Staking ALGO, the native token of the Algorand blockchain, allows you to earn rewards while passively contributing to the network's security and governance. Here's a step-by-step guide:
1. Several wallets support ALGO staking, including Pera Wallet, MyAlgo Wallet, Exodus, and Ledger Nano S (with the Algorand app). For this guide, we'll use Pera Wallet.
2. Buy Algorand on KuCoin and transfer your tokens to your crypto wallet.
3. Go to the Algorand Governance website and click "Connect Wallet." to connect your wallet to its interface.
4. Click "Commit ALGOs" and choose the amount you want to stake. Remember, leaving a small amount uncommitted for transaction fees is recommended. Double-check the amount and confirm your commitment.
5. you must send a zero transaction from your committed ALGO address to qualify for governance rewards. Follow the instructions on the website to do this.
6. If a governance period is ongoing, You can vote on proposals using your committed ALGO. This further increases your reward potential.
Note:
> The minimum staking amount is 1 ALGO.
> Staking is non-custodial, meaning you retain control of your ALGO.
> Rewards are distributed quarterly based on your committed amount and participation in governance.
> You can unstake your ALGO anytime, but there is a 7-day waiting period before accessing your funds.