e-Money Delegation: Guide to Staking NGM
Why stake your NGM tokens? Staking entitles you to earn rewards for securing the network. The rewards from staking NGM tokens come from two sources: transaction fees and a markup on the currency-backed tokens. The markup is an annual 1% inflation on each currency-backed token, so the rewards that are distributed to staked NGM tokens are tied directly the supply of e-Money currency tokens. This markup is applied continuously and distributed pro-rata to NGM stakers.
You can read more about e-Money here. Here’s how to delegate your stake on the e-Money network.
Related article: Self Custody Using a Ledger Hardware Wallet
Three ways to stake
Staking with Lunie
The easiest way to stake your NGM token is with Lunie.
You can use an existing account from either a software wallet or Ledger hardware wallet from the left side bar by clicking the ‘Sign in’ button.
Then head to the Figment Networks validator and click the ‘Stake’ button.
Note: once staked, it takes 21 days for your NGM to unstake.
Indicate the number of NGM you would like to stake. After you have approved the transaction, you can verify that you’re staking by clicking the ‘Portfolio’ tab in the left side bar.
Staking with e-Money’s Block Explorer
You’ll need your NGM controlled by a Ledger hardware wallet to stake this way. Head to the e-Money block explorer website (this link takes you directly to the Figment Networks validator) and select ‘Validators’ from the right side of the top menu bar.
Then find and select the Figment Networks validator.
Connect your Ledger device to your computer, input your pin code, then open the Cosmos app on your Ledger device. If you need help with your Ledger, check out this article.
Click the green ‘Delegate’ button and indicate the amount you want to stake. Note that it takes 21 days to unstake.
Click the ‘Sign’ button and then approve the transaction on your Ledger device. You can verify that you’re delegating your stake to Figment’s validator by heading here and checking Figment’s delegators.
Staking with the emcli command line interface (CLI)
If you’re using the e-Money command line interface ’emcli’, you can use this format for your staking delegation command:
emcli tx staking delegate emoneyvaloper1m5ymqqnem9tzdzul0xrpkw3d82kncyzdw772yl 1000000000ungm –from keyname –chain-id emoney-1–fees 200000ungm –node 220.127.116.11:26657
- “1000000000ungm” is equivalent to 1000 NGM
- “keyname” is changed to the name of your key
- “200000ungm” is a transaction fee equivalent to 0.2 NGM
Having difficulty? Contact us for support: email@example.com