Dear Flare Community,
We are glad to announce that we have added Staking Management into Flare Wallet Mobile, making it the only mobile and lightweight wallet that offers non-custodial Staking Management & Masternode Management without needing to download multiple apps/software and blockchains.
At the moment NIX is the only staking enabled coin within Flare and this tutorial will be shown using NIX. However, this tutorial can be followed for any future coins that will be active in Flare with Staking.
What Is Staking?
Staking is a great way to earn easy passive income on coins that allow it. In Flare, staking your coins can be done offline meaning, you can create your staking contracts, then turn off your device until you want to redeem your coins.
How To Launch and Manage Your Staking Contracts Within Flare
We have made these steps super simple for Flare. Flare acts as the owner wallet for the staking contracts, and the best thing about it is that you are in complete control of your contract and keys.
1 ) Go into the wallet screen for the coin you want to stake/manage and click on the money icon near the upper left side.
2 ) Create a contract with the staking information, or view your contracts by clicking the View Contracts button on the Stake screen.
3 ) To cancel a contract, select it in your Available Contracts screen and click cancel. Your staking amount will automatically move into your spendable balance.
Note: NIX uses a form of PoS called LPoS which allows you to cold stake your coins via a provider for a given fee. For information on providers, you can visit their marketplace for more info.
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