⁉️ How to stake NYM (Nym)
Everything you need to know to stake your NYM with Chorus One.
Overview
CATEGORY
DETAILS
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Recommended Wallet
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Unstaking Period
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About Nym
Nym (NYM) is a decentralized privacy platform that protects users’ data and metadata across the network and application layers. Its core components include the Nym mixnet, which anonymizes communication by encrypting and mixing data to obfuscate metadata, and Nym credentials, which enable private authentication through zero-knowledge proofs. Together, these tools enhance privacy for users and support applications in the broader blockchain ecosystem.
Nym also introduced the NymVPN which is a decentralized VPN built on the Nym network, designed to eliminate single points of failure and provide strong privacy protections. It offers two modes: a high-speed VPN mode for everyday use and a Mixnet mode for comprehensive metadata protection. Additionally, zk-nym credentials enable private, trace-free payments, ensuring a higher level of online privacy.
How Staking Works on NYM
In the Nym ecosystem, there are two tokens involved with staking — NYM and NYX which serve different purposes related to staking.
NYM is the primary token and NYX functions as a derivative.
Anyone with NYM tokens can delegate them to a mix node using either the CLI or the NYM wallet to earn a portion of the node’s rewards. Even tokens locked in a vesting contract can be delegated, allowing you to earn rewards while your NYM tokens are still vesting if this is applicable to your situation.
There is no minimum delegation amount, so you can participate and earn rewards regardless of how much NYM you hold.
When you delegate to a mix node, you help boost its reputation, which is based on the node’s total stake. This includes the operator’s bond and all delegated stakes. A higher reputation increases the node’s likelihood of being chosen for rewards and improves its reward rate.
By delegating your stake, you support the node in becoming part of the reward and active sets, thus maximizing its earning potential.
Understanding NYM and NYX
Purpose: NYM is the main token of the Nym ecosystem, used for staking, rewards, and paying for network services.
Staking: NYM is staked directly on mix nodes to secure the network and provide privacy services. Stakers earn rewards proportional to their stake and the performance of the mix nodes.
Utility: Besides staking, NYM is used for governance and transaction fees within the network.
Purpose: NYX is a liquid staking derivative token issued when you stake NYM. It represents your staked NYM and the rewards it accrues over time.
Staking Mechanism: When you stake NYM using a liquid staking mechanism, you receive NYX tokens in return, which can be freely traded or used in DeFi applications while your NYM remains staked.
Benefits & Flexibility: NYX allows you to access the value of your staked NYM without waiting for the unstaking period.
Composability: You can use NYX in other decentralized finance (DeFi) protocols for additional yield or liquidity options.
In short, NYM is the token you stake to secure the network, while NYX is a derivative that allows you to retain liquidity and participate in additional financial activities without losing staking rewards.
Prerequisite Checklist
Before you start staking NYM, ensure you have the following:
Supported Wallet: NYM Wallet will be necessary to use.
NYM Tokens: Ensure you have NYM tokens in your wallet for staking and a small amount for transaction fees.
Chorus One Validator: Locate the Chorus One validator address in https://ping.pub/nyx/staking
Address: nvaloper15urq2dtp9qce4fyc85m6upwm9xul3049ckp6x4
How to Stake NYM
Step 1. Install the NYM Wallet
For the focus of this guide we recommend using the official NYM Wallet.
If you don't yet have a NYM wallet setup, please see: Getting Started: NYM Wallet
If you already have a wallet installed, feel free to skip ahead to Step 3: Stake your NYM
Step 2. Locate the Chorus One Validator
Navigate to https://ping.pub/nyx/staking and either scroll through the list to find Chorus One, or navigate directly to the Chorus One validator.
Connect your wallet to the PingPub by clicking on wallet icon in the upper-right hand corner of your screen.
You will be prompted to connect with a compatible wallet such as Keplr or Leap. Choose whichever wallet you are currently using.
Once you've connected your wallet, if you haven't added the NYM network to Keplr already, you will be prompted to do so.
Go ahead and accept the connection and at this point if you have not done so already, send some NYM to your wallet that you wish to stake.
Step 3. Stake your NYM
Next, make sure you have the Chorus One NYM validator address from PingPub.
nvaloper15urq2dtp9qce4fyc85m6upwm9xul3049ckp6x4
From your NYM wallet, click on 'Delegate'.
Next you will be prompted with some information about delegation.
When you click on 'Delegate' you will be prompted with the following and need to supply the required information to stake to Chorus One.
The Node Identity Key
Chorus One:
34RqwDf7nGcJQxoNMT83ZrdZNCMsAAztm7sKFcyMXaB4
The amount of NYM you wish to stake (10 NYM minimum)
When staking NYM via the NYM wallet, you must select a mix node to delegate to. The wallet uses the node’s identity key to ensure your delegation is applied to the correct node, (in this case Chorus One) which then earns rewards for your NYM stake.
Simply click on 'Delegate' and you can begin the process to stake your NYM.
Step 4. Managing your NYM Stake
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Please note that there is a ____ day unbonding process (also known as unstaking) for NYM.
During this period your stake no longer earns rewards and cannot be transferred, exchanged, or spent.
However, you can cancel the unstaking process if you wish without penalty.
Step 5. Claiming NYM Rewards
After some time you will see rewards accumulating in your NYM wallet.
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You can simply go to the NYM Wallet interface to claim them by selecting 'Claim' and approving the transaction.
Step 6. Unstaking your NYM
If you wish to unstake your NYM, you can do so from the NYM Wallet that you used to stake.
>>> Further instructions pending
Please note that NYM undergoes a ____ day unbonding period when unstaking.
To proceed, click on 'Unstake' and follow the prompts to select the amount of NYM you wish to unstake.
Then confirm and sign the transaction in your wallet.
And that's it! Your NYM will begin unbonding which you can track from your wallet.
After the unbonding period is complete you will be able to transact with your unstaked NYM.
Questions?
Feel free to reach out to our Support Team if you would like any clarification.
For direct support, please create a ticket on our support platform.
A link for a support request can also be found along the top of this webpage as well as many other Chorus One resources including OPUS Pool, The Chorus One SDK, and our Blog.
A Note to Institutional Investors:
If you are an institutional investor looking to stake Nym (NYM) with Chorus One, please reach out to us via our staking request form.
About Chorus One
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others.
Since 2018, we have been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures.
As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter), and Telegram.
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