How to stake ELYS

After long testing and developing, Elys Network has launched their chain on Cosmos Hub with PSS (Partial Security Set).

Elys is an L1 chain with a mission to simplify DeFI for everyone, from simple stakers to pro traders. The Network offers a suite of powerful features aimed at maximizing earning potential through flexible staking, trading, and liquidity opportunities. Whether you want so just earn passive rewards with minimal effort or you want to leverage a wide range of trading such as Perpetuals, Leveraged, Derivative etc. Elys has you covered.

Let’s dive into how to stake ELYS!

What makes staking ELYS token different from other networks?

Elys took another approach to how to incentivize stakers and commit to rewarding long-term supporters. When you stake Elys, you gain:

1. Spot trade fees.
2. Perpetual trading fees
3. Transaction fees
4. EDEN & Eden Boost

Whenever a trade occurs on Elys Network, you receive a share of rewards, including USDC and other external assets. EDEN is a special token that is rewarded to stakers and liquidity miners. This token functions similarly to ELYS: you can stake it for rewards or vest it. When you vest EDEN, you will receive ELYS for each EDEN you vested in the period of 90 days. Every pre-defined number of blocks, an amount of EDEN is “vested” into liquid ELYS that will automatically deposit in user wallets and do what they want with. You can also cancel the vesting process early if you want to stop this process.

Prerequisite

You will need a wallet for Cosmos SDK based chains such as Keplr, Leap, Cosmostation, Metamask, Ledger.

Elys offers connections via social links such as Discord, Reddit, X account, etc. However, we can’t recommend this method to anyone that plans to use the wallet for long term because if your social account gets compromised, you might lose access to that account or maybe something worse. There are definitely some pros and cons in comparison to other wallet options, but at the moment, we can’t fully support this option if you plan to stake your assets.

Fund your wallet with ELYS

If you already have ELYS, you can skip this process.

The ELYS token can be acquired on CEX (Centralized Exchange) or on Elys own DEX (Decentralized Exchange).

ELYS App

Go to the Elys App. You will need some asset to swap for ELYS, currently you can trade AKT, TIA, USDC, ATOM. Another thing if you do now have ELYS token, you will need to use a USDC (from Nobe) or ATOM to pay for the gas. So send a small amount of ATOM or USDC via IBC and the token you want to trade (example AKT, TIA or just send more ATOM or USDC). To deposit assets in Elys there is a button Transfer in the top right. A pop up window will show where you will need to chose from which chain you want to send assets to.

When doing the swap, confirm the transaction and you will get a pop up select on the fees section and change it to ATOM or USDC depending on the assets you have sent. Confirm transaction in your wallet and you should have ELYS in your wallet.

If you do not have ELYS to pay the fees you can use USDC or ATOM.

CEX

At the moment, only Gate.io and MEXC have ELYS on their exchanges. The process is simple. You will need to top up your account with funds (crypto or fiat), then look for spot trading buy ELYS and afterwards head to withdraw a section. Copy your Elys Network address from your wallet and withdraw to the address.

If you plan to use Keplr wallet the easiest way would be to connect to the Elys App here and when you connect the wallet in the top right corner press on the wallet. It will show you all the address. Copy it. Or you could add it manually, but it is a bit of a hassle.

Head over to the [https://chains.keplr.app/] (https://chains.keplr.app/). In the search bar, type in Elys and add it to Keplr. Then open the extension and press on the hamburger menu and go to the Manage Chain Visibility. Then again, search for Elys and check on it to be visible.

Stake ELYS

Head over to the Elys App and hover under EARN, you will find a Simple Staking button. Select it and then, in the middle, you will see ELYS Staking.

Click on Manage and a window will pop up. Select any governor you want. If you want to support up, you can stake with us or you can consider anyone else as long as they are outside of the top 20. To check who is outside top 20 you can visit our explorer at https://explorer.cogwheel.zone/elys/staking. When you input the amount you want to stake, confirm the transaction and sign it with your wallet (tip always leave a bit of ELYS to sign the transaction).

If you reached to this stage, then we congratulate you for becoming an Elys staker!