Dear GROW users,
The GROW team has prepared another Beginners Guide for GROW users struggling with staking and unstaking.
Staking with GROW
GROW allows you to stake ICX and earn rewards directly from the ICON network. GROW takes no commissions, which means that you keep 100% of the rewards earned from the ICON network.
To learn how to earn up to 12% p.a. on BTC, ETH, USDC and USDT, read our post on Flex Earn and Fixed Earn deposits.
Step 1. Create ICX wallet
For depositing ICX, you should create an ICX wallet first.
1. Open the GROW app, and click [Deposit] button in the Total Asset box.
2. Click on Select Coin field, and select [ICX].
3. Select [ICON] network, and click on [Create Deposit Address].
Congratulations! you have created an ICX deposit address to which you can send ICX funds.
Step 2. Depositing Tokens
You can see your ICX deposit address by clicking on [Deposit], selecting [ICX], and clicking on [ICON] network type.
Please ensure that you input the correct deposit address when sending funds to your GROW account. These deposit addresses will only accept funds from the corresponding cryptocurrency. Due to the nature of blockchain technology, you may lose access to your funds if you send a non-corresponding cryptocurrency or if the deposit address is not input correctly.
Funds in your ICX account do not earn interest by default (unlike GROW Flexible Earn accounts). To earn rewards on ICX, you must stake your tokens.
Step 3. Staking Tokens
Now that you have deposited ICX into your GROW account, you can stake these tokens and start earning rewards from the ICON network. GROW takes ZERO fees or commissions from your network rewards, so you enjoy 100% of the proceeds.
1. On the main page, press [Total Asset] box, and click on [Staking] tab to load [ICX] wallet.
2. Click on [Adjust Stake], and select the number of ICX tokens that you would like to stake. You can input these or use the slider for convenience.
Take note that you must always have at least one unstaked ICX available to cover network transaction costs. These transaction costs are incurred directly from the ICON network and are independent of GROW.
3. Press [Apply Changes] to stake your selected amount of ICX.
Congratulations, you have submitted an ICX Staking Request. The request will be processed in approximately one minute.
Claiming Staking Rewards
Through GROW, you can earn two types of rewards on your staked tokens. This section will cover the process for claiming ICX rewards manually.
1. On the Staking page, press [ICX], and press [Claim] on the Reward box.
2. After reviewing the Reward Amount (ICX) and Estimated max. fee (ICX), press [Claim] to continue.
Congratulations, you have claimed the Reward (ICX) on your staked ICX. You can confirm the details of claimed rewards on the Reward tab.
All actions requiring transaction on ICON network will use a small amount of ICX for the network fee, and claiming Reward is not an exception. Whenever you claim the accumulated ICX, you need to pay the network fee. That’s the reason why GROW sets the auto staking.
For those who find claiming ICX is a hassle, GROW prepared an Auto Staking feature. Turn on the Auto Stake mode and enjoy the compounding effect with the ICX auto staking.
1. Click [Auto Stake] button at the top right corner.
2. Select [Auto Staking On] and click [Save Changes] button. For reference, when the accumulated Reward (ICX) reaches out 1 ICX, it will be automatically claimed and staked.
Please note that the Unstaking ICX may take up to 6 days from being requested.
Unstaking is as easy as staking with GROW.
1. Navigate to the [Staking] tab, and click on the [ICX] wallet.
2. Press [Adjust Stake].
3. Adjust the slider or input the amount of ICX that you would like to remain staked. If you want to completely unstake ICX from GROW, move the Slider to Min or enter 0 manually.
4. Press [Apply Changes] to complete the Unstaking request.
Congratulations, you have unstaked ICX. You can adjust your staking amount at any time.
Please note that the Unstaking ICX may take between 5 and 20 days from being requested.