Why I Stake ICP in the Network Nervous System
I'm going to show you how to stake your ICP in the network nervous system today at nns internetcomputer org. Now, this does not include the SNS tokens, which you need to use the legacy one if you want to get into those. This is just ICP. I'll explain the different lengths of staking time and help you see how to get the best APR on it. Nice. The price is $3 35. Now, let's go.
How Staking Length Affects Your Bonus
So first off, let's look at how the different lengths of staking impact it. So right now, if you stake for two weeks, which is the minimum, you don't get much of an age bonus. But if you stake for two years, you get a 200 age bonus. So right now, the minimum is to stake for two weeks. So to me, the basic two options are to stake for two weeks or two years. If you want them, obviously you can do somewhere in between. But if you want the easiest liquidity, two weeks. And if you want the maximum rewards, two years. Now, what's cool about staking in ICP is the potential for the..
These rewards to earn on unrealized capital gains. So let's say I'm right about ICP and nothing I've ever said is financial advice, and it just goes up to $100 from where it's at like three today. Well, then you're getting this APR multiplied by 30 compared to the price today. So that's pretty sweet. So let's look over. I'm going to, I've got a silly setup right now where I've got, I am getting 8 39 because of my eight year gang, and you can see the neuron here. Here, so I'll click in my neuron. You can see which neuron I've got here. Well, it gives you the basic details, and then you can go to your voting neurons on the left.
I unpack the rest of my ICP thinking across my ICP Crypto playlist.
This is my known neuron. I've got 656, 54 maturity already locked in it, and then I spawn the rest so I can dump it if I want to whenever the price goes high. You can compound your maturity. We'll get into that in a second, one thing at a time, all right?
A Look at My Existing Neurons
So these are my existing neurons, and this one I have, this was converted from, from an eight year gang, so I get a bonus interest rate. This one's locked for two years, and I just leave it locked. This was created on June 9th, 2023, and I just let it sit there and continue to earn maturity. And I spawn the maturity on it whenever I see that the maturity modulation is 100 or higher, especially if it's trending up, then I spawn the maturity so I can sit on that and have it liquid.
Creating a New Neuron Step by Step
Now, what we're going to do is create a new neuron and show you how to do that, so what I, how much liquid do I have over here? So I got 2 395 ICP liquid, and I want a neuron with, let's, let's add, I got, there's my address right there. Let me click create a neuron. We'll do one, two, three, four, five, six, all right? And then we're just going to lock this two weeks so that I can actually get some interest on it. This is close to liquid, but this will be earning some interest, and there, we'll put it for just two weeks right now. If you'd rather not click through this part alone, you can book a one-on-one call with me and we'll set up your neuron together on our call while you share your screen.
Now, notice the lock period can only be increased. It can never be decreased. You have to dissolve it, and you get the max rewards at two years. Now, at three months, you get 2 27, and at two weeks, you get 2 21. So, it doesn't really go up much. Even a year only gets you one more percent, but two years gets you, much higher up there. So to me, it's either two weeks or two years. So I already have two years locked on 3 000 ICP. I'm going to lock this. Now, since I have maturity, the expected maturity is 2%. Now, the question is here, do I want it compounded?
This lock-period choice fits into the bigger picture I lay out in My Ideal ICP Accumulation Strategy.
Auto-Locking and Compounding Your Rewards
So what I'm going to do with the rewards on this is auto lock the rewards. I'm doing the opposite on my main neuron, although I may consider compounding a maturity there, but I like having some liquid, so if we get a temporary pump, I can sell some without touching my principal. So what you can do on this screen, and man, they've improved this interface since the last one. The last one was. Rough this is so much better so right now the basic choices are to auto lock the rewards now for two weeks this is definitely the thing to do you just keep putting the maturity on top of the existing maturity and compound it meanwhile.
