Welcome to Velas Blockchain User Guides
GUIDE TO DELEGATE STAKE IN VELAS WALLET
- The Velas Network is made up of a set of computers (nodes) distributed throughout the world.
- Any user who holds 1,000,000 VLX or more can run a node and setup a ¨Pool¨.
- Users who hold 10,000 VLX or more can use ¨Pools¨, to delegate their VLX and generate rewards.
- Every 6 hours (currently) 19 nodes are chosen based on their reputation. When a node is chosen, it will generate a reward at the end of the epoch and it will be distributed between and all delegates.
- Nodes and delegates generate rewards based on balance, the distribution of the reward generated in a node is 40% the for pool organizer (as a minimum), and 60% to be distributed among all the delegates based on their balance.
- The process is done through a smart contract that the user can finish and withdraw their balance whenever they want, totally safe, and secure for the user.
- The minimum quantity required is 10,000 VLX
- You previously must have an account created at https://wallet.velas.com
HOW TO JOIN A POOL AND DELEGATE STAKE
Access Velas Wallet
Choose Staking Menu
- After signing in, move to the left menu and hit on ¨Staking¨ > ¨Delegate¨.
Pick One Active Pool
- Choose a ¨Pool¨ by using the right-side button, then pick a green one.
- Avoid red and orange pools.
- Choose the amount of VLX that will be delegated to that ¨Pool¨ and click ¨Apply¨
Execute Smart Contract
- Click confirm to execute the smart contract
Check Your Staking Balance
- To check your staking balance visit again delegate staking menu and search your pool in the list, you will see your balance on the right side
HOW TO CHECK YOUR STAKING REWARDS
- The rewards are received directly to your VLX address, you can keep track using Velas Block Explorer.
- Search your address at the top, and then click on “Internal Transactions” to view your reward history.