Overview

Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. When you stake your CELO tokens with Chorus One you can earn rewards up to 13.2% per annum.

The native Celo token (CELO) is used to pay for transactions and these can also be staked by token-holders to earn rewards, participate in governance, and vote for validators.

How to stake Celo tokens

You have to perform 3 steps to be able to stake your CELO tokens with Chorus One

1. Locking your CELO tokens

First, you will need to lock your CELO with the following command.

Please note that CELO tokens require 3 days to unlock

celocli lockedgold:lock --from 0xYourAddress --value 10000000000000000000000

Be sure to change 0xYourAddress to the address that is holding your CELO. 10000000000000000000000 is equivalent to 10,000 CELO.

We recommend using a Ledger hardware wallet for the CELO tokens. If you are using a Ledger, add -useLedger to the above command

celocli lockedgold:lock --from 0xYourAddress --value 10000000000000000000000 --useLedger

2. Wait and Activate

Once you have completed this transaction, wait one day and activate your votes by using the following command

celocli election:activate --from 0xYourAddress --wait

3. Vote for Chorus One

Complete your staking process by voting for Chorus One Validator.

celocli election:vote –for=0x81cef0668e15639D0b101bdc3067699309D73BED –from=0xYourAddress –value=1000000000000000000000

Be sure to change 0xYourAddress to the address that is holding your CELO.

In this example, 10000000000000000000000 is being used to vote for Chorus One with 10,000 CELO.

Detailed Guide

For a detailed guide please visit the official documentation for CELO network.

This resource can also be found on our Blog under: https://chorus.one/articles/how-to-stake-celo-celo-network‍