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Vega (VEGA) Staking Guide For Mac

Published · Updated

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We have created a step-by-step guide to help you stake your Vega tokens (VEGA) using a Mac. If you are using a Windows instead you can find a guide here.

For those of you who have their tokens locked on Coinlist: Coinlist will support staking. More information will have to come from them about how they will manage it. To redeem unlocked VEGA tokens from Coinlist, you can do so here.

You will have to go through the following steps to successfully stake your VEGA:

I. Create your Vega Wallet (If you have already done so skip to the next step)
II. Connect to a network
III. Stake your VEGA

Before we start, make sure you have VEGA in a Metamask wallet (token contract can be found here) as well as ETH to pay for transaction fees. The gas fees are variable and Vega has no control over it.

 

I. Create your Vega Wallet (If you have already done so skip to the next step)

   
1. First you will need to download the right zip file of the releases from the Vega Wallet GitHub rep.

For Mac download: vegawallet-darwin-amd64.zip

For Macs with an M1 processor (released in November 2020 or later): vegawallet-darwin-arm64.zip.

To check whether your Mac has a M1 processor select the apple logo in the top left and then "about this mac".

Create a folder to place your downloaded zip file in and make sure you remember where to find it as you will need to know it for the steps ahead. (to make following this guide easier, create a folder called "Vegawallet" in your "Downloads" folder and save it there so the below examples can be copy/pasted).

2. Once downloaded and saved, the next step is to open it. When attempting to do so, you may get a message saying “vegawallet cannot be opened because it is from an unidentified developer."

To open it you will have to go to your system preferences, select "Security & Privacy". You will then find a section mentioning that "vegawallet" was blocked. To override the security measure, select "Open Anyway".

3. Once you have opened the file, you will need to initialise the wallet and create a new key pair. Open a new terminal page and indicate where the commands will run (where you have saved the vegawallet file). For example, I have saved my file in the following folder: Downloads → Vegawallet. To indicate where the commands will run you can use the command "cd" then the path. Below I wrote "cd Downloads/Vegawallet" to indicate that my file is in the Vegawallet folder which is in my Downloads folder.

4. Once you have specified the folder to run the command from, you will need to initialise the wallet. This creates the folder, the configuration files, and default networks needed by the wallet to operate. Use the following command "./vegawallet init". Example below:

If you are experiencing any issues with this step, you can try to do the following command instead: "./vegawallet init --force".

5. The next step will be to create your username for the wallet. Use the following command: “./vegawallet key generate --wallet "your_username".” Make sure there are no spaces in your username. Example below:

6. You then have to create a password. Note that when typing you will not see what is being typed, this is intended and it will be recorded. Select enter once you have written it. Example below:

7. Once you confirm your password, the wallet will be created! You will then be given your mnemonic passphrase. This passphrase can be used to restore your wallet in case something happens. It is very important, so make sure you write it down and keep it somewhere safe (offline), where no one will ever see it! It will never be displayed again so be sure to write it down accurately. You should also make a note of your username and public key, and remember your password in order to login to your account in future.


II. Connect to a network
 

1. Once you have created and initialised the wallet, you are now ready to run the service. If you are starting with a new terminal page, make sure that you indicate where the commands will run again (where you have saved the vegawallet file). For example, I have saved my file in the following folder: Downloads → Vegawallet. To indicate where the commands will run you can use the command "cd" then the path. Below I wrote "cd Downloads/Vegawallet" to indicate that my file is in the Vegawallet folder which is in my Downloads folder.

You need to select and connect to a network. To find the list of networks use the following command: "./vegawallet network list". Example below:

If you do not see the network "mainnet1", run the following command: "./vegawallet network import --from-url="https://raw.githubusercontent.com/vegaprotocol/networks/master/mainnet1/mainnet1.toml"

If you are experiencing issues importing the mainnet network, another way to do this is to download the file “mainnet1.toml” from here: https://raw.githubusercontent.com/vegaprotocol/networks/master/mainnet1/mainnet1.toml. To download it, open the page and press "Apple" - S and save it into the same folder where your “Vegawallet” file is. Then run the following command in the terminal: "./vegawallet network import --force --from-file ./mainnet1.toml.txt"

2. If properly inputed, the next step is to connect to the mainnet network. Use the following command: "./vegawallet service run --network mainnet1".

Now that you have successfully created your wallet and connected to the network, you are ready to stake your VEGA! Make sure you keep the terminal open to stake in the next stage.


III. Stake your VEGA
   

1. Go to the Vega staking website (https://token.vega.xyz), it is best to use Google Chrome. Make sure to disable brave shield if you are going to use the Brave browser.

To disable brave shield select the lion in the url as shown in the image below.

You can then disable the shield by clicking on the toggle.

2. At the top of the page you will find the staking section. Select "Staking”.

3. The first step is to connect your Ethereum and Vega wallet. To connect your Ethereum wallet select "Connect to an Ethereum wallet". Here you will be prompted by Metamask to connect your wallet.

Next, to connect your Vega Wallet, select "Connect to see your VEGA balance".

You must enter your username and passphrase that you chose when the wallet was created.

4. The next step is to associate tokens with your VEGA wallet. Select "Associate tokens with a VEGA wallet".

5. Here you need to (a) select "Wallet", (b) verify that this is your public key, and (c) select the amount that you would like to stake. To move to the next step select "Approve VEGA tokens for staking on Vega".

You will be prompted by Metamask, where you must confirm the transaction.

6. Once approved, you can associate your VEGA tokens with your key. Select "Associate VEGA Tokens with key".

You will be prompted by Metamask again, where you can confirm the transaction. You will have to wait for a sufficient amount of block confirmations on the Ethereum network.

7. Once approved, you can select "Nominate Stake to Validator Node" to nominate a validator.

8. You will now be asked which validator you wish to select. It's important to select a validator that you trust. You can find our validator addresses as well as more information about us on our VEGA page.

9. After selecting which validator you wish to stake with, go to the bottom of the page and find "Manage your stake". Select "Add" and input how much you would like to stake with this Validator.

That's it! You have successfully created a nomination transaction to the validator of your choice. If you see that your stake in the next epoch has increased by the amount you submitted, you can close the website and terminal - it has been registered.

Your stake will be active at the beginning of the next epoch. One epoch on the Vega network is currently configured to be 24 hours. An epoch is the period of time the network uses to manage the list of registered validator nodes and staking rewards payouts.

The APR for staking VEGA is variable and will depend on the % of the total VEGA supply that is staked. As with most staking services, the earlier phases provide the highest rewards. Vega are placing a fixed amount of VEGA into a treasury for staking rewards that will be distributed among the staked VEGA. Less staked VEGA to distribute it to, the higher the rewards per VEGA staked. The APR will become more stable once more VEGA is staked.

Thank you for using our guide! If you have any questions, need further help, or any feedback please reach out to us on Telegram.

Useful VEGA resources

About P2P Validator

P2P Validator is a world-leading non-custodial staking provider with the best industry practices and proven expertise. We provide comprehensive due-diligence of digital assets and offer only high class staking opportunities securing more than 4 billion of USD value at the time of the latest update.

P2P Validator is trusted by over 24,000 delegators across 25+ networks. We are a major player in all networks we support because of our experience, commitments and our reputation. We pay special attention to the process of governance.

Want to stake VEGA with us? Visit https://p2p.org/vega to find out more about Vega staking and our special offer.

If you have any questions, feel free to join our Telegram chat, we are always open for communication.

Admin

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