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Once the Sui network is a bit more matured, we’ll update the guides (e.g. how to claim your staking rewards; how to stop staking your SUI tokens) - please stay tuned.
In this comprehensive guide, we will lead you through the procedure of creating a Sui wallet and subsequently staking your $SUI tokens on the Sui blockchain. To achieve this, we will utilize the Mysten Labs web app browser extension without the need for a hardware wallet. We assume that hardware wallet support (e.g. a Ledger device) will be added soon - we always recommend using a hardware/cold wallet whenever possible.
Note that this guide is for chromium based browsers such as Chrome or the Brave Browser.
As an innovative Layer-1 smart contract platform, Sui employs a unique object-centric data model for scalable network throughput. Bypassing consensus for simple transactions like peer-to-peer transfers and NFT mass mints, it allows validators to process around 300,000 transactions per second.
Sui's horizontally scalable throughput grows with added computing power, and its programming language, Sui Move, offers built-in safety features to protect against certain hacks and exploits.
As a SUI token holder, you can contribute to the security of the network through delegating (aka. staking) your tokes with a validator. In this step-by-step guide, you’re going to learn how to do so in simple language.
Mysten Labs is the team behind the Sui blockchain network. To bootstrap the network, the team also builds tools such as the Sui explorer or the Sui wallet browser plugin for chromium based browsers.
Head over to the wallet section within the official Sui docs or directly jump into Mysten Labs’ GitHub to get started with setting up your Sui Browser Extension Wallet. Alternatively, you can also look for ‘Sui Wallet’ within the Chrome Web Store.
Click ‘Add to Chrome’ to start the download of the Mysten Labs Sui Browser Extension Wallet, you might need to approve this subsequent pop-up.
If desired, pin the Sui Wallet to your Browser bar for even quicker access.
Within the main UI, click ‘Get Started’ to beginn setting up your wallet account.
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 an Existing Wallet’. Never share this info with anyone - not your validator, the Mysten Labs 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 to learn how to stake your SUI token.
Make sure to choose a strong password, check the Terms of Services and then click ‘Create Wallet’.
Now this is the most important screen of the whole process as it shows your recovery phrase. Click the eye-icon to reveal 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.
Once you’ve done so, check the box at the bottom and hit ‘Open Sui Wallet’ to enter the main UI of your Sui wallet.
Before you can get started with staking your Sui token, there are a few things you need to take care of:
Feel free to explore the wallet some more (e.g. dApps running on top of Sui, popular NFT collections or your accounts’ most recent activities).
Once you funded your wallet, you’re ready to start staking and hence contributing to the security and maintenance of the Sui blockchain - efforts for which you earn additional Sui tokens.
To get started with staking on Sui, click ‘Stake & Earn SUI’ to be presented with a list of all the validators active on the network. You can sort the list by: Name, Stake, Share, or APY. Within the list, click on ‘Staking Facilities’ and then hit ‘Select Amount’ to start the delegation process.
Note that you need to stake at least 1 SUI.
Make sure to not stake the entire amount of your SUI token, so that you have some funds left to cover transaction fees. Note that transaction fees (aka. Gas Fees) are very low on Sui, so 0.5 SUI can cover a lot of transactions.
Then click ‘Stake Now’ to start staking via the Staking Facilities Sui Validator - we appreciate your delegation!
Click the Check Mark to see an overview of your staking operations: the amount you are currently staking, the amount of SUI tokens you earned thus far as well as the option to stake more SUI tokens.
Click the X button to get back to the main menu. Within the main menu, click on ‘Currently Staked X SUI’ to get back to the overview of your staking operations.
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.
To increase the amount of SUI tokens to stake on the Sui blockchain, click ‘Currently Staked X SUI’ on the main menu of your Sui wallet. Then click ‘+ Stake SUI’. Select a validator from the list, choose the amount of SUI you want to stake (note that it needs to be at leas 1 SUI), and then click ‘Stake Now’ to conclude the process.
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.
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
Missing anything? Thoughts, feedback, or questions about the post?
Let us know via Telegram, email (info@stakingfacilities.com), Twitter or LinkedIn - we’d love to chat!
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.