If you are using a custody provider who manages your account and private keys on your behalf, such as Kraken, Finoa, Coinlist or similar others, they all have different policies and processes for what you need to do to stake your tokens, the rewards you receive, and the fees that they take from your staking rewards. Please reach out to them if you have any questions about staking your tokens with your provider. They will likely share additional information as we get closer to the start of the staking process.
If you are using wallet solutions like Blocto or Ledger, you can leverage Flow Port to manage the staking process, in addition to account management and other features that will be released in the future.
Below are the various options you can choose. Please be aware that at this time you can only have 1 stake or 1 delegate request per account. This means that if you want to do multiple stakes, multiple delegates, or a mixture of stakes and delegates, you will need to create multiple accounts to do so.
Difference between staking and delegating:
Staking your own Node: You are responsible for running and maintaining a Flow Node. You are also solely responsible for providing the minimum stake for your selected node and you have the technical know-how and bandwidth to run and operate a node in the Flow protocol. You can apply to run a node by filling out this form (note that currently there is a very long waitlist and applications will be processed on a rolling basis).
Delegating: You have FLOW tokens and you want to stake, without having to run your own node and/or have the full minimum stake required to run your own node. You can ‘delegate’ any amount of your FLOW to an existing node operator and you will earn rewards proportional to the amount delegated.
Staking your own Node
Once you have navigated to the staking/delegating page in Flow Port, click on the 'Stake a Node' option.
Next, select the type of node you will be running.
Input the amount of Flow you wish to stake with that node. You must stake at least the minimum in order for your stake request to be successfully processed. You are able to provide the minimum stake across multiple transactions. Meaning, you could execute your stake transaction with half of the minimum required. Then, before the next epoch, you can choose to 'Add Flow' to that pending stake to get it to the minimum stake required.
Once you have navigated to the staking/delegating page in Flow Port, click on the Delegate option.
Next, you will specify which node operator you would like to delegate to and how many tokens you want to delegate to them.
Now that you have executed a stake transaction in either Flow Port or via your custody provider’s portal, that transaction will now sit in a pending status until it is processed, which will be at the next Epoch Date (approximately on a weekly interval).
Follow up actions available after staking/delegating:
Add additional stake to your existing stake. Any added FLOW will again sit in a pending status and be processed at the next epoch.
Withdraw/re-stake your earned rewards. If you decide to withdraw your rewards at the end of the epoch they will be immediately available. If you decide to re-stake your rewards, the request will again sit in a pending status and will be processed at the next Epoch.
Request to be unstaked from the network. The unstake request will sit in a pending status for two epochs. Once it is processed, the amount that has been unstaked will sit in your unstaked FLOW amount and can now be withdrawn or re-staked.