There's no point in unlocking having the rewards unlocked where you can spawn them because you you'd only it takes seven days to spawn your new rewards anyway so you might as well compound the maturity here and then when you unlock the whole thing. Or dissolve the whole thing then you'll get the maturity with the initial icp now the initial state you can either put it locked or unlocking however since it's a two week delay you'll notice the expected maturity goes down to nothing now if you. Put this at two years so another strategy you could do will be to lock this for two years and then what you do is click on unlocking and then the maturity it will just trend it you could auto lock the maturity to compound.
It a little bit more or get the maturity on top of it and then you can lock it for two years and then unlock it as well but you could start it at two years and then begin the countdown immediately or that and. That's a way you could get a much higher interest and have it back in a fixed time but i already have the two years on my other one so i don't need that so we're going to auto lock this and then lock it. So this will stay locked until i unlock it and it will compound the rewards so once we click on create now i've got my neuron and this is final so if i had to put it on the other side i would have to.
Put it on the other side and then lock it two years right there it's final like as soon as it creates the neuron it's locked up there's no going back without trying to sell your account and in most cases you don't want to. 30 minute calls this is the cheapest it's been in forever so i invite you if you want help with this just pop in for a quick call and share your screen on your computer and we'll talk about all this so now let's continue. With the details of this so now instead of this icp sitting here doing nothing this will now give me an extra 20 icp a year which at three dollars you know i don't really give a shit about six dollars i don't give a.
If you want to get on a weekly one-on-one call with me or just talk ICP, you can schedule a private call with me.
Shit about sixty dollars a year but it let you know if we get a nice pump at some point this will stop me from dumping everything immediately prematurely oh and it also will give me the two percent on it like let's say icp. Shoots up to twenty dollars well then that two percent turns in to like a thousand extra dollars if i did that math correct it feels like sixty dollars a year now no i didn't quite do did i do that math correct it's sixty. Dollars a year in interest right now on this much you know what fuck math no i now i gotta get this math i'm not using a calculator if the price goes up let's say 5x from where it's at today then i'd get 300.
A year you know what that's enough to pay for netflix or some other shit i don't have netflix anyway that's enough to pay for me to keep trying to date on hinge with hinge premium which if you want to hear more about that. Interest right now on this much you know what to do with this right here and it's gonna it gives me a i can do various things from here so if i top up this neuron it will decrease the age bonus for example if. I go over to this older neuron and i try and top this one up then that will screw up my age bonus based on how long this one has been locked so i don't want to do a new neuron and i can just.
If i click on start dissolving on this old one i'll have everything locked so i'm going to do a new neuron and i can just do a new neuron and i'll have everything including the maturity and the principle within in two years i. Can't increase the delay on this one but if i wanted to on the one i just created i could go over to click increase delay and if i put it to two years and if i clicked confirm change that would be locked for. Two years and there's no going back so just take this slow i'm going to take it slow and if i click over here on this older neuron if i click disperse maturity now this will take my maturity that i've earned if you set.
It to unlock and not if you auto lock it like the other one so this one is auto lock the new one because it might as well put the tiny amount of maturity i get in there and just compound it because it's only. Two weeks it's only locked 14 days but this one's locked two years so i if i would have just compounded the maturity that would have been better and then it's a taxable event when you spawn it but then if you leave it and. Let it sit for over a year you can get you can pay long term capital if it pumps all of a sudden and i've got enough locked up i'd rather just have some more liquid but with this one this is auto locked if.
I want to disperse the maturity i click disperse and then i click disperse one more time and that'll disperse it takes a week and then it sends it to your account now keep in mind your maturity will be modulated at this so always. Go to the internet computer the dashboard internetcomputer org governance which is directly up here and then you click network nervous system always check this to check the maturity modulation because if you can pop off them your maturity when it's 104 every 100 mature. You you'll get 105 icp or whatever 104 but if you pop it off down here at 95 piece icp you'll be like damn it i'm a dummy bitch you'll be like no i lost potentially 10 icp but that's not a big deal but.
