If you’re looking to stake EOS, you’re about to engage with one of the most powerful blockchain platforms out there. EOS is designed for high-speed, low-cost transactions, making it an ideal network for developing and running decentralised applications (dApps) at a commercial scale.
With its Delegated Proof-of-Stake (DPoS) consensus mechanism, EOS enables token holders like you to participate in decision-making and network governance actively. Staking EOS not only grants you access to resources on the network but also allows you to influence the platform’s future.
Known for its scalability and lightning-fast transactions, EOS offers a unique opportunity for both developers and investors. Let’s dive into how you can stake your EOS tokens and maximise your benefits.
How To Stake EOS?
Staking EOS tokens is an excellent way to earn rewards while actively contributing to the security and efficiency of the EOS network. If you’re new to staking, here’s a simple guide that explains how to get started in just a few steps.
Step 1: Set Up Your Wallet
Before staking your EOS tokens, you’ll need an EOS-compatible wallet. It’s crucial to choose a secure and reliable wallet to protect your tokens. Some popular choices include Anchor Wallet, Scatter and Ledger, which are widely trusted by the EOS community. After setting up your wallet, make sure it’s properly secured with strong passwords and, if available, with two-factor authentication (2FA). Having your tokens in a secure wallet ensures that you can stake them confidently without worrying about potential security risks.
Step 2: Connect To The Staking Portal
Once your wallet is set up and ready, you’ll need to access a staking portal, such as stake.eosnetwork.com. These portals allow you to connect your wallet and interface with the EOS blockchain. After navigating to the portal, simply follow the steps to connect your wallet. Most portals provide a clear and straightforward process for linking your wallet, so this step should only take a few moments.
Step 3: Stake Your EOS Tokens
After connecting your wallet, you can enter the number of EOS tokens you wish to stake. It’s important to remember that once you stake your tokens, they are locked for a minimum period of 21 days. This means you won’t be able to use or trade them during that time, so ensure you stake an amount you are comfortable with. Once you’ve chosen the amount, simply follow the on-screen instructions to complete the staking process.
Step 4: Choose A Validator
Selecting a validator is a key part of the staking process. Validators help secure the network, and by delegating your tokens to a trustworthy one, you ensure the network operates smoothly while earning rewards. It’s important to research validators before making a decision. Look for validators with a good reputation, consistent performance, and reliable uptime. A well-chosen validator will help maximise your staking rewards while supporting the network’s security.
Step 5: Monitor And Manage Your Stake
Before finalising your stake, carefully review all the details. Make sure the amount of OM tokens you plan to stake is correct and double-check the staking duration. This is a crucial step since staking durations affect your rewards. Once you’ve verified everything, click on “Stake Now” to complete the process.
Popular Video Guides On Staking EOS
Best Places To Stake EOS
WhiteBIT is a European centralised cryptocurrency exchange platform with over 3 million clients. It supports a wide range of cryptocurrencies and altcoins, offering users efficient trading and exchange options. The platform includes a smart staking program, providing up to 30% annual returns on assets like Bitcoin, Ethereum, and Tether. Users can choose from various staking plans with lock-up periods ranging from 10 to 360 days.
Pros:
- Intuitive and user-friendly interface.
- Strong security measures for protecting user assets.
- Supports over 270 cryptocurrencies for trading.
- Offers advanced trading tools and features.
Cons:
- Limited support for fiat currencies.
- Geographic restrictions may limit accessibility.
BTSE is a cryptocurrency exchange that was launched in 2018, originally focusing on Bitcoin but has since expanded to offer a wide range of digital assets. It provides advanced trading tools, lending options, and staking opportunities. The BTSE Earn feature allows users to generate passive income by locking their assets, offering both fixed and flexible interest products. The platform stands out with its competitive fees, strong security measures, and user-friendly mobile apps. Additionally, BTSE provides flexible-term staking with variable interest rates, making it a suitable choice for users seeking diverse investment options.
Pros:
- Competitive staking rates with flexible terms.
- Wide selection of financial products beyond basic trading.
- High-level security measures and insured funds.
- Easy-to-use interface for both web and mobile apps.
- Competitive fees are lower than many top exchanges.
Cons:
- Limited selection of supported cryptocurrencies compared to larger exchanges.
