This in-depth manual will walk you through the process of creating a Sui wallet and subsequently staking your $SUI tokens on the Sui blockchain. We will be using the Elli Wallet web app browser extension to accomplish this, negating the necessity for a hardware wallet. However, we anticipate that support for hardware wallets, such as a Ledger device, will be implemented in the near future. As a rule of thumb, we always advise using a hardware or cold wallet whenever feasible.
Please note that this guide is applicable to Chromium-based browsers such as Google Chrome and Brave Browser.
But first let’s briefly cover some basic:
Sui, as a groundbreaking Layer-1 smart contract platform, utilizes an exclusive object-centric data model to enhance network throughput scalability.
With Sui, as more computing power is introduced, the network's horizontally scalable throughput increases correspondingly. Its bespoke programming language, Sui Move, incorporates inherent safety measures designed to shield against specific hacks and potential vulnerabilities.
If you hold SUI tokens, you can help fortify the network's security by staking (also referred to as delegating) your tokens with a validator. This guide will break down the process and explain how to do this in easily understandable terms.
ELLI is an advanced non-custodial wallet that provides universal access to the SUI blockchain and its related applications. Available as both a browser extension and a mobile wallet, ELLI is designed to support any token adhering to the SUI token standard, effectively serving as a gateway to the SUI blockchain ecosystem.
If this is the first time setting up a Sui wallet, click ‘Create new wallet’
In case you already have an existing wallet with your Recovery Phrase (aka. private key / mnemonic seed) phrase at hand, click ‘Import recovery phrase’.
Never share this info with anyone - not your validator, the Elli team nor anyone from the Sui ecosystem. For the remainder of this guide, we’ll assume that this is your first time setting up a Sui wallet. If it isn’t, you can skip to Part 2 of this guide to learn how to stake your SUI token.
Make sure to create a strong PW that only you know.
Now this is the most important screen of the whole process as it shows your recovery phrase. Make sure to write it down in the correct order and store it somewhere safe (e.g. a safe at your home). Again, never share this phrase with anyone - ever.
You can download your phrase as a .txt, ideally, you store it offline and make a back-up copy of it too (good old piece of paper works just fine).
To make your life easier in the next step, copy the phrase to your clipboard by clicking ‘Copy’, then hit ‘Continue’.
Now paste / enter the phrase in the correct order, then click ‘Continue’. If you prefer, remember the easy access from the next step and hit ‘Continue’ to conclude the setup of your Elli wallet.
Congratulations, fren. You just created your Sui Wallet and are now ready to stake your SUI tokens.
Follow the Elli team to stay up to date, then hit ‘Enter Sui’ to get started on the Sui network.
This is the main view of your Elli dashboard - in it you can find:
If you like, enable desktop notifications to get notified about your wallet activity, a specific NFT collection or dApp running on the Sui blockchain.
Under settings (gear wheel icon in the top right corner of the Elli UI), you can change general settings (e.g. language), change your password, or get in touch with the Elli support team.
If you hit your wallet icon in the top right corner, you can:
You can always get to the expanded view of the Elli wallet UI, by clicking the gear icon in the lower right corner of your browser extension. This will open the wallet in a separate browser tab.
Now, before we get started with staking , you need to deposit some SUI tokens into your Sui wallet. This can be done by copying your Sui wallet address and transferring funds into it, such as by withdrawing them from an exchange like Kraken.
Once your wallet is topped up, you're all set to commence staking, a process that not only contributes to the safety and upkeep of the Sui blockchain but also rewards you with additional Sui tokens.
To start the process, head over to the ‘Staking’ section and click ‘Stake’.
In the subsequent pop-up window, you can choose the amount of SUI that you want to stake as well as the validator you want to delegate to. Then click ‘Stake’ and ‘Confirm’ in the following step.
Note that you need to stake at least 1 SUI. Also sure to not stake the entire amount of your SUI token, so that you have some funds left to cover transaction fees. Transaction fees (aka. Gas Fees) are very low on Sui, so 0.5 SUI can cover a lot of transactions.
After a brief moment, you’ll be able to find all your staking activities in the ‘Staking’ tab within the Elli wallet. You stake will take some time to activate and start earning rewards. Usually, your stake is activated in the subsequent epoch. An epoch on Sui is ~24h.
And that’s a first wrap - congratulations, you are now officially a delegator on the Sui blockchain network. We highly appreciate your support and are stoked to have you on board with us.
Note that your staking rewards are compounding as the rewards accrue on your stake account. Rewards accrue at the end of every epoch (=24h).
In case you want to increase the amount of SUI tokens to be staked, simply repeat the steps from part 2 of this guide.
Note that if you staked to the same validator again, you will see a separate stake account rather than seeing your first one increase. To foster decentralization and in turn increase the security of the Sui blockchain and ultimately its’ value, delegate to multiple validators.
Visit the ‘Staking’ tab on the Elli wallet UI and click on the respective row within the Staking table. In the subsequent pop-up, click ‘Withdraw’ and then ‘Confirm’. After a few seconds, you will find that your staking operations have disappeared and that the amount of SUI tokens on the ‘Portfolio’ tab has increased accordingly. There is no unbonding period on Sui, so your token are immediately liquid.
Please note that it is not possible to partially withdraw from your stake account - you need to withdraw the full balance.
Sui Docs: https://docs.sui.io/
Getting started with Sui: https://sui.io/intro-to-sui
Sui Block Explorer: https://explorer.sui.io/
Staking Facilities Sui Subpage: https://stakingfacilities.com/networks/sui
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Please note that none of this is to be considered financial nor investment advice. We highly advise you to always do your own research (’DYOR’) before interacting with any of the projects or tools we write about. Crypto is a highly dynamic and fast paced environment with lots of moving parts that can quickly change.