Staking on the ULTIMA blockchain is a process where users stake (lock) their ULTIMA coins to support the network and receive key network resources, such as Bandwidth and Energy, which are necessary for executing transactions and smart contracts. In this guide, we will explain how to manage ULTIMA staking in the SMART Wallet app. We will also demonstrate the process of delegating resources to other users to make their interaction with the technology more beneficial.
Staking process
Open the SMART Wallet app. In the list of cryptocurrencies, find the ULTIMA coin and tap on it. Please note that staking uses the ULTIMA URC-10 coin, not the ULTIMA SRC-20 token.
In the opened window on the widget, you will see the balances “Staked” and “ULTIMA Power”. They show how much ULTIMA is staked and how many votes are available to the user. 1 UP equals 1 ULTIMA staked for Bandwidth. You will be able to use them after the voting functionality is launched on the ULTIMA blockchain.
To enter the staking menu, press the “Stake” button:
A window with detailed staking information will open.
In the top widget, you will find the following information:
Available Balance — the amount of ULTIMA available for staking.
Energy — the amount of Energy currently available to the user.
Bandwidth — the amount of available Bandwidth.
ULTIMA Power — the amount of ULTIMA Power, the resource required for voting.
1 UP = 1 ULTIMA coin staked for Bandwidth.
To continue the staking process, press the “Stake” button. A screen will open where you can select the resource for staking and specify how many ULTIMA coins you want to stake:
On this screen, you will see the following:
- Your available balance in ULTIMA.
- Two buttons: Energy (selected by default) and Bandwidth to choose the type of resource you will receive for staking ULTIMA.
Below, there is an input field where you need to enter the amount of ULTIMA you want to stake. The minimum staking amount is 1 ULTIMA. You can stake any fractional values, for example, 1.01 ULTIMA.
Enter the number of ULTIMA you want to stake. After entering it, you will see the approximate equivalent amount in dollars, as well as the amount of ULTIMA Power you will receive. Then press the “Confirm” button.
A screen will open where you need to confirm the staking. To do this, press the “Stake” button at the bottom of the screen.
After that, you will be prompted to enter your PIN code to confirm the staking transaction. Note that you will be able to unfreeze the staked coins after 3 days.
You can also confirm the transaction using biometric authentication.
If everything is done correctly, you will see a message confirming the successful staking of ULTIMA and the final amount:
Press the OK button to return to the ULTIMA window. There, in the transaction list, you will see the staking transaction marked as “Staked”.
If you go back to the staking menu, you will notice that the resource amounts have been updated.
To return the staked resources, go to the staking menu. Press the “Unstake” button in the staking menu.
A screen will open where you need to select the type of resource for which you want to return the coins and specify the amount you wish to return:
Then, press the “Unstake” button at the bottom of the screen.
A confirmation screen will appear. Press “Unstake” again:
Confirm the action with your PIN code.
If everything is correct, you will see a message confirming the successful unstaking and the available amount:
Press “OK” to return to the ULTIMA window. In the transaction list, you will now see the unstaking transaction marked as “Unstaked”.
Note: After unstaking, the withdrawal of ULTIMA will be available only after the staking period ends, which is currently 1 month.
Information about the coins available for withdrawal is displayed in the “Unstaking” widget — the third widget in the staking section:
The “Available” widget shows the amount of SMART available for withdrawal.
To get detailed information about the status of frozen coins, press the “List” button.
A list of coins currently in the unstaking process will open.
Each transaction has a countdown timer showing how long remains until the coins become available for withdrawal:
At the bottom of the screen, there is a “Cancel All” button.
By pressing it, you will stop the unstaking process, and the coins will remain frozen.
To withdraw the coins, press the “Withdraw” button on the “Unstaking” widget and follow the further instructions.
The withdrawal process is similar to the freezing and unfreezing steps demonstrated above.
Resource delegation
Delegation on the ULTIMA blockchain allows you to transfer your resources, such as energy and bandwidth, to other users. By freezing your ULTIMA coins, you receive these resources and can delegate them so others can perform transactions more cheaply or even for free. You choose the period for which you want to delegate the resources, and after that period ends, you can reclaim them. This is a convenient way to help other network participants and optimize the use of your resources.
So, in the staking section, click the “Management” button. A screen will open where you can see how much Energy and Bandwidth are available for delegation. Select the resource you want to delegate at the top of the screen and click the “Delegate” button at the bottom:
On the next screen, enter the amount of energy you want to delegate. Below, paste the ULTIMA wallet address of the user you want to delegate (transfer) the energy to. Please note that the minimum amount of delegated resources must be equivalent to 0,01 ULTIMA or more.
Below, you can activate the lock period — the time during which the resource will belong to another user. After this time expires, you can revoke the resource from the other user. If no lock period is set, you can return the resources delegated to another user at any time.
To set the lock period, toggle the lock period switch and select the duration.
After that, click “Continue”. Next, review the conditions, network fee, and confirm the entered data by clicking the “Confirm” button:
Click "Confirm," and SMART Wallet will prompt you to enter your PIN code. If everything is done correctly, you will see a message confirming that the delegation was successful:
The delegation transaction will appear in the transaction history.
By clicking on the transaction, a window will open with detailed information: the address where the resources were sent, the type of resource, and the amount.
To return delegated resources, go to “Management” and click the “Reclaim” button.
A screen will open showing which resources you shared and to which address. Click “Reclaim” to revoke them.
You can return all the resources at once or partially by entering the amount in the input field. Enter the amount to return and click “Continue”.
A screen will open where you need to review the conditions and confirm the action. The network fee amount will also be displayed on this screen:
Confirm the action with your PIN code. If everything is correct, you will see a message confirming that the resource has been successfully reclaimed:
In the “Staking” section, you will see that all your resources have been returned and are ready for management:
This guide has shown you how staking works—a technology that significantly expands the possibilities for all users of the ULTIMA ecosystem. Use staking to save on transactions and contribute to the development of the ULTIMA Chain blockchain!
If you have any questions, please contact support, and we will be happy to help.
We wish you successful work!