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Staking and Delegation is an important part of blockchains that operate on the principle of Proof Of Stake. Examples of such chains are Ethereum, Cosmos, Osmosis, etc. The security of the blockchain is ensured by the collective and equally distributed stake over the active set of validators.
Also, by delegating on the chain you can participate in the on-chain governance and gain rights to vote on proposals. By default validators vote for you, but you have an option to override the validator’s vote if you choose so. This way you can make huge impact on the blockchain!
Delegators are rewarded for their contribution to securing the blockchain. Some validators support Automatic Compounding that can be accessed via Restake, however, you need to explicitly enable it. This way APY is significantly higher.
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Synternet is a relatively young Cosmos based blockchain that relies on Proof Of Stake consensus mechanism. Synternet is gaining momentum with the growing number of professional and community validators. As with any PoS consensus chain it is vitally important to distribute your stake equally among validators so that no one or few validators hold majority of stake and thus majority of power.
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Popular Cosmos based blockchains are integrated into Keplr dashboard so you can delegate using your wallet easily. However, new blockchains may not have an integration with Keplr App just yet, so they rely on various partners, such as Restake, or even build their own staking portal to make delegation easier.
Below you will find a few ways to delegate on Synternet Data Layer validators.
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Never give anyone your seed phrase or access to your wallet!
It is advisable to research available validators and not delegate all your stake on one of them, but rather distribute it. Validators do not control your coins and cannot run away with them, but if they do not meet liveness criteria they may be jailed. Jailing will burn a small portion of total stake, thus your stake will be affected proportionally depending on the validator’s infraction. Therefore choose the validator responsibly.
You can find the slashing percentage in the parameters section of the Explorer.
Also, it is important to look at what is the current and maximum commission a particular validator take from your rewards. Validators take the commission in order to pay for the infrastructure used to run the validator. Validators have restrictions on how fast they can change the commission and how often.
Synternet token center
Go to https://staking.synternet.com, connect your Keplr wallet. Make sure that you are accessing Synternet official site. Also, make sure you have enough Cosmos SYNT coins. ERC20 tokens cannot be delegated without bridging first!
1. Choose your validator and click Stake.
2. Choose the amount, make sure you have left enough coins for the transaction fees(1-2 SYNT should be enough), and click Stake.
RESTAKE
Go to https://restake.app/synternet, and connect your Keplr wallet. Make sure you are accessing official Restake App site.
Restake supports rewards autocompounding for validators that support it. You can see what validators do in the REStake column. This is a great way to earn higher total yearly rewards.
You do not need to pay for the automatic compounding - the validator does it for you. By enabling REStake you grant the validator permission to delegate the rewards for you(Only delegation of rewards it authorized, so your rewards are always safe). If you did compounding yourself, you’d have to pay transaction fees too.
1. Choose your validator and click View.
2. Click on Delegate, choose amount, and click Delegate again. Make sure you leave enough coins for transaction fees(usually 1-2 SYNT is enough).
3. After you have delegated your coins, click on Enable REStake, choose the amount and expiration date. Then click Enable REStake again.
After you’ve enabled automatic rewards compounding, you can easily manage it from the validator View.