- Early withdrawal from staking forfeits earned interest.
- 24/7 support lacks live chat functionality.
- Public proof of reserves (PoR) has not yet been fully demonstrated.
MyCointainer is an automatic staking platform that helps users generate passive income through Proof-of-Stake (PoS) cryptocurrencies. It offers a streamlined, all-in-one platform where users can stake multiple crypto assets, earning rewards effortlessly. The platform supports advanced automatic staking for select altcoins and operates on a staking pool infrastructure. MyCointainer benefits both large and small investors by providing access to shared master nodes and compound interest on rewards. It also offers transparent fees that are visible on the user dashboard, ensuring a secure and regulated staking experience.
Pros:
- User-friendly interface suitable for beginners and experienced traders.
- Supports multiple PoS coins for diversified staking.
- Automatic staking with minimal user intervention.
- Transparent, profit-based fees on rewards only.
- Offers fiat-to-crypto gateway for easy purchases.
Cons:
- Limited altcoin support for advanced staking.
- Minimum withdrawal amounts can restrict flexibility.
Benefits Of Staking EOS
Staking EOS presents numerous advantages that attract both new and seasoned investors. As a leading blockchain platform designed for decentralised applications, EOS offers a unique staking mechanism that not only allows users to earn rewards but also enables them to contribute to the network’s overall functionality and security. Here, we explore the key benefits of staking EOS and how it can enhance your investment strategy.
Earn Attractive Rewards
One of the most enticing benefits of staking EOS is the opportunity to earn passive rewards. When you stake your EOS tokens, you can receive substantial annual yields, sometimes reaching up to 33%. This attractive return on investment makes staking an appealing option for those looking to grow their digital asset portfolio while minimizing active trading risks. The simplicity of earning rewards while holding your tokens adds an extra layer of convenience to your investment strategy.
Enhance Network Security
Staking EOS also plays a crucial role in maintaining the security of the EOS network. When you stake your tokens, you effectively act as a guarantor for the validators responsible for processing transactions. Your staked tokens serve as collateral, ensuring that validators behave ethically and maintain the integrity of the network. This collaborative effort enhances the overall security and reliability of the EOS ecosystem, fostering a safer environment for all users.
Access Essential Resources
Staking EOS grants you access to vital system resources such as CPU and NET, which are necessary for executing transactions on the network. These resources enable you to perform actions like deploying smart contracts and interacting with decentralised applications without incurring additional costs. This benefit proves particularly advantageous for developers and users actively engaging with the EOS platform.
Participate In Governance
EOS operates on a Delegated Proof of Stake (DPoS) consensus mechanism, allowing stakers to influence the network’s governance. When you stake your EOS tokens, you gain the power to vote for block producers and participate in crucial decisions affecting the ecosystem’s future. This level of engagement ensures that the community has a say in the project’s direction, aligning the network’s goals with the interests of its users.
Retain Ownership And Control
Finally, staking EOS allows you to retain full ownership of your tokens. You have the freedom to choose which validators to delegate your tokens to, empowering you to support the block producers you trust. This flexibility ensures that your investment aligns with your values while maintaining your control over your assets.
Frequently Asked Questions
How Long Do I Need To Stake EOS Tokens?
When you stake EOS tokens, there is no fixed duration; you can stake indefinitely until you manually choose to unstake. Once you trigger the unstaking process, you’ll need to wait for 21 days before you can access your rewards and unstaked tokens.
Where Do EOS Staking Rewards Come From?
EOS staking rewards are sourced from a pre-allocated pool of 250,000,000 EOS tokens. This pool follows a halving schedule every 4 years, starting with 125,000,000 EOS distributed over the first 4 years, which equals 31,250,000 EOS released annually.
How Does Staking Work On EOS?
Staking EOS involves participating in ‘block producing.’ Block Producers maintain the EOS Mainnet by running nodes. EOS holders vote for block producers, and only the top 21 with the most votes can validate transactions and produce blocks for the network.
Can I Participate In EOS Network Governance By Staking?
Yes, staking EOS tokens allows you to vote for block producers who validate transactions and maintain the network. This voting process empowers token holders to directly influence network governance and the selection of the most trusted block producers.
