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.
You have to perform 3 steps to be able to stake your CELO tokens with Chorus One
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
Once you have completed this transaction, wait one day and activate your votes by using the following command
celocli election:activate --from 0xYourAddress --wait
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.
For a detailed guide please visit the official documentation for Celo network
