There are 2-ways you can delegate:
- Using UI wallet (looking like previous delegation dashboard);
- Using Command Line Tools (separate guides for more advanced users, more details, options) use this link for the guides: https://support.velas.com/hc/en-150/articles/360021016480-How-to-delegate-with-Command-Line-Tool-Windows-and-macOS-Linux-
Delegate staking using UI wallet:
To delegate via UI wallet you need first do SWAP coins from Velas wallet to Velas Native(Solana) wallet and then do delegate.
Then check the addresses to swap from Velas wallet to Velas Native wallet and the amount of VLX which you want to send.
Confirm the deposit and create the stake account.
A stake account is a different type of account from a wallet address that is used to simply send and receive VLX tokens to other addresses. If you have received VLX in a wallet address you control, you can use some of these tokens to create and fund a new stake account, which will have a different address than the wallet you used to create it.
Click create account to create the stake account and type the amount of VLX you want to stake
Then, you'll see that your stake account is not delegated yet
Now you need to delegate your stake.
Note, Validators incur costs by running and maintaining their systems, and this is passed on to delegators in the form of a fee collected as a percentage of rewards earned. This fee is known as a commission. As validators earn more rewards the more stake is delegated to them, they may compete with one another to offer the lowest commission for their services, in order to attract more delegated stake. So, if 100% commission fee means you get 0% of your earnings on your staked VLX.
Click on Delegate and it will suggest you select the validator, select the validator and apply your choice.
That's it you delegated your stake, you should see your stake as activating.
You can undelegate if you want and withdraw coins back to the wallet if it's not activated (not warmedup). Click undelegate, go to the undelegated stake account and click withdraw. NOTE stake account will be destroyed.
Confirm it and all funds will be back to the Velas Native wallet
Activating needs time, or other words Warmup period. When sending a staking transaction to the network, stake first needs to activate before it influences the consensus process and begins to earn rewards. The time this takes is dependent on how much VLX is beginning to stake relative to the VLX already at stake. Up to 25% of the VLX already at stake can warmup per epoch and start to earn staking rewards. In the best-case scenario, when a reasonably high percentage of VLX is at stake and there is little new stake entering, this will usually mean that stake will become active in the upcoming epoch that the staking transaction was sent. In times of high stake turnover, e.g. at network launch, stake will progressively activate meaning that only a fraction of stake will enter the validation stage each epoch.
Click on your stake account address and the information about your delegate will open, there will be activating stake, after the warmup period end and you began to earn rewards.
Undelegate or Deactivate
Once delegated, you can undelegate stake, if you delegated your stake and it's in Activating status, you can undelegate if you want or change your mind and withdraw the coins, you will not have to wait for any cooldown or epochs, just withdraw.
If stake was Activated and it's earned the rewards, you need to wait the cooldown period to withdraw.
The Cooldown Period describes the time between the moment you issue the undelegation transaction and the moment that your Stake Account is fully undelegated. In between, your Stake Account is considered to be “deactivating”, does not earn rewards anymore, and is illiquid. During the Cooldown Period, you will see your Stake Accounts’ status as “deactivating”. It can take a few minutes until the process is successfully displayed.
Once the Cooldown Period has concluded (~2–3 days), you can withdraw the undelegated funds from your Stake Account to your Wallet Account. Simply click “withdraw” next to the account and choose the amount you wish to withdraw.
Claim the rewards
Staking rewards on Solana are determined by a variety of factors, some of which are related to the chosen validator, while others depend on the global network state. Rewards are automatically added to the active stake to compound, which means withdrawing earned rewards also requires the cooldown phase to pass.
To claim the rewards you need to split your stake account into two parts. For example, you have a stake account with 5216 VLX, and 216 is your reward which you want to claim. You select your stake account and click Split and it should ask you what parts you want to split it. You type 5000 and it creates another new stake account with 216 VLX in it, you need first to undelegate it, and then after Cooldown period (~2days), you can withdraw the coins. The stake account with 5000VLX will be activated and continue earning the rewards.