How to set up staking with KARMA tokens (EOS dApp)

How to set up Karma staking

In the Telegram groups I’m part of, staking tokens and earning a passive income has been all the rage this past month. The EOS based KARMA project also announced staking for its holders this week.

Karma staking was enabled on 10 September 2018. You can read all the finer details of how much you can earn for staking your tokens in this post.

For the next 30 days, 30 million Karma tokens will be allocated for those that stake their tokens. This amount will decline as time goes by. That means that it is crucial that you get your tokens staked as soon as possible to earn the most Karma tokens you can.

To be honest, I’m really not sure what the exact amount of tokens you can earn for staking are. However, seeing as I don’t plan on selling these tokens any time soon, I might as well lock them up and earn more.

Here’s a short video from Dallas about staking and how it works.

This post is not meant as a detailed explanation into staking. Rather, I just want to show EOS holders how to get set up as quickly as possible. That’s why I’ve added a bunch of videos for those who are interested.

How to set up your staking

These are the options I’m aware of on 15 September 2018. Currently, you can only use the Scatter wallet in combination with EOS Toolkit. SimplEOS is working on integrating it as well – which would be my preferred solution once that is up and running.

Using Scatter

It’s relatively simple. You can scroll down to the bottom of this post to see the tips Dallas from Karma mentioned or just follow my steps. I’m sure there are different ways of setting this up (browser vs desktop wallet), but this is how I did it.

Step 1: Download the Scatter wallet to your computer and install it.

Step 2: Set up the Scatter wallet. This part might seem a bit scary, but it’s actually a lot easier than it sounds. Just follow the instructions given. You’ll need to register a username, import your EOS private keys (I got mine from the Exodus wallet), create a password and back up your wallet.

I’m sorry if this is not as detailed as I usually do it, but if you’ve set up any wallet before, you’ll probably be able to figure this part out.

Step 3: Go to EOStoolkit.io website and connect your Scatter wallet. Make sure that you are logged into Scatter when visiting the website, then just follow connection instructions.

Step 4: Click on the link that says “KARMA”, select your account and choose the number of tokens you want to power up. In this case, “power up” means tokens that you want to stake.

Here’s a screenshot of the number of tokens I have that are powered up.

As you can see, the process is fairly simple. If I missed a few points, please forgive me, since I only decided to create a post about this after I set the staking up.

The video below should answer any additional questions you might have. I’ll let you know if and when SimplEOS enables staking in their wallet.