Introduction
Berachain is a layer-1 blockchain and ecosystem focused on DeFi. What sets this project apart from anything else in the cryptoverse is its Proof-of-Liquidity consensus mechanism, which through the use of the Bera Governance Token (BGT), it is able to secure the network. We encourage you to delve deeper by either reading our Introduction to Berachain article or if you are already somewhat familiar with the project, consider exploring our Berachain Technical Deep Dive!
Why should you stake BGT? Well, first of all, because of the earnings potential, as staking, BGT generates passive income through staking rewards. At the same time, you would be contributing to securing the network, therefore strengthening Berachain’s decentralisation and security. Staking through Simply Staking’s dashboard not only offers convenience due to its user-friendly interface but also offers reliability. Therefore, we created this guide to provide step-by-step instructions on how to stake BGT using our staking dashboard.
Requirements for Staking BGT
Before you can stake your BGT, you need to make sure that you meet the following minimum requirements. First of all, you need to make sure that you have a compatible wallet that is able to interact with the Berachain staking platform such as MetaMask or WalletConnect. You also need to have BGT available in your wallet.
How to Obtain BGT
Unlike most other governance tokens, BGT cannot be directly purchased on exchanges, and therefore may be obtained via other methods.
Method 1: Earning BGT Through Berachain’s Proof-of-Liquidity Mechanism
Given that BGT is not a tradable token, it may primarily be obtained through liquidity provision. Users who provide liquidity to Berachain’s native BEX (Berachain Exchange) or other whitelisted liquidity pools would receive a receipt token representing their stake. This receipt token can then be staked in Reward Vaults to earn BGT emissions.
Method 2: Supplying Assets to Lending Markets
Users are able to supply assets to a lending market and in return they would receive interest-bearing receipt tokens, which can be staked in whitelisted Rewards Vaults to generate BGT.
Claiming Accumulated BGT from Berahub
Once BGT has been earned through liquidity provision or lending, users can claim their accumulated tokens from Berahub. Have a look at Berahub by clicking here to see all available earning options and active Reward Vaults where BGT can be farmed.
For a more detailed overview of BGT and how it can be earned click here.
Accessing the Staking Interface
To start, navigate to the Berachain staking dashboard on our website. Always make sure to double check that you are on the official Simply Staking website to avoid phishing risks. The interface should showcase several important elements such as token information, staking type, information about the provider, and a large “Connect Wallet” button.
Connecting Your Wallet
Before staking your BGT, you must first connect your Web3 wallet to the Simply Staking platform. To do this, click on the “Connect Wallet” button. This will allow you to choose the wallet you would like to make use of as a pop-up will appear. At this stage, you can select your preferred wallet to proceed.
Once connected successfully, the staking page will update to display both your wallet address and also your BGT token balance. In the case that the connection fails, ensure that your wallet is unlocked and try again.
Switching to Berachain Network
The next step is to connect your wallet to the Berachain Mainnet. After connecting your wallet, the Simply Staking interface will check to which network is your wallet currently connected, and if your wallet is not connected to the Berachain Mainnet, a prompt with a button will appear saying “Select Berachin mainnet network”. Click on the button to initiate the switch, after which your wallet will open a confirmation window for you to approve and switch to the Berachian Mainnet.
To verify that you connected successfully to the network, your BGT balance should now be displayed, along with your wallet address.
Selecting the Amount and Staking BGT
Now that you are connected, you are able to proceed with selecting the amount of BGT you would like to stake. Always remember to have enough extra tokens in your wallet to pay for transaction fees. Manually enter the desired BGT amount you would like to stake in the input field or click “Max” to stake all available BGT.
The Delegation Queue mechanism is used to stake BGT on Berachain. Essentially, what this means is that when you stake BGT, it enters a queue before becoming fully active, and therefore, you will need to click the “Queue Boost” button to proceed with the staking process. This will prompt a transaction confirmation window to appear in your wallet, which you should approve after reviewing its details.
Confirming the Transaction
At this stage, the transaction would be broadcasted to the blockchain, and after it completes, you will receive a wallet notification.
Delegation Queue and Boosting
As your transaction enters the Delegation Queue, you will be able to monitor the process as the staking interface will display a progress bar.
Final Confirmation and Staking Completion
Once that BGT has moved through the Delegation Queue, you must finalise the staking process by confirming the delegation. This may be done by clicking the “Confirm” button that would appear at this stage on the staking interface. Your wallet will prompt you once again to approve, which you should do after reviewing that the correct amount of BGT is being staked, that you have sufficient tokens to pay for gas fees for the final confirmation, and that all addresses are correct.
Managing and Unstaking BGT
Now that your BGT is fully staked, you are able to monitor its status, track reward and unstake when needed, simply by visiting the same Simply Staking dashboard. If you would wish to unstake, navigate to the “Unbond” tab were you would be able to enter the amount of BGT you want to withdraw.
Conclusion
Staking BGT on Berachain has never been simpler by making use of Simply Staking’s interface. We recommend that you stay engaged and updated with Berachain stalking by regular checking your staking dashboard on our website.
For more information about Simply Staking, consider visiting our website https://simplystaking.com and follow us on our socials to stay updated with the latest Berachain updates!
Happy staking!
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.
