The OAN Delegation: Guide to Staking AION
Why stake your AION tokens? Staking entitles you to earn rewards for securing the network. I’ll show you how simple and straightforward that is with a Ledger device, thanks to The OAN’s staking dashboard. The core team has also published their guide here.
Quick warning before we begin:
Do not select ‘full amount’ when staking, or you will not have enough funds to make subsequent transactions, such as undelegating stake or withdrawing rewards.
With your Ledger device connected and the latest version of the Ledger Aion app running, click the ‘Sign In’ button at the top of the dashboard.
You can also use an encrypted keystore file (less secure), mnemonic phrase (keep this offline), or private key (dangerous if exposed). We recommend using a Ledger hardware wallet device to securely sign transactions that control your funds, and that’s what I’ve used for this guide.
You should see three different hex address options, and likely your main account will be the first option. Select that one and click the ‘Access’ button, then confirm your balance on the dashboard.
Click the ‘Delegate’ button on the dashboard to find your preferred validator. I used my browser’s search option (command + F) to quickly find who I’m looking for. In this case, it’s no surprise that I’ve selected Figment Networks. Be sure to note the stats for validators, such as the commission fee each charges.
Next, enter the number of AION tokens you’re prepared to stake and delegate. Once staked, it will take approximately 24 hours to unlock these tokens after you undelegate them. Do not select the ‘Full Amount’ option, or you will stake all of your tokens and have no way to fund future transactions, such as undelegate stake or withdraw rewards.
After clicking the ‘delegate’ button, you’ll need to sign the transaction by clicking ‘confirm’ and also by clicking the appropriate button on your Ledger device.
Finally, confirm that your AION tokens are staked using the staking dashboard.
You’ll be able to see how many rewards you have accrued, as well as some other options. Click ‘Staking’ in the left margin, then ‘My Delegations.’ If I click the ‘Un-Delegate’ button next to Figment Networks, the validator I’m delegating to, I’ll be able to:
1. Withdraw – move my accrued rewards into my balance
2. Delegate – stake tokens from my balance eg. stake my rewards to compound them
3. Undelegate – begin unstaking my tokens so that they’re liquid (takes ~24 hours)