Watching Maturity Modulation Before You Disperse
You need to pay attention to this maturity modulation chart before you disperse your maturity unless it's just like one or two icp in which case are you dispersing three to five dollars at once anyway but if you especially if you're doing larger amounts. At once watch this maturity modulation and notice it tends to trend up and trend down like this and it takes a week from when you get it so when you start seeing it trend up like this then you disperse it and try and. Catch it at the top right there if you're just nickel and diming your icp then you could do it like that now i shouldn't have saved this till this point in the video but i did it this way i've been doing this for.
A long time and i've been doing this for a long time i've i've missed a very important thing here is that i manually have to vote on proposals with both of these neurons in order to actually earn rewards so in order to actually.
Voting on Proposals to Earn Rewards
Anyone who didn't keep watching this point and i was like yeah he's swearing again they left well you missed the most important part to actually earn rewards so you need to actually vote on proposals and there's two ways to do that so one. Way you can do that is to manually vote yourself the other way is to you can be a lazy fuck and just have somebody else and follow them and not even pay a percentage dominic suggested we have where you pay a percentage to. The person you're following for them doing the voting but nah people couldn't even be bothered to give me one percent of all the people following me so you can just follow me and my account votes and i follow lorimer so really he should.
Setting Up Following on the Voting Page
Get it but here's what you need to do so you need to set up your following on the voting page so you go to vote for proposals and i'm going to go to the voting page and i'm going to i have a known. Neuron up here so you go to vote for proposals and you know real i'm like what this new version i don't even know where the hell did they put the following because i got this one here automatic voting here manage no neuron here. We go so we click manage no neuron but you scroll down to set jerry banfield now i'm following lorimer on mine and where the hell did what happened to jerry banfield there's jerry banfield all right so that is a simple way to set.
It literally the first time i've ever done this in this new interface so you click on manage no neuron to make sure you're following then you're going to click on jerry banfield and then just delegate all your voting to me and trust that. I'm getting it done and then i delegate it to someone else and trust that they're getting it done that's a great system isn't it so i'm going to click cancel though because i want to go down to the details so you can see. The details here you can follow for votes what i've done is i've followed lorimer on my main neuron now right now the issue with this is that i already am following lorimer on one neuron and if i follow myself that's not going to.
Work either so i'm actually going to go into the old nns and manually set all this shit up because i don't want to automatically follow everybody but you can just click manage no neurons and that will follow everybody for you and i'm going. To go into the old nns and manually set all this shit up and if you want to do it more detailed you can go into the old nns but i recommend for you for simplicity just follow me because i'm always keeping on top. And making sure i've got my rewards and if i want to manually vote or change to somebody besides lorimer then i do that you can follow definity foundation if you want but they don't vote on everything so if you don't vote on everything.
You will miss your maximum rewards you can follow neuron they have they vote you know they have an sns that votes on every proposal vote that's something you can do also but once you follow then you need to understand that once you followed. Somebody you can only start voting on new proposals so you can't vote on proposals that were made a few days ago and then once the proposals are made it takes a few days to get rewards so when once i set this up i. Shouldn't expect any rewards for at least like a week because a new proposal needs to be made it needs to be fully voted on and then i need to get my maturity from there so it often will take about a week from when.
You actually set up a new neuron and then you start getting any maturity but from there it will roll in on a consistent regular basis and you don't need to like micromanage this and check it every day but you can check your participation. Rate up here you can see all lorimer's cast all the votes between me and whatever i voted on manually and him all you can see your participation rate and this means you're getting a hundred percent of your rewards here so you all asked. Zoom grab your computer and get ready and we can walk through all this stuff we can also film a video together i got six youtube channels you want to talk with me about dating or just almost anything pop on here and i read.
Locking your ICP and voting for full rewards is how a stack compounds over time, which is part of why 100 ICP Is Enough, 10,000 ICP Is God Tier.
I'm thinking maybe i'm going to do a i could have like a members only video every week and then some of the videos that are old and not getting views i could put them in members only as well let me know if you. Think a members only chance or adding a members option doing like an exclusive members only video would be something worth doing and let me know what price you think would be good for that whether it be like five dollars or nine dollars or. Something small a month all right appreciate you making it to end hope to see you on another one.