This guide will provide a comprehensive overview on how to claim rewards earned through staking your tokens. Staking allows you to earn passive interest on your assets, as opposed to having your funds sit idly by. When you stake your assets, you lock them up and participate in the process of verifying transactions on the blockchain. In return? Juicy rewards. The more you stake, the more rewards you earn. 💸 You can find step-by-step guides on how to claim your rewards through Steakwallet below.
How do I claim my staking rewards?
Depending on the protocol, your staking rewards will either be auto-compounded or you will manually need to claim your rewards. If you want to know whether or not you have to manually claim rewards for a given token, you can navigate to its token profile in app. Under Staking info, there will be a Reward Claiming box. This box will will be labeled either Auto or Manual.
Automatic Reward Claiming
Some protocols will be subject to automatic rearward claiming, such as the Graph ($GRT). Locked $GRT tokens can be staked to earn more $GRT, and you will see your overall balance increase without having to do anything. Since your earned rewards are automatically added to your total staked balance, your staking income will compound — meaning, you will earn rewards on top of your rewards.
This way, you don't need to do anything and earn the highest possible APY (Annual Percentage Yield).
Manual Reward Claiming
Alternatively, some protocols require you to manually claim your rewards. Tokens on Cosmos ($ATOM), Terra ($LUNA), and Osmosis ($OSMO) are popular protocols that subject stakers to manual reward claiming. To manually claim staking rewards, navigate to the token profile page. Beneath where it shows your Staked Balance, there will be a box labeled Claim Rewards. If you have unclaimed rewards that have accumulated, then the amount you have earned will be listed. To claim, simply hit Claim twice and voilà – your rewards will now be reflected in your Available Balance.
Don't forget to re-stake these rewards to maximize your returns. Since claiming rewards and staking are both on-chain transactions, they require a transaction fee – make sure to have enough tokens available to cover those transactions costs.
If you don't claim your rewards and re-stake them, you're missing out on some extra compound yield and will not earn the highest possible APY.
Start Earning Rewards in as Easy as 3 Clicks
Steakwallet’s signature unified 3-click staking mechanism makes it as easy as possible for users to start earning yield on their assets. Users can currently natively stake the following assets through Steakwallet:
- Akash ($AKT)
- Celo ($CELO)
- Cosmos ($ATOM)
- Ethereum ($ETH via Lido)
- The Graph ($GRT)
- Juno ($JUNO)
- Kava ($KAVA)
- NEAR ($NEAR)
- Osmosis ($OSMO)
- Solana ($SOL)
- Terra ($LUNA)
We are constantly rolling out staking support for more tokens, so make sure to follow us on Twitter to keep track of all our latest updates. Steakwallet also currently supports the storage and management of thousands of more tokens across most major Layer 1 blockchains, and many Layer 2s.
More on Steakwallet
Steakwallet is a mobile-first, multi-chain, non-custodial wallet that allows users to easily stake tokens and earn rewards. Steakwallet can be downloaded on iOS or Android, allowing you to instantly secure, send, receive, and stake over 10 different cryptocurrency assets.
Being non-custodial, Steakwallet gives you full ownership of your assets and wallet private keys. With Steakwallet, you are always in control of your assets.
Steakwallet makes every part of the staking experience user friendly from delegation, rewards claiming, unbonding, and more.
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