Guide to a crypto staking
Crypto staking entails “locking up” a piece of your cryptocurrency for a set length of time in order to contribute to a blockchain network.
Till now all the newcomers and old players were accustomed to two ways of making money in the cryptocurrency market that is mining and purchasing cryptocurrency assets.
Although in recent times crypto staking has become fairly popular as it is a safe way for investors to earn interest on their holdings, it helps them grow their assets and generate a sustainable passive income.
The financial terms, tech jargon, and tokenomics associated with the concept of crypto staking can seem extremely confusing when first learning about it. We have curated a guide so that you can understand what exactly crypto staking is in a nutshell
How does crypto staking work?
Crypto staking is almost as similar to keeping your money as a deposit in the bank and getting an interest yield on them, although the concept is the same the return is not the same and it is way higher than putting it in a bank.
In staking, holders lock their tokens for a fixed amount of time and a fixed amount of yield, and they get rewarded as per the time and yield, the tokens are then used to run the blockchain and also ensure security, the usual rate of yield is between 5–20%.
This is all possible through the PoS (Proof of Stake) technology.
PoS (Proof of Stake)
Proof of Stake is a mechanism that works on the blockchain and randomly selects token holders in the chain (validators in the PoS network), these validators are used to verify transactions on the blockchain and to ensure the functionality of the blockchain.
Chains that allow staking
- Bitcoin
- Ethereum
- Polkadot
- Polygon
- Binance Smart Chain
- Etc.
To learn more about tokens and their staking functions you can visit sites like CoinGecko to be up to date.
You can start staking but find out tokens that have staking capabilities and stake those tokens on their particular network for great returns on your investments.
One of the best tokens to stake currently is the FANSPEL token
FANSPEL token is a cryptocurrency based on the BSC ( Binance Smart Chain ) and it is certainly certified too, you can use this token on the FANSPEL app which allows you to enter into daily fantasy contests in various sports or use it to invest and stake on the FANSPEL staking platform.
FANSPEL is a multi-utility token that wants to cater to a wide crowd and give them the benefits of blockchain and cryptocurrency.
FAN Token can be stored on their wallet called FAN wallet via which it can be traded, staked, and swapped out.
It gives a whooping APR of 18% depending although that may vary depending on the staking options you choose from, they have flexible and locked staking options that make your staking options vast and easier, and also it helps it be custom-tailored to your preferences due to these various options.
You can check out Fanspel at https://www.fanspel.com/ & buy the fan token at https://www.fanspel.io/
FAN token is available on various other platforms too such as PancakeSwap and various other exchanges.
To stake check out https://stake.fanspel.io/
