How to auto-compound your staking rewards on Saga Network and increase your total APY with Omnistake.com and Restake.app

First of all, why is this important and what is the difference between auto-ReStaking or regular Staking:

1. Compounding staking rewards means that you will earn higher overall APY on your staked SAGA deposit than if you don’t auto-ReStake.
2. Here is a projection for total yearly rewards when a user stakes 1000 SAGA but doesn’t enable auto-restaking:
   - Deposit: 1000 SAGA
   - Average staking APY: 16%
   - Period: 1 year
   - Auto-ReStaking: disabled

1. Here is the same user’s rewards projection when auto-staking is enabled, every other parameter remaining the same:
   - Deposit: 1000 SAGA
   - Average staking APY: 16%
   - Period: 1 year
   - Auto-ReStaking: enabled

How to Use Restake.app on the Saga Network with Omnistake.com

Restake.app offers a convenient way to automate the restaking of your staking rewards on blockchain networks like Saga Network, enabling you to earn compounding interest on your investments. This guide will walk you through the process of setting up and using Restake.app for the Saga Network.

Step 1: Create and Secure Your Wallet

Before you begin, ensure you have a compatible wallet set up. Saga Network commonly uses wallets like Keplr or Ledger. Make sure your wallet is secure, with backup phrases stored safely offline.

Step 2: Acquire Saga Tokens

To participate in staking, you’ll need Saga tokens. These can be purchased on supported cryptocurrency exchanges (you can find most of them listed on Coingecko. Transfer these tokens to your wallet once purchased.

Step 3: Connect Your Wallet to Restake.app

1. Visit https://restake.app/saga

1. Click on the “Connect Wallet” button.
2. Choose your wallet provider (e.g., Keplr, Ledger) and follow the prompts to connect your wallet.

Step 4: Delegate Your Saga Tokens

Once your wallet is connected, you’ll need to delegate your Saga tokens to Omnistake.com (if you already delegated, you can skip to Step 5):

1. On the Restake.app dashboard, click on “Omnistake.com”
2. Select a validator and click on “Delegate.”
3. Enter the amount of Saga tokens you want to delegate and confirm the transaction in your wallet.

Step 5: Set Up Auto-Restaking

After delegating your tokens, set up the auto-restaking feature:

1. Go back to the main dashboard on Restake.app.

2. Click on Omnistake.com

3. Click on Stake:

4. Click on Enable REStake to activate auto-restake for your wallet adress. This may require you to sign a transaction depending on your wallet’s requirements.

5. Select the Max amount you would like Auto-Restake to restake for you over time (unlimited is recommended) and an Expiry date when this auto-restaking activation will deactivate automatically.

6. Verify and confirm the wallet transaction to enable REStake and start benefiting from auto-compounding APY rewards.

Step 6: Monitor Your Staking

After setting up auto-restake, it’s important to monitor your staking activity:

1. Use the dashboard on Restake.app to check your staking balance and rewards.
2. Regularly review the performance of your chosen validator and consider rebalancing if necessary.
3. Stay informed about any network updates or changes that might affect staking conditions.
4. You can always come back to Restake.app and deactivate this auto-staking function at any time using the same wallet you used to activate it.

Additional Tips

• Security: Always prioritize security by using hardware wallets or ensuring your software wallet is secured with strong passwords and two-factor authentication.
• Validator Research: Spend time researching validators beyond just their fees and uptime. Community reputation and governance participation are also important.
• Updates: Keep your wallet and Restake.app access updated to take advantage of new features and security improvements.

Using Restake.app for automating the restaking process on Omnistake.com validator of the Saga Network is straightforward. By following these steps, you can efficiently manage your crypto assets and potentially increase your returns through compounding interest.