Moonbeam Staking Made Easy: Expert Tips for GLMR and Ledger

February 6, 2024
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Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Following Moonriver's tremendous success with Kusama as the most active deployment destination for over 80 DApps, Moonbeam benefits from the shared security of the Polkadot relay chain and integrations with other chains connected to Polkadot.

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Token ticker GLMR is a project that is built on the Polkadot blockchain. It won the second parachain slot in November 2021, introducing its staking platform shortly after going live in 2022.

GLMR is another project you can stake to earn a yield; this can be done directly on-chain or using wallets such as Nova Wallet. With the introduction of GLMR tokens, Moonbeam offers an additional opportunity for investors to participate in the ecosystem and potentially increase their earnings.

To get started, head to:

How to stake Moonbeam on MetaMask?

At the time of writing, you cannot stake your GLMR using Ledger Live, but you can utilise metamask utilising Ledger to sign your transactions for complete security.

More information is below on how to do this on the Moonbeam Network.

Remember, Ledger has Polkadot Network on Ledger Live, but more will be coming soon.

To stake Moonbeam on MetaMask, you will need to follow these steps:

1. Install and set up MetaMask: If you haven't already, download the MetaMask browser extension and create an account.

2. Connect to the Moonbeam network: Open your MetaMask extension and click on the network dropdown menu. Select "Custom RPC" and enter the Moonbeam network details, including the RPC URL and chain ID.

3. Add Moonbeam as a custom token: Click on the "Add Token" button in your MetaMask wallet and select "Custom Token." Enter the Moonbeam token contract address, symbol, and decimals to add it to your wallet.

4. Obtain GLMR tokens: You will need GLMR  tokens to stake on Moonbeam. Make sure you have acquired enough GLMR  tokens before proceeding with staking.

5. Access the staking platform: Visit the official Moonbeam staking platform or any other platform that supports Moonbeam staking.

6. Connect your MetaMask wallet: Connect your MetaMask wallet to the staking platform by clicking on the appropriate button or following the provided instructions.

7. Choose your staking options: Select the amount of GLMR tokens you want to stake and choose any additional preferences, such as duration or rewards distribution options.

8. Confirm and stake: Review all the details of your staking transaction, including gas fees, before confirming it through MetaMask.

9. Monitor your stakes: Once you have staked your GLMR tokens.

10. Ensure (if you have a Ledger) to secure your MetaMask with it.

How to Choose a Collator on Moonbeam and Moonriver

Choosing a collator on Moonbeam and Moonriver is an important decision for stakers. Collators play a crucial role in the network by collecting, validating, and producing blocks. When choosing a collator, there are several factors to consider, such as reputation, performance, and reliability. It's essential to research and evaluate different collators based on their track record, uptime, security measures, and community feedback. By selecting a reliable collator, stakers can ensure the smooth operation of the network and maximize their staking rewards.

Next Steps To Staking Moonbeam (GLMR)

Link it to your Metamask account by clicking connect wallet in the top right corner; you will be able to see your GLMR holdings on the dashboard overview page; you can link it to other wallets, not just Metamask. Additionally, you can utilize the relay chain to transfer your GLMR holdings seamlessly between different wallets.

Scroll down to the delegate section and click on select collator. Be aware that Moonbeam has active and inactive collators, and each collator has a different minimum amount to stake to earn staking rewards.

Once you've chosen your collator, enter how much GLMR you want to stake and hit the delegate button... now you are actively on chain staking. You will need to sign this transaction off on your Ledger, make sure you have blind signing turned on and have the Ethereum app open when using Metamask; if you don't, the transaction will fail.

Delegation takes effect immediately, but It takes approximately two rounds (12 hours) to receive your first reward, and then they will arrive every round 4 times per day. With the introduction of proof-of-stake and on-chain governance, receiving rewards has become more efficient and secure.

Top tips for Moonbeam Staking:

Keep an eye on your collator to make sure they stay active. Unfortunately, some may occasionally drop into the inactive pools list. If this occurs, you will stop earning rewards, and you can either wait to see if the collator becomes active again or unbond (which takes seven days) and choose a new one. Decentralization is an important aspect to consider when choosing a collator.

Consider compounding your rewards to increase your yield, especially if you are Staking over the long term.

Can I automatically compound my Moonbeam tokens?

Great news, yes, you can, and it's friendly and easy to do on the same dashboard you set the staking up on. With the increasing popularity and value of cryptocurrencies, including Bitcoin, it's important to stay informed and take advantage of their opportunities.

You use a simple slide bar to set the percentage of rewards you want to compound automatically. It is the bright blue bar you can see in the image above, and all you do is move it to set it to the percentage you wish to auto-compound. Finding the amount you wish to stake directly under the area you enter is simple. Using a smart contract, find the amount you wish to stake directly.

Unbonding timescale for GLMR unlock?

It takes seven days to unbond and receive your GLMR back in your wallet, done on the moonbeam staking app.

What Is The Moonbeam Staking APY?

The APY when staking your Moonbeam will vary depending on how much GLMR is staked on the network; the more bonded and staked, the lower the APY and vice versa. Token holders play a crucial role in determining the APY by staking their GLMR on the network.

It is currently 9.1%; you can monitor the APY on this site

An Updated Video From Moonbeam On How to Stake Moonbeam

In this video, you'll learn how to stake GLMR and set and adjust your auto-compound settings.

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