Staking Overview

Overview

Certain blockchains allow for network participation through staking - earning rewards by locking your digital assets with a network validator. Currently, staking is available through BitGo only for ETH, NEAR, and SOL. Staking protocols differ by asset. For example, some assets may require you to specify a time limit, or require staking in specific multiples.

To stake an asset, you create a staking-request transaction. Staking transactions must abide by your enterprise and wallet policies and therefore must receive all required signatures and approvals before BitGo signs and broadcasts the transaction. However, unlike normal spend transactions, signing staking transactions requires a different call, specific to staking.

Staking assets entails the following:

  1. One or more delegation transactions from a staking request send your assets to a white-label validator.
  2. Your assets are locked or sent to the validator's staking wallet.
  3. Once validated, you begin earning rewards at an annual percentage rate (APR).
  4. When you decide to unstake your asset, you may have to wait for a cooldown period.

Note: Currently, as part of the move from proof-of-work to proof-of-stake, the Ethereum network doesn't enable unstaking ETH. BitGo can't confirm when unstaking ETH will be available.

When you want to to unstake your asset and claim your rewards, you create 2 separate transactions - an unstaking-request transaction and a rewards-claim transaction.

Prerequisites

Steps

  1. Create Staking Request
  2. Sign Staking Transaction
  3. View Rewards and Balances
  4. View Delegation Details
  5. Create Unstaking Request
  6. Sign Staking Transaction

See Also