March 10, 2022 by Commodum
Vega Staking Guide GUI
This is a step-by-step guide to staking Vega tokens using the GUI desktop wallet.
Step 1: Install the desktop Vega wallet
Download the latest release of the Vega Desktop Wallet for your operating system and processor. The most recent releases can be found on github
Extract the executable from the zip to your preferred location and run it. For Windows users, when you run it for the first time, Windows will prevent it from running. You can bypass this by clicking “More Info”, then “Run Anyway”.
You may also encounter the following message:
Simply click “OK” to continue.
Step 2: Create, recover or use existing Vega wallet
Upon launching the app there will be three options:
- Create a wallet
- Import a wallet from the recovery phrase.
- Use your already existing wallet
Create new wallet:
To create a wallet, you must specify a wallet name and a passphrase. After creating a wallet, you will be provided with a recovery phrase. Make sure to store this in a safe place as without it you will not be able to recover your wallet.
Import (recover) wallet:
To import (recover) a wallet you must also provide a recovery phrase.
Use existing wallet:
To use a previous created wallet on your machine you can unlock it by providing the wallet password.
When done creating or importing a wallet you will be prompted to import a network, select “mainnet1” from the drop-down menu then click “Import”.
You can see the current network at the bottom of the wallet home screen. If the current network is not “mainnet1” then click on the arrow in the bottom right-hand corner and then select “mainnet1” from the drop-down menu under “Network”.
If “mainnet1” is not present in the drop-down menu you need to import it by first click on “manage networks” and then select “mainnet1” in the dropdown list “networks” and click on “import”
Step 3: Associating Vega tokens and Delegating
Since your Vega tokens are located in your Ethereum wallet (or in the vesting contract) you will need to “associate” them with your Vega key in order to stake them. Note that tokens locked in the vesting contract can still be staked.
In order to associate your tokens and stake them you will need to visit the Vega token website at https://token.vega.xyz/.
This is how the page looked as of posting.
First, we need to connect the Ethereum wallet by clicking “Connect Ethereum wallet to associate $VEGA” in the top right hand corner.
You will see the following popup, click “Injected” to connect using Metamask or any other supported Ethereum wallet.
Next, click on “Connect Vega wallet to use associated $VEGA”, you will see the following popup.
Before continuing, make sure that your Vega Desktop wallet is running and the current network is “mainnet1”. Now enter the wallet name and your passphrase and click “Connect”.
Once both wallets are connected you will be able to see your Vega balance in the Ethereum wallet and your associated $VEGA in the Vega wallet
Next browse to the “Staking” page of the token website and click “Associate $VEGA tokens with wallet”.
This will bring up the following page.
Next enter the amount of $VEGA you wish to associate and click “Approve $VEGA tokens for staking on Vega”, this will open a Metamask window for you to confirm the transaction.
After this you can click on “Associate $VEGA tokens with key”, after waiting for 50 confirmations on Ethereum (≈10-12 minutes) you will see the below output and can then click “Select a validator to nominate”. This will take you back to the staking page.
Next, scroll down to the list of Validators and click on your prefered validator (a.k.a Commodum DAO) to bring up their Validator profile.
Next click on the “Add” button in the bottom left corner and enter the amount of $VEGA you wish to stake. Click “Add XX $VEGA tokens” and your tokens will be staked at the start of the next epoch.
That’s it! You’re done! You can now see your stake and pending stake in the Vega wallet section.
Disclaimer: This guide is provided as is, without warranty of any kind. As such the authors are not liabale for any potential damages to your token holdings.