Staking on the SMART blockchain is a process in which users freeze their SMART coins to support the network's operations and get key network resources such as Bandwidth (transaction throughput) and Energy needed for executing transactions and smart contracts. This guide will explain how to manage staking in the SMART Wallet application.
Open the SMART Wallet application version 1.20.0 or higher. In the list of cryptocurrencies, find SMART and click on it. In the window that opens, on the widget, you will see the values of the Available and Frozen balances. They show how much SMART is available for freezing and how much is frozen.
To go to the staking menu, press the orange button in the lower right corner of the SMART widget:
A window with detailed information about staking will open.
On the top widget, you will find the following information:
Available Balance — the amount of SMART available for freezing.
Energy — the amount of energy the user currently has.
Bandwidth — the amount of bandwidth the user has.
There is also a FREEZE button on the widget. Let's press it. After that, the freeze screen will open:
On this screen, you will see the following:
Available balance — your available balance in SMART, as well as the equivalent of this amount in dollars.
Two buttons: Energy (selected by default) and Bandwidth for choosing the type of resource you will get for freezing SMART.
Below, you will see an input field where you need to enter the amount of SMART you want to freeze. The minimum you can freeze is 1 SMART.
Enter the number of SMART you want to freeze and press the Continue button. A screen will open where you need to confirm the freeze. To do this, press the Freeze button at the bottom of the screen:
After this, you will be prompted to enter your PIN to confirm the freeze transaction. You can also confirm the transaction using biometrics.
If you do everything correctly, you will see a message about the successful freezing of SMART and the frozen amount:
Press the OK button to return to the SMART window. There, in the list of transactions, you will see the staking transaction marked as Frozen.
The transaction stores information about the amount of frozen SMART, the equivalent frozen amount in dollars, as well as the date and time of the freeze.
Let's look at the next widget in the staking section — Unfreeze (available in the staking menu):
The widget contains the following information:
Frozen Balance - the total number of frozen SMART;
For Energy - the total number of SMART frozen for the Energy resource type;
For Bandwidth - the total number of SMART frozen for the Bandwidth resource type.
To unfreeze the coins, press the Unfreeze button.
A screen will open where you need to select the type of resource for which you want to unfreeze the coins, as well as specify the amount to unfreeze:
After that, press the Unfreeze button at the bottom of the screen:
A screen will open where you need to confirm the unfreezing. If you do everything correctly, you will see a message about the successful unfreezing of SMART and the unfrozen amount:
Press the OK button to return to the SMART window. There, in the transaction list, you will see a staking transaction marked as Unfrozen.
Note that after unfreezing, the withdrawal of SMART will be available at the end of the unfreezing period, which is currently 14 days.
Information about the coins available for withdrawal is displayed on the Unfreezing widget — the third widget in the staking section:
The Available widget shows the amount of SMART available for withdrawal.
To learn more about the status of the frozen coins, click the List button:
A list of coins in the process of unfreezing will open. For each SMART transaction, two types of status will be specified:
The In progress status means that the unfreezing period has not yet ended;
Ready for withdrawal indicates that the coins can now be withdrawn.
For each transaction, a countdown timer is available until the coins become available for withdrawal:
At the bottom of the screen is the Cancel All button, pressing which will stop the process and the coins will remain frozen.
To withdraw the coins, click on the Withdrawal button on the Unfreezing widget and follow the further instructions. The withdrawal occurs in a similar way to the freezing and unfreezing of coins, which we demonstrated above.
In this guide, we have shown you how staking works—a technology that significantly expands the capabilities of all ecosystem users. Use staking to save on transactions and contribute to the development of the SMART blockchain!
If you have any questions, please contact support, and we will be happy to help.
We wish you successful work!