How to Stake SafeCoin ($SAFE)

This guide contains detailed steps on how you can stake your SAFE coins and earn rewards.

SafeCoin is a Proof-of-Stake-based blockchain network that offers fast and secure transactions. SafeCoin is a community version of Solana and therefore shares a lot of technologies with Solana. So do both platforms support building crypto applications that can scale. Solana and SafeCoin share a new consensus method called Proof of History (PoH) to verify transactions that help it to process 65k+ transactions per second. The SafeCoin platform has a native Coin named SAFE that is used to pay the network transaction fee.

Supported Wallets

SafeCoin web wallet

Creating a wallet

This wallet is only used for educational purposes; don’t send any funds to it or import it as anyone can get access to it.

After you have written down your recovery phrase, hit the checkbox and click on Continue. The application will now prompt you to create a password. I recommend creating a secure password using a password generator. The password is only used when interacting with the wallet and is not needed when restoring the wallet. So in the event that you have forgotten your password you can always restore your wallet using the 24 recovery words.

After entering a secure password click the Create Wallet button. You will be directed to the wallet landing page. The wallet landing page should look like this.

Transferring SAFE

Next, enter your wallet address on Safe.Trade and withdraw your SAFE. The withdrawal should take a couple of minutes to go through.

SafeStake

Next we will need to connect our wallet to the SafeStake website. To connect our wallet click on the Connect Wallet button and click SAFE WebWallet.

Next, a popup should appear asking you to confirm the connection. Click on Connect to connect your wallet with the SafeStake website.

Creating a stake account

Next enter the amount of Safe you want to stake in your account. I recommend not entering your entire balance as you will need some SAFE to pay for fees. As I have 51 SAFE in my wallet I am going to put 50 SAFE into my stake account. Simply enter the amount and click on Create.

Next you will get a popup asking you to confirm the transaction. Click on Approve.

Delegating your stake

Next is finding a validator to delegate your stake to. For this click on the Delegate button, a list of validators should appear on the screen. Please consider staking to my validator to not only help decentralize the SafeCoin ecosystem but also support me in writing more articles featuring all there is to know about the SafeCoin ecosystem. The current commission of my validator is set to just 6%. In the list search for the validator with the name “Martin” and the profile picture as seen below.

Select the validator and click on Delegate. A popup will appear asking you to confirm your delegation. Click on Approve to confirm your delegation.

Rewards

Undelegate and Withdraw

Conclusion

If you have found this article useful please consider donating and staking to my validator. Otherwise, consider reading one of my other articles.

SAFE Donation Address: 3aHEKicGmWiTgcNifFkJjpJ3BCxgf5AqFnJrJfYqJUax
SafeCoin validator ID: 9UzheMmVr1eLAjFiwaYftTNrC8JTGSJKi7SBiCwfgC7H
SafeCoin Validator Name: “
Martin

Hi I am Martin, I am a student form the Netherlands who loves to talk and write about Crypto.