How to Save MultiversX ($EGLD) Using XWallet: A Beginner’s Guide?

elrond step by step stacking sur elrond wallet multiversx sphere.jpg

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Now, every user can create a wallet and delegate tokens to validators. Here’s how to save EGLD tokens in the MultiversX wallet.

Create a wallet on MultiversX

Elrond Wallet is an easy-to-use web wallet for beginners. With this guide, you’ll get familiar with the wallet features and learn how to delegate EGLD tokens.

Disclaimer: Web wallets are vulnerable to phishing attacks. Never enter passwords and private keys on unknown or fake sites. Always verify the domain in your browser and don’t follow links sent to you in private messages, otherwise you may lose your funds. We recommend bookmarking the Elrond Wallet site address in your browser to avoid phishing.

Now let’s move on to creating a wallet.

Step 1. Create a new wallet

Go to the MultiversX wallet site and click on Create wallet. If you forget the password to your wallet and lose your Keystore file, you can restore access to funds using your startup phrase by clicking on the Access existing button.

Step 2. Backup the seed phrase

Firstly, the wallet explains to the user that it will not be possible to recover the password, as blockchain wallets do not store this information. Elrond Wallet also warns that you must be responsible for backing up your seed phrase and create a backup so that the funds can be restored.

Let’s write down 24 words on paper. They should be kept in a safe place. It’s best to make multiple copies to avoid access issues. These words will allow access to the wallet to be restored if other data is lost. The order in which the words are displayed on the screen is also important.

Enter the words corresponding to the sequence number to confirm the correct spelling of the seed phrase.

Step 3. Create a password to log in to the wallet

To log in to your account, you need a password. It must be at least 8 characters long and contain uppercase letters, numbers, and special characters. Let’s come up with a strong password and enter it again.

The wallet has been created. Now the keystore file will be downloaded to our device – it will be required to enter the wallet with the password.

Add funds to the wallet

Adding funds to your Elrond wallet is very easy. Simply enter your wallet by entering your password and uploading the keystore file.

The screenshot shows what the key file should look like. Its name contains the wallet address, and the file itself has a json extension. Click on Access Wallet.

The wallet interface opens. The main panel displays wallet statistics:

  • The total amount of funds;
  • The number of tokens available for transfer (unstaked EGLD);
  • The amount of staked and pending tokens;
  • The dynamics of the EGLD price;
  • The time until the next rewards distribution.
  • To get the Elrond wallet address, simply click the Copy button to the right of the address or the QR code icon, or select the address and copy it using the Ctrl + C key combination.
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You can send tokens to this address manually or use the cryptocurrency exchange where you purchased EGLD tokens. Within a few minutes, the tokens will be transferred to your wallet.

Now that we have added funds to our wallet, we can now stake on EGLD.

Stack EGLD

After an update, a delegation function appeared in the Elrond wallet. We can now select a validator and delegate our tokens. This can be done in two ways: directly in the Elrond wallet or through the delegation manager. Let’s take a look at both methods.

Method 1. Using the Delegation Manager

Step 1. Connect the wallet

To connect the wallet and staking tokens, go to the Delegation Manager panel and click on Wallet.

Connect to the Elrond wallet – enter the password, upload the Keystore file, and click on Access Wallet.

Step 2. Delegate the tokens

After authorization, we will be automatically redirected to the delegation manager panel. We have connected a wallet. Now, we need to stake EGLD. Everstake charges only a 15% commission on delegators’ profits. Click on Bid to continue.

Enter the amount of EGLD tokens you want to delegate, but not less than 1 EGLD, and click on Continue.

Next, the delegation manager will redirect us to the Elrond wallet to confirm the transaction. Verify that everything is correct and confirm the transaction.

Please wait until the transaction is recorded on the blockchain. This usually takes less than a minute.

“If the transaction is successful, we will be redirected back to the delegation manager panel – the tokens are now staked.

Method 2. In the Elrond Wallet

Step 1. Select the validator (Go to the “Stake” section).

Note. If you are on the main wallet panel, you can skip this step and immediately press the “Stake Now” button.”

The page that opens displays staking statistics: the number of staked tokens, active staking, and available rewards. To open the list of validators, click on Stake Now.

Find the validator in the list using the search bar – enter its name. Then, check the box as shown in the screenshot and click Continue. Pay attention to the “Filled” field. It indicates how much the validator is occupied by delegates. The Elrond network only accepts a limited number of delegates.

Step 2. Delegate EGLD tokens

Enter the number of tokens to stake. You can do this manually or by moving the slider. Then click on Continue and wait for confirmation from the validators.

Verify the transaction settings and click on Confirm.

Great! Your tokens have been staked successfully.

NOTE: Please note that the undelegation period is 10 days. During this period, you cannot withdraw the EGLD tokens and perform any transactions with them.

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