Due to popular demand, here’s a comprehensive yet engaging guide to setting up a NEAR wallet and staking $NEAR on NEAR Protocol. Designed for beginners, this tutorial simplifies every step—from account creation to validator selection and APY tracking.
Key Topics Covered
- Creating and funding a NEAR account
- Security best practices (seed phrases, 2FA)
- Staking, selecting validators, and unstaking
- Connecting your wallet to NEAR dApps
- Monitoring staking rewards
Step 1: Creating a NEAR Account
- Visit the NEAR Wallet homepage.
Click ‘Create Account’ and choose a unique account name (e.g.,
Examplesample).- Note: Account names are permanent once claimed.
Agree to terms and select a security method:
- Recovery phrase (12-word seed) or Ledger Nano S/X.
- Back up your seed phrase securely—store it offline in multiple locations.
👉 Learn more about wallet security
Step 2: Funding Your Account
To activate your account ID, fund it with 1 NEAR:
- Option 1: Transfer from an exchange (e.g., Binance, OKX).
- Option 2: Use Moonpay for instant purchase.
- Option 3: Request NEAR from a friend.
Critical: Keep the wallet window open until funding completes. Closing it prematurely forfeits your temporary address.
Step 3: Account Setup & Security
- Enable 2FA via email for added protection.
Navigate the wallet interface to review permissions:
- Reconfigure security settings (e.g., add phone/email recovery).
Step 4: Adding or Importing Accounts
- Import existing accounts by entering their seed phrases.
- Create sub-accounts for better organization (e.g.,
subaccount.mainaccount.near).
Staking $NEAR: A Step-by-Step Guide
1. Selecting a Validator
- Go to the ‘Staking’ tab and click ‘Stake My Tokens’.
Choose a validator based on:
- Fee percentage (e.g., 5% fee reduces APY by 5%).
- Reputation (e.g., SharpDarts reinvests in NEAR projects).
2. Staking Tokens
- Enter the amount to stake (minimum 0.35 NEAR reserved for fees).
- Confirm the transaction.
3. Unstaking & Withdrawing Rewards
- Click ‘Unstake’, select a validator, and specify the amount.
- Tokens unlock after 52–65 hours (4 epochs).
- Withdraw to your wallet once available.
Connecting to NEAR dApps
- Visit a dApp (e.g., near.bet).
- Click ‘Sign in with NEAR Wallet’ and approve the connection.
Tracking Staking APY
Use tools like Staking Rewards to:
- Input staked tokens and lock-up period.
- Simulate rewards based on price fluctuations.
FAQs
Q: Can I change my NEAR account name later?
A: No—account names are permanent. Choose wisely!
Q: What if I lose my seed phrase?
A: No recovery is possible. Always back it up securely.
Q: How often are staking rewards distributed?
A: Rewards auto-compound and can be withdrawn after unstaking.
Q: Is there a minimum stake amount?
A: Yes—0.35 NEAR must remain reserved for fees.
This guide ensures a seamless NEAR staking experience while prioritizing security and profitability. For further help, consult the NEAR community. Happy staking!