of KSM you would like to stake:
As a final step, “Approve” your transaction and that is it! You have put your KSM to work!
Moving Funds to a Ledger Wallet
If you ever wish to unstake your KSM and store them securely, you can easily transfer your assets to a Ledger wallet. Simply follow the unstaking process and move your tokens to Ledger for safe offline storage!
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About Simply Staking
We are a Blockchain Services Provider who operates Validators and Nodes on over 30 Networks with over $1 Billion in Assets Staked. Our journey started in 2018, with Simply entering the Cosmos Hub Testnets, and now have expanded our operations to most major ecosystems including networks such as LIDO, Polygon, EigenLayer, Oasis Network, Cosmos Hub, Polkadot, and many more, all while being an Oracle Operator on Chainlink.
We offer additional services such as Nodes-As-A-Service (RPCs), Blockchain Development work, Tooling, Governance Services as well as Blockchain Consultancy Services.
More Information on our offerings can be found on our website.
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This article is provided for informational purposes only and is not intended as investment advice. Investing in cryptocurrencies carries significant risks and is highly speculative. The opinions and analyses presented do not reflect the official stance of any company or entity. We strongly advise consulting with a qualified financial professional before making any investment decisions. The author and publisher assume no liability for any actions taken based on the content of this article. Always conduct your own due diligence before investing.
