Staking Sui with Legato
We’ve released a new version allowing you to stake SUI for vault tokens. If you prefer to stake SUI for liquid SUI tokens as described in this article, you can still access the old version at https://app.legato.finance. Alternatively, you can use the SUI wallet or any other compatible app.
We’re thrilled to introduce a new feature that works on Sui Mainnet (and Testnet). This non-custodial interface is designed for seamlessly staking your SUI tokens.
Although our timelock vault is currently available only on Testnet, it is undergoing final preparations before its launch on Mainnet in a couple of weeks.
You can check out our previous article to see what the timelock vault and Legato project are:
How to Stake
Despite there being many dapps and wallets that allow you to stake SUI tokens on the validator in a non-custodial manner (meaning no trusted party in between you and the validator).
We decided to include it in our dapp to provide users with additional visuals to support the yield trading market. Although non-Legato users can use it without any restrictions.
Connect the wallet by clicking the button on the top right of the screen. We integrated Suiet Wallet Kit SDK, allowing us to conveniently connect to all Sui-based wallets in the market.
Once the wallet is connected, choose the SUI market — SUI -> StakedSUI. By default, it’s already there, but if not, you can click “Select Market” to open the list. You may also see the average staking APY on the system.
Next, you’ll need to select a validator from the list. Each validator comes with a different APY, so you’ll need to examine the details to determine which one best fits your preferences.
When you’re ready to stake, click ‘Next’ to reveal the confirmation panel where you can input the amount to stake and confirm.
Once the transaction is confirmed, you’ll receive a staked SUI object representing how much you’re staking. The staked SUI object is transferable and tradable, similar to stETH on Lido.
How to Withdraw
When staking, you need to wait a maximum of 2 epochs or 2 days to start earning. Afterward, you can check the progress, transfer or unstake them at the portfolio screen.
Your rewards are auto-compounding, meaning there is no need to regularly withdraw the reward and re-stake to maximize the yield. Thus, there is no APR on SUI staking, the yield rates are only shown as APY.
We’re one among many non-custodial solutions available on the market, which means you can freely stake with us and unstake with other tools without any problems.
FAQ
- Is there auto-compounding on SUI staking?
- Staking SUI is auto-compounding, meaning you do not need to withdraw rewards in-between and then re-stake again and again. - Does staking SUI involve any risks?
- Staking at the consensus level is among the lowest-risk investments in the crypto space. It’s on par with Bitcoin mining and staking on any other proof-of-stake blockchain. - Is this centralized or decentralized?
- The interface is non-custodial. We don’t have smart contracts in between. All SUI tokens being staked go directly to SUI’s system smart contract on the chosen validator.
Follow our channels to receive any updates on the protocol development. We were born from the Sui hackathon and commit to delivering an innovative solution for staking SUI that benefits the SUI ecosystem overall.
Stay tuned until next time. 👋
Twitter/X: https://twitter.com/StakeLegato
