How to Stake Gems (GEM): A Step-by-Step Guide for Ugandans

Introduction

Staking Gems can be an excellent choice for those looking to hold GEM while earning APY in a secure manner and supporting the network. The process might seem a bit overwhelming, particularly if you're doing it for the first time. That's why we've created this guide specifically for you.

Step-by-Step Guide for Ugandan Investors

1. Acquire Gems (GEM) Tokens
To stake Gems, you first need to acquire it. To obtain Gems, you will have to buy it. You can select from these well-known exchanges available in Uganda.
2. Select a Gems Wallet
Once you have GEM, you'll need to select a Gems wallet to securely store your tokens. Here are some reliable options to consider.
3. Delegate Your GEM
We recommend using a staking pool when staking GEM. It's simpler and quicker to get started. A staking pool is a collective of validators who combine their GEM, which increases their chances of validating transactions and earning rewards. You can manage 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 Gems network. You'll be rewarded with GEM for these validations.

What to Keep in Mind

There are transaction and staking pool fees you need to keep in mind. Additionally, there may be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, which can take a bit of time.