Staking Cronos (CRO) is a great way to earn rewards while supporting the growth of the Crypto.com ecosystem. As the native token of the Cronos Chain, CRO powers the Crypto.com Pay mobile payments app and other services designed to increase personal control over money and protect user data.
You can only stake CRO on the Crypto.com platform, which offers different ecosystems and APY rewards to suit your needs. This guide will walk you through the steps to stake CRO and maximise your investment.
How to Stake Cronos (CRO)
Staking CRO involves locking up your tokens for a set period within the Crypto.com DeFi wallet, Crypto.com exchange, or the Crypto.com app. This method allows you to earn CRO passively without needing to engage directly with the Crypto.com ecosystem. It’s an easy way to grow your CRO holdings without active management.
How To Stake CRO on the Crypto.com App?
Staking CRO on the Crypto.com App allows you to unlock several exclusive benefits, like higher cashback rates, purchase rebates, and attractive annual percentage yields (APY). The app calculates staking rewards daily and distributes them weekly. To stake CRO, you need to hold a substantial amount of CRO tokens and commit to a staking period of at least 180 days. Here is a step-by-step guide to staking CRO using the Crypto.com App:
Step 1: Log in to the Crypto.com App
Open the Crypto.com App on your mobile device and log in to your account. Make sure your app is up-to-date to avoid any technical issues.
Step 2: Buy CRO Tokens
Tap the “Trade” button at the bottom of the screen. Select “Buy,” then choose “CRO” from the list of available assets. Pick your preferred fiat currency, enter the amount of CRO you want to purchase, and review the details. Confirm your purchase to add CRO tokens to your account.
Step 3: Stake Your CRO
Navigate to the “Card” page within the app and select a Crypto.com VISA card that suits your needs. Tap on “Stake CRO” to begin the staking process. Follow the prompts to finalise the staking of your CRO tokens, ensuring you meet the minimum staking amount and duration requirements.
How To Stake CRO on the Crypto.com Exchange?
Staking CRO on the Crypto.com Exchange is a straightforward process that allows you to earn rewards while supporting the network. Follow these steps to start staking your CRO tokens:
Step 1: Log In to Crypto.com Exchange
Visit the Crypto.com Exchange website and log in using your registered credentials. Ensure your account is fully verified to participate in staking activities.
Step 2: Access the “Stake and Earn” Program
Once logged in, navigate to the “Stake and Earn” program in the sidebar menu. This section provides a variety of staking options tailored to your investment preferences.
Step 3: Select a CRO Staking Package
Review the available CRO staking packages and choose the one that suits your goals. Enter the number of tokens you want to stake, considering factors like the staking duration and potential rewards.
Step 4: Review and Confirm Your Staking Order
Before proceeding, carefully review the staking order details. Confirm the information, and then click the button to begin staking your CRO tokens on the exchange. This final step activates your staking process, allowing you to start earning rewards on your holdings.
How To Stake CRO on the Crypto.com DeFi Wallet?
Staking CRO through the Crypto.com DeFi Wallet involves several steps. Follow the given steps carefully to ensure the successful staking of your CRO tokens.
Download the DeFi Wallet App
Start by downloading the Crypto.com DeFi Wallet app. Visit the official Crypto.com website to get the app and install it on your device. Once installed, set up your wallet to begin managing your CRO tokens. You can buy or transfer CRO from other crypto wallets into your newly set up DeFi Wallet.
Navigate to the Earn Program
After setting up the wallet, open the app and navigate to the “Earn” program. Click on the “Earn” button to access the staking features. If you haven’t yet used this option, you might see $0 in your resources section. Click on the “Start Earning” button to proceed.
Select CRO from the Staking List
In the Earn program, you will see a list of available crypto assets. Locate CRO and click on “Stake CRO” to start the staking process. Specify the amount of CRO you wish to stake. Note that the minimum amount required to participate in the earning program is 5000 CRO. After selecting the amount, a list of validators will appear.
Choose a Validator
Validators operate their nodes and support the Crypto.com ecosystem. Carefully review the list of validators and choose one based on their performance and reliability. This choice is crucial as it affects your staking rewards and overall experience.
Begin CRO Staking
Once you’ve chosen a validator, click “Confirm Stake” to complete the staking process. Your CRO tokens will be staked, and you will start earning rewards based on the staking conditions and the validator’s performance.
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Popular video guides on Staking Cronos (CRO)
Best Places to Stake Cronos (CRO)
Crypto.com Exchange is a premier platform for staking CRO tokens, offering users the opportunity to earn attractive rewards through flexible and fixed staking options. Designed for both casual and serious investors, the platform provides a seamless experience for staking, with tiered APYs based on the staking duration and amount. Crypto.com’s staking platform also includes benefits like reduced trading fees and access to exclusive events, making it a comprehensive option for those looking to maximize their crypto holdings.
Pros:
- High APYs for long-term CRO staking.
- Daily payout of staking rewards.
