In the previous part of the Auro Wallet guide, we have explained how you can install, set up, and use the wallet. In this article, we will explain the remaining features of the Auro wallet and will show how you can stake your MINA tokens and earn rewards.
Using the Settings tab users can do the following setup-related activities:
- Backup Mnemonic phrase- You can check and take backup of your mnemonic phrase from here by giving your wallet’s password
- Change security Password- Change your wallet’s password from here
From the network tab, you can check the Main-net and Test-net node details. You can switch to any node to work with it.
You can also find an Add Node button here that allows you to add any custom node by providing the name and node address. However, be very careful while adding a node as this requires some technical knowledge.
The wallet application currently supports only two languages- English, and Chinese.
Auro wallet supports the following currencies- USD, CNY, RUB, EUR, and GBP. Users can select any to see their wallet details in the desired currency value.
Users can add frequent contacts in their address book for easy access. Using the address book, you can add the name along with the address of other Mina protocol users.
We will now explain where you can get the MINA token, how you can transfer it to your Auro wallet, and finally how to stake it to a network validator.
Get The MINA Token
Users can find the MINA tokens from Binance, Gate.io, Coinbase, etc. You can check this link to know the full list of supported platforms.
Transfer MINA To Auro Wallet
As you can see from the below screenshot, we have some MINA tokens in our exchange account.
We will now transfer these tokens to our Auro wallet. To transfer, click on the Withdraw button appearing against the MINA token. Now, fill in the below details:
- Recipient Address (copy your Auro wallet’s public address and paste it here)
- Network (MINA, in this case, should automatically appear once you fill the receiving address)
- Amount to transfer
Once you fill in the above details, confirm the process by clicking on the Withdraw button. Wait for the transaction to complete. Once it is done, you can check your wallet for the desired amount of MINA tokens.
Important: As we have mentioned in our previous article, the protocol automatically deducts 1 MINA token when the user performs their first transfer to the wallet address. Check, we have transferred 32.2672 after deducting the exchange fee but have received 31.26 in our wallet account.
To stake your tokens, go to the Staking tab in your wallet.
You can click on Go to Staking to get the list of Block Producers to whom you can delegate your MINA tokens.
We have selected AURO (Supercharged) as our validator. Click on it.
The wallet application doesn’t allow partial delegation. That means all MINA tokens existing in your wallet will be deposited for delegation (see the below screenshot). But that doesn’t mean that your tokens are locked. You can freely transfer your tokens to other addresses.
Also, delegation to a validator is a one-time activity. You do not need to re-delegate again even if you receive some extra tokens in your account in the future. It will automatically take those extra tokens for delegation. In other words, any addition/ reduction in the amount of MINA tokens will only have an impact on the reward percentage. There will be no locking, no re-staking.
Review and confirm the process. Once the transaction is successful, you can check your staking details.
The user will receive the reward only after the set period (epoch) defined by the validator/node.
Users can change their validator in the future if they wish. To change, just click on the Change button appearing on the above screenshot and follow the same steps.
See the below screenshot to change your existing validator.
Auro is a simple wallet that supports all the basic features that a user needs to interact and work with a network. The change validator feature is quite good where users can change their validator without even unstaking their tokens. We have noticed one major drawback the transactions are taking time to complete.
Win $6,699 worth of bonuses in the exclusive MEXC & Altcoin Buzz Giveaway! Find out more here.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
Find the most undervalued gems, up-to-date research and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.