Stake MultiversX with Kiln, enterprise-grade staking
What is MultiversX?
MultiversX, previously know as Elrond, is a highly scalable, secure and decentralized blockchain fostering new applications for users and businesses.
The MultiversX ecosystem includes a suite of products and tools empowering users to take the most out of the use-cases offered by MultiversX such as XMoney for payments and on/off-ramp or XWallet (previously Maiar) and XExchange, a Decentralised exchange.
What is staking?
In a Proof-of-Stake blockchain such as MultiversX, staking consists of locking native tokens to earn the right to secure a chain, and earn a yield while doing so.
With EGLD staking, users lock EGLD to fund a validator, which helps secure the chain by proposing new blocks and attesting other validators’ blocks, gaining a reward in the process.
How to stake MultiversX with Kiln?
To stake EGLD in a few clicks, just follow these next steps. It should take you less than 5 minutes to complete your first transaction:
- Login to your MultiversX wallet
- Go to the “Validate" tab on the left
- Click on "Stake Now"
- Choose your validator by dropping your .pem file and click "Continue"
- Click "Confirm" and "Done" in the next steps
As easy as pie! Kiln takes care of everything. To unstake, you simply need to undelegate into one transaction and you will receive your original stake back in your wallet as well as accumulated rewards from delegation.
Why should you stake your assets?
Staking generates one of the safest and most predictable ways to get rewarded in the crypto space. It is the most natural reward feature in crypto as the value originates from the blockchain native currency inflation and a share of transaction fees.
- Put your treasury to work
- Diversify and earn, while contributing to blockchains decentralization
- Bring new opportunities by enabling your users to earn staking rewards
What are the rewards associated with staking EGLD?
As an incentive for helping to safeguard the network, you can earn up to 7.95% GRR* from your delegation on Kiln’s MultiversX validator. (Source: https://protocolstaking.info/)
Why should you stake your EGLD with Kiln?
Kiln is the leading enterprise-grade staking platform enabling institutional customers to stake EGLD, and to white-label EGLD’s staking functionality into their offering. Our platform is API-first and enables fully automated validators, rewards, data and commission management.
We are serving thousands of businesses worldwide so that everyone can securely and seamlessly:
- Stake EGLD in 1 click
- Manage all their EGLD stakes and rewards from a single dashboard
- Keep custody of your assets, Kiln is non-custodial and work with existing custodians solutions e.g.Fireblocks
- SOC 2 Type II certified and Industry leading SLAs (0 penalties recorded and 99.95% effective uptime)
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Stake MultiversX FAQ
What does Proof-of Stake mean?
Proof-of-Stake (PoS) is a type of consensus mechanism used to validate cryptocurrency transactions. Through PoS, validators can contribute to the block production of a chain while keeping environmental concerns to a minimum, an increasingly large issue in Proof-of-Work.
By staking capital rather than energy, validators risk losing a portion of their value and future potential for staking by misbehaving while creating blocks. This incentivises collaboration and fair practices while validating information in a similar way that PoW has with incentives and punishments to curtail malicious activity while creating consensus.
What is the role of MultiversX validators?
MultiversX validators verify and add new transactions to the network through the blocks they produce, or attest other validators’ blocks. Validators get rewarded with EGLD tokens for securing the network and passing transactions.
How much can you earn by staking EGLD? When will I receive EGLD rewards?
EGLD staking GRR is currently 7.95% at the time of writing this article. EGLD GRR may be subject to change in the future. Rewards can be claimed through the ‘Claim’ button in the Rewards tab of your dashboard.
Does MultiversX network have transaction and gas fees?
Yes MultiversX has both transactions and gas fees. For most transactions, fees are less than $0.002 (paid with EGLD), even during high-traffic periods.
What are the risks associated with staking EGLD?
The risks associated with staking EGLD comes from double signing and downtime. Double spending on the MultiversX protocol comes with a slashing penalty, as well as downtime. When delegating with Kiln these issues are taken care of from our end so you don’t have to worry.
Find more about how Kiln maintains a strong monitoring process and mitigate downtime and slashing.
Is there a minimum and maximum amount of EGLD to stake for MultiversX?
You can stake MultiversX’s EGLD token with as little as 1 EGLD.
Do I maintain custody of my EGLD tokens? Is EGLD staking non-custodial?
When you delegate your EGLD token from your wallet (ideally a Ledger hardware wallet) to a validator such as Kiln to receive staking rewards, you keep full custody of your funds.
What is the lockup period to stake MultiversX? When can I unstake and withdraw my EGLD?
There is a 10-epoch period lockup on MultiversX. One epoch is approximately 24h. Your tokens become transferable after 10 days.
What is the average block time on MultiversX?
The average block time on MultiversX is 6 sec, meaning a new block is produced every 6 seconds.
What is a Gross Reward Rate (GRR) and how is it different from a Net Reward Rate (NRR)?
In the context of Proof-of-Stake blockchains, the gross reward rate (GRR) refers to the total or gross amount of rewards earned from staking before deducting any fees or expenses. This is a reward rate that fluctuates with the operations of the protocol and the performance of validators, it is not set by Kiln. The net reward rate (NRR), on the other hand, takes into account the deductions or expenses, providing a measure of the actual rewards received after subtracting fees or costs.