- Additional perks like trading fee rebates and event access.
- Flexible and fixed staking options available.
Cons:
- Complex reward structure that might confuse new users.
- CRO token value fluctuations can impact earnings.
- Limited staking options outside of CRO.
The Crypto.com App integrates with the Crypto.com Visa cards, which provide additional benefits like cashback and purchase rebates. Staking rewards on the app range from 1% to 5% APY, depending on the Visa card tier. The app's user-friendly interface and comprehensive features make it appealing to both beginners and experienced users within the Crypto.com ecosystem. However, the staking rewards are closely tied to the ownership of Crypto.com Visa cards, limiting accessibility for some users.
Pros:
- High staking rewards for top-tier Visa cardholders.
- Access to premium benefits, including cashback and rebates.
- User-friendly app with a modern design.
- Comprehensive features beyond staking, such as Crypto Earn programs.
Cons:
- Lower APY for users with lower-tier cards.
- Rewards are subject to reduction during market downturns.
- No staking rewards for entry-level cardholders.
The Crypto.com DeFi Wallet is a secure, non-custodial wallet designed for staking and interacting with decentralised finance (DeFi) services. It allows users to stake CRO and other tokens while providing access to various DeFi protocols through an intuitive app interface. The wallet prioritises security with features like two-factor authentication and offers competitive staking rewards and flexible terms.
Pros:
- Supports staking for a variety of cryptocurrencies, not just CRO.
- Non-custodial wallet with high security and access to multiple DeFi services.
- Flexible staking terms with the potential for higher returns.
- Simple and intuitive user interface for staking and managing assets.
- Integration with popular DeFi protocols and dApps.
Cons:
- May be too complex for beginners unfamiliar with DeFi and staking.
- Staking returns can vary based on market conditions and chosen validators.
- Limited customer support for staking-related issues.
- Must have at least 5000 CRO tokens to stake in the DeFi wallet.
Benefits of Staking Cronos (CRO)
Staking CRO opens the door to a world of financial benefits that can significantly enhance your investment experience. By committing your CRO tokens to staking, you can unlock multiple advantages that go beyond just earning rewards. Here’s how staking Cronos can work to your benefit.
High Yield Potential
Staking Cronos offers impressive returns, with yields reaching up to 6% APY at the time of writing. This high yield means your investment can grow substantially over time, making staking an attractive option for those looking to maximise their returns. For investors who prefer flexibility, staking CRO on Crypto.com with flexible terms still provides a noteworthy 2% APR, a competitive rate for those who want to maintain liquidity while earning.
Trading Fee Discounts and Rebates
One of the standout benefits of staking CRO is the reduction in trading fees on the Crypto.com platform. Stakers enjoy significant discounts, which can lead to substantial savings, especially for frequent traders. Additionally, staking provides rebates on trading other crypto assets, making it a smart choice for those who engage in multiple transactions.
Access to Low-Interest Loans
Staking CRO doesn’t just mean earning rewards; it also gives you access to low-interest loans through Crypto.com’s crypto lending platform. This feature allows you to leverage your staked assets, offering a practical financial solution for those who need liquidity without selling their holdings.
Exclusive Visa Debit Card Rewards
Stakers can also benefit from applying for a Crypto.com Visa debit card. This card comes with its own set of perks, including cash back rewards on purchases. It’s a valuable addition for those who want to earn while they spend, making staking Cronos not just an investment strategy but a lifestyle upgrade.
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Frequently Asked Questions
What Are The Three Ways To Stake Cronos Tokens?
You can stake CRO in three main ways. First, via standard staking on the Crypto.com app, offering simplicity but less control. Second, through the Crypto Earn program for soft staking, which is user-friendly. Third, by DeFi staking through the Crypto.com DeFi wallet, where you select a validator to stake CRO. This decentralized method provides more control and potentially higher rewards.
Are There Any Risks Involved In Staking Cronos?
Yes, staking CRO carries risks. The project’s roadmap lacks clarity, and the token’s value has been declining, hitting $0.10 recently. Crypto.com has faced hacking incidents, leading to the potential loss of staked funds. Additionally, staking rewards have been significantly slashed, and locked funds are inaccessible, potentially causing missed opportunities if market conditions change.
Where Can You Buy Cronos Token?
You can buy CRO on several major exchanges, including Gate.io, MEXC Global, Coinbase, and UpBit. These platforms offer a variety of options for purchasing and trading CRO tokens. You can buy CRO tokens in exchange for fiat currencies such as US Dollars (USD) Euro (EUR) and South Korean Won (KRW) and altcoins such as Tether (USDT), and USDC.
Can You Mine Cronos Tokens?
No, you cannot mine Cronos tokens. CRO operates on a proof-of-stake (PoS) consensus mechanism, which differs from proof-of-work (PoW) systems where mining is possible. Instead of mining, you earn CRO by staking it. This process involves locking your tokens to support network operations and receive rewards, rather than solving complex computational problems as in mining.
