Tired of high transaction fees and slow networks when staking your crypto? Staking Conflux (CFX) is your gateway to earning rewards while supporting a fast-growing blockchain network.
It is a layer-1 blockchain built to power decentralized apps, Web 3.0 infrastructure, and more, with the added benefits of scalability, security, and low transaction costs. Using its unique Tree-Graph consensus mechanism, which blends Proof-of-Work and Proof-of-Stake, Conflux makes asset transfers quick and cost-effective. When you stake CFX, the native token, you help secure the network and earn rewards in return.
In this guide, we’ll walk you through how to easily start staking Conflux and unlock the benefits it offers.
How to Stake Conflux (CFX)?
You can stake CFX coins either by operating a node and staking your coins with it or by delegating their coins to a staking pool. This process is known as pool staking. You can stake CFX tokens on Espace and Core Space.
Staking Conflux On Espace Using Pools
To Stake CFX on Espace first, make sure you have at least 1,000 CFX in your MetaMask wallet. You’ll also need to add the Conflux eSpace network to MetaMask.
Keep in mind that 1,000 CFX is the minimum tokens required for staking, and you should always leave a small amount, around 1 CFX, to cover gas fees for staking, unstaking, or claiming rewards later.
Go to the Validator Pools:
Visit the Conflux POS validators website and select either the PHX POS pool or the ABC POS pool, depending on your preference.
Switch to eSpace Network:
On MetaMask, switch to the Conflux eSpace network to ensure you’re connected to the correct blockchain.
Connect Your Wallet:
On the POS pool website, click “Connect Wallet.” MetaMask will prompt you to confirm your wallet connection. Hit “Next” and then “Connect.”
Input Your Staking Amount:
Enter the amount of CFX you want to stake, ensuring you’ve left some CFX for gas fees.
Confirm the Staking Transaction:
Click “Stake” to open MetaMask. Confirm the transaction on MetaMask, and remember, the staking lock period is 7 days for both staking and unstaking.
Staking Conflux On Core Space With A Pool
Staking Conflux (CFX) on Core Space using a pool is a simple process, but you need to follow specific steps to ensure everything runs smoothly. First, you will need to download and install the Fluent Wallet if you haven’t already.
Ensure that you have at least 1001 Conflux in your wallet—1 CFX for gas fees and the rest for staking in multiples of 1000. The remaining 1 CFX is essential as it covers gas fees for the staking process.
Visit the Conflux PoS Validators Website
Head over to the official Conflux PoS Validators website. This is where you will find the list of available staking pools.
Select a Staking Pool
Once you are on the site, pick a pool to stake your Conflux. You can either go with the highest-ranked pool or select options like the PHX PoS Pool or ABC Pool. Make sure the pool is active, verified with a check mark, and secure, as indicated by a lock icon. This ensures that your staked tokens are safe.
Connect Your Fluent Wallet
After selecting your preferred pool, check that Core Space is highlighted in white. Once confirmed, click on Connect Wallet. This will allow you to link your Fluent Wallet to the website.
Sign Into Fluent Wallet
Sign in to your Fluent Wallet, and connect it to the site. You will see your wallet address displayed in the top right corner, beginning with CFX. This confirms that your wallet is successfully connected.
Stake Your Conflux
Enter the amount of CFX you want to stake. Ensure it’s in multiples of 1000 and that you leave at least 1 CFX for gas fees. Click on Stake to proceed with the transaction.
Confirm the Transaction
Once you’ve entered the staking amount, confirm the transaction in your Fluent Wallet. After approval, your Conflux will be staked, and you can monitor your rewards over time.
Also read: How to lose $14.6 billion in 6 days
Popular video guides on Staking Conflux (CFX)
Best Places to Stake Conflux (CFX)
MetaMask is a widely-used crypto wallet that now offers pooled staking for Ethereum (ETH) users. With MetaMask Pooled Staking, users can stake any amount of crypto to secure the Ethereum network and earn rewards. The platform leverages Consensys Staking infrastructure, ensuring reliable staking with zero slashing incidents since 2020. This flexibility, combined with real-time monitoring of balances and rewards, makes MetaMask an accessible and secure staking option for both small and large investors.
Pros:
- No minimum deposit required for staking.
- Reliable infrastructure with a strong security record.
