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- May 24, 2023 12:17 UTC
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Staking Crypto With Tokex — What’s At Stake?
Staking refers to the process of locking up crypto assets for a specific period to support a blockchain’s operation, with the reward being an additional cryptocurrency. Proof of stake consensus mechanism is common in many blockchains where participants validating new transactions and adding new blocks are required to “stake” a predetermined sum of cryptocurrency.
By staking, only authentic transactions and data are added to the blockchain, and participants offer sums of cryptocurrency in staking to have a chance to validate new transactions as a type of insurance. Correctly validating legitimate transactions and data would earn them more crypto as a reward.
How Does Staking Work?
Staking tokens helps in maintaining the proof of stake blockchain stable. It involves locking up assets and actively participating in network validation. Moreover, getting started with staking is straightforward, as most exchanges like Tokex offer staking services.
Staking provides an opportunity for cryptocurrency holders to earn through rewards. This would not have been possible without staking, making it a valuable feature of cryptocurrency tool.
It also allows you to support the blockchain projects you believe in. By staking your funds, you contribute to the blockchain’s efficiency, making it more resilient to attacks and enhancing its transaction processing capabilities.
What’s at Stake When Staking Crypto?
Staking your tokens typically involves a locking period that spans from weeks to months, depending on the program. You will only be able to cash out once locking period is over. Furthermore, it may take you some time to find a buyer and a lender in the market.
It cannot also be ignored crypto’s volatile nature. These digital assets is known for their significant price swings. On the bright side, a sufficient amount of research can help you avoid losses, mitigate risks, and allow you to get the staking platform’s high returns.
Staking with Tokex
Currently, there are six staking pools available on Tokex, which involve Tokex (XPL) and Tether (USDT).
Tokex (XPL)
| Pool | Annualized Return | Lock Period |
| Pool 1 | 1.8% | 182 days |
| Pool 2 | 4.4% | 365 days |
| Pool 3 | 50% | 720 days |
Tether (USDT)
| Pool | Annualized Return | Lock Period |
| Pool 1 | 24% | 720 days |
You can start staking your crypto on Tokex here.
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