Introduction
Staking Merlin Chain can be a great option for those who want to hold MERL but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-step
- 1
Obtain Merlin Chain (MERL) tokens
In order to stake Merlin Chain, you need to have it. To obtain Merlin Chain, you'll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a Merlin Chain wallet
Once you have MERL, you’ll need to choose a Merlin Chain wallet to store your tokens. Here are some good options.
- 3
Delegate your MERL
We recommend using a staking pool when staking MERL. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their MERL, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
- 4
Start validating
You’ll need to wait for your deposit to be confirmed by your wallet. Once it’s confirmed, you’ll automatically validate transactions on the Merlin Chain network. You’ll be rewarded with MERL for these validations.
What to be aware of
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