- Flexible unstaking without fixed lock-up periods.
- Easy tracking of balances and rewards.
Cons:
- Only supports ETH staking.
- Unstaking times may vary based on the Ethereum exit queue.
- Limited staking features compared to dedicated staking platforms.
- Staking rewards are dependent on Ethereum network performance.
Fluent Wallet is a Web3 wallet designed for the Conflux Network, allowing users to manage their CFX and ERC-20 tokens efficiently. It offers secure interactions with decentralised applications (dApps) on the Conflux ecosystem. With a streamlined interface, Fluent Wallet provides a user-friendly experience for managing crypto assets while supporting seamless integration with various dApps. The wallet continues to evolve with new updates, making it a reliable choice for both everyday users and developers.
Pros:
- Specialised support for Conflux Network and ERC-20 tokens.
- Easy integration with Conflux-based dApps.
- Secure asset management features.
- Regular updates and new feature rollouts.
- User-friendly interface for seamless use.
Cons:
- Limited to Conflux Network, reducing token diversity.
- Fewer staking options compared to larger platforms.
- Some advanced features may confuse beginners.
- Limited support for non-Conflux dApps.
Benefits of Staking Conflux (CFX)
By staking your CFX tokens, you can earn rewards while playing an active role in securing the Conflux network. Let’s explore the specific advantages of staking CFX and how it can enhance your overall crypto strategy.
Passive Rewards for Long-Term Growth
One of the most appealing benefits of staking CFX is the ability to earn passive rewards. By locking your CFX tokens in the network, you generate a steady income stream without the need to engage in active trading or market speculation. This makes staking a safer option, as you retain full ownership of your tokens while earning consistent rewards. Over time, these rewards can accumulate, allowing you to grow your holdings without additional investment.
Voting Power in Network Governance
Staking CFX not only benefits your wallet but also gives you a voice in the Conflux network’s future. By staking your tokens, you gain voting rights, enabling you to participate in important governance decisions. This means you can influence proposals related to network upgrades, policy changes, and overall project direction. This democratic approach ensures that all stakeholders have a say in the network’s evolution.
Enhance Network Security
Staking plays a critical role in maintaining the security and stability of the Conflux network. When you stake your CFX tokens, they are locked within the network, which helps to secure the blockchain by ensuring that enough tokens are held in reserve to protect against attacks. This creates a more robust and stable system, benefiting all users and ensuring the long-term success of the project.
Enjoy Low Transaction Fees
The Conflux network is built for high scalability, which allows it to process a large number of transactions quickly. This scalability keeps transaction fees low, making it more cost-effective for users to stake, send, or trade CFX. This makes staking CFX particularly advantageous for those looking to maximize their returns while minimizing costs.
Multi-Chain Interoperability
One of the standout features of Conflux is its support for multi-chain interoperability. This means that you can move assets seamlessly between different blockchains, enhancing your flexibility and allowing for greater use cases. Staking CFX doesn’t just benefit the Conflux ecosystem; it also opens doors to other networks, making it a versatile asset in a multi-chain world.
Frequently Asked Questions
What Is Conflux Network?
Conflux Network (CFX) is a high-performance blockchain that uses a hybrid consensus of Proof of Work (PoW) and Proof of Stake (PoS). It enables fast transactions, supports smart contracts, and has its native token, CFX, to reward network participants. Conflux aims to create a multi-chain ecosystem connecting various blockchains seamlessly.
How Many Conflux Tokens You Need To Stake?
To stake Conflux tokens, the minimum amount required must be a multiple of 1000 CFX. This requirement ensures that users stake in specific increments, making the process standardised for all participants. Always check the platform for any additional staking conditions or changes to the token requirements.
What Is The Lock-in Period To Stake CFX Tokens?
The lock-in period for staking Conflux (CFX) tokens is 7 days. This means once you stake your CFX tokens, they will remain locked for at least 7 days before they can be unstaked. After this period, you can choose to either continue staking or withdraw your tokens.
Where Can You Store Conflux Token?
You can store CFX tokens in several wallets, including SafePal S1, Ledger, Fluent, MetaMask, and Trust Wallet. SafePal and Ledger offer hardware solutions, while Fluent and MetaMask provide browser extension wallets, both supporting Conflux’s Core and eSpace networks. Choose based on your preference for security and accessibility.
