📌Change VARA Rewards Destination

How to change your staking rewards destination in Nova Wallet!

By default, Nova Wallet will set it so that your staking rewards are restaked (compounded). It is possible at any time to adjust this setting by following the steps outlined on this page.

There are 2 options for how you can receive your staking rewards. You can either have your staking rewards restaked (compounded), or you can have them sent to an account as transferable (unlocked) balance.

Due to the fact that the default setting is to restake (compound) your staking rewards, the following steps will explain how you can change it so that your rewards are set to be distributed as transferable balance. You can follow steps 1-5 below at any time to access this screen again to once again set your staking rewards to be restaked (compounded).

  1. Open the Nova Wallet application.

  2. Select the Staking screen.

  3. Select your staking position, in this case, would be Vara VARA.

  4. From the Vara staking screen select Rewards destination.

  5. You will now be presented with the option to choose between Restake rewards (compounding) or Transferable rewards.

  6. To change your staking rewards destination to transferable rewards select Transferable rewards.

  7. You now need to select the account that you wish your rewards to be deposited into. Note that this does not need to be the same account which is staking your VARA tokens.

  8. Once you are happy with your rewards destination select Continue.

  9. Review the contextual information including the staking rewards destination address and any associated fees and select Confirm.

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