Staking configuration for receiving Hedera HBAR staking rewards is easy in Wallawallet.
From your main Wallawallet account screen, click the Staking button. You are now viewing your Hedera native staking info for your account. Next, click on the “Configure…” button.
All you need to do to configure staking is:
- Select a node id
- Indicate you want to receive the rewards
- Update and pay the staking configuration fee
The node is simply the number of the Hedera node you want to stake to. By clicking the icon to the right of the Node id text box, you can see a complete list of Hedera nodes to select. You want to pick one that is not full, because if they are full, you may not receive any rewards.
Rewards are available to collect every 24 hour period at midnight UTC, after one full 24 hour period from midnight UTC to the next midnight UTC has elapsed. So once you are configured, you can use Wallawallet to see this countdown timer on the staking screen, and when it’s available, click the “Collect Rewards” button – currently our most popular button to click.
To configure staking for an account, that account must be properly restored to or created in Wallawallet, including its recovery keys. You can use our Collect Rewards button to collect rewards for other accounts that you may not necessarily have set up in Wallawallet (for example, perhaps you have an account on a Ledger that you don’t want to import the recovery phrase from), however to configure an account for staking, that recovery phrase for that account must exist in Wallawallet along with the account you want to configure so that the update transaction can be executed using your account’s private key.
If you stake indirectly, the Collect Rewards button in Wallawallet will not work if you trigger rewards collection for the indirectly-staked account until Hedera allows this triggering for a single tinybar debit from that account (and according to Dr. Baird, they will be making this change at some point.) But if you manually transfer at least 1 hbar out of the indirectly staked account, the rewards will be triggered, if they are available. Alternatively, you should use the directly-staked account (that which is configured to stake to a node id) for collecting rewards.
Once Hedera implements rent for accounts, your rewards will compound quarterly, but until then, or if you want to more frequently compound your rewards, you need to collect your rewards. Your rewards are only available for up to about a year, so if there is no activity on your account for over a year, you will lose all the rewards for that year (once again, until Hedera implements rent for accounts.)
Yes, Wallawallet does support indirect staking. You can enter an account id instead of a node id, whether or not you are in advanced mode for the staking Configuration screen.
