Want to put your crypto to work for you, while it also shapes the future of decentralised finance? Staking Jupiter (JUP) is a great way to get involved.
Jupiter is a decentralised finance (DeFi) platform on the Solana blockchain, known for optimizing liquidity and improving the efficiency of token swaps and trading. By staking JUP, you not only earn rewards but also gain a voice in the platform’s governance, thereby helping in the token’s future development.
In this article, we’ll walk you through how to stake Jupiter and start earning while contributing to the DeFi ecosystem.
How to Stake Fantom (FTM)?
Whether you’re new to staking or a seasoned crypto user, the process is straightforward. Let’s walk through the steps in detail to help you stake your FTM tokens securely and efficiently.
Step 1: Get a Compatible Wallet
Before you start staking Fantom, you’ll need a wallet that supports FTM tokens. The most popular options are MetaMask and fWallet, both of which are secure and widely used within the Fantom community. If you don’t have either wallet, you can easily download and set them up. MetaMask allows users to store multiple cryptocurrencies, while fWallet is designed specifically for Fantom users, making it easier to interact with the network.
Step 2: Acquire FTM Tokens
Once your wallet is set up, the next step is to acquire FTM tokens. You can purchase these tokens on any major cryptocurrency exchange like Binance, Coinbase, or Kraken. After buying FTM, you must transfer the tokens to your MetaMask or fWallet. Double-check the wallet address to avoid mistakes during the transfer.
Step 3: Access the Staking Platform
To stake your FTM, you will need to connect your wallet to the staking platform. If you’re using fWallet, navigate to the official Fantom fWallet site and connect your wallet. If you’re using MetaMask, make sure it’s connected to the Fantom Opera network before proceeding.
Step 4: Stake Your Tokens
Once your wallet is connected, go to the staking section. Here, you can select how much FTM you want to stake. Then, choose a validator from the list provided. The validator is crucial because it processes transactions and helps secure the network. After selecting a validator, confirm your staking delegation by following the platform prompts.
Step 5: Choose Your Lock-Up Period
Fantom allows flexibility in the lock-up period for staked tokens. You can opt for no lock-up period, but the rewards will be lower. To earn higher staking rewards, you can lock your tokens for up to 365 days. The longer you lock up your tokens, the higher your reward rate.
Step 6: Monitor Your Rewards
After staking, it’s essential to monitor your rewards regularly. Both MetaMask and fWallet will display your accumulated staking rewards. You can adjust your staking strategy based on the rewards you’re earning, ensuring you get the most from your staked tokens.
Also read: Crypto Margin Trading Vs Crypto Spot Trading
Popular video guides on Staking Fantom (FTM)
Best Places to Stake Fantom (FTM)
ByBit is a well-established cryptocurrency exchange that also offers staking services to its users. It provides flexible staking options, allowing investors to earn rewards without being locked into long-term commitments. With ByBit Savings, users can stake various cryptocurrencies, including FTM, and enjoy seamless staking and unstaking options. The platform offers real-time performance tracking and transparent analytics to enhance user experience, making it ideal for both casual and experienced crypto stakers.
Pros:
- Flexible staking with no lock-up periods.
- Easy-to-use interface for staking and unstaking.
- Real-time analytics for tracking staking performance.
- Supports multiple cryptocurrencies for staking.
- No penalties for unstaking assets early.
Cons:
- Lower APY compared to other platforms.
- Limited selection of high-yield staking options.
- Minimum and maximum investment limits for certain assets.
- Limited support for altcoin staking beyond major tokens.
Fantom is a high-performance blockchain platform that offers users a proprietary staking wallet, known as fWallet, to stake their FTM tokens. Unlike traditional exchanges, Fantom is focused purely on staking, requiring users to transfer FTM from external sources to their wallets. It supports a wide range of lock-up periods, from 14 to 365 days, and offers flexible and liquid staking options. Staking rewards on Fantom vary by lock-up duration, with APYs ranging from 1.80% to 6%. The platform also allows access to DeFi services through liquid staking, which enables users to mint tokens in a 1:1 ratio.
Pros:
- Flexible staking options with varying lock-up periods.
- Access to liquid staking, enabling DeFi participation.
- Low minimum staking requirement of 10 FTM.
- High staking rewards based on lock-up periods.
- User-friendly staking process with no need for sophisticated hardware.
Cons:
- FTM must be purchased elsewhere and transferred to the wallet.
- Maximum staking limit of 2,000,000 FTM.
- Lock-up periods can be long for higher rewards.
- Limited support for non-technical users needing guidance with the DeFi ecosystem.
OKX is a global cryptocurrency exchange that offers comprehensive staking services, allowing users to stake assets like FTM to earn rewards. It provides both fixed and flexible staking options with varying lock-up periods, ranging from 15 to 90 days. OKX’s user-friendly interface and advanced trading features make it accessible to both beginners and seasoned investors. With high liquidity and robust security measures, OKX ensures smooth staking experiences for its users while providing competitive returns on staked assets.
Pros:
- Offers both fixed and flexible staking options.
- Competitive staking rewards, with rates up to 9%.
- User-friendly interface for easy navigation.
- Advanced security protocols to protect staked assets.
- Supports a wide range of cryptocurrencies for staking.
Cons:
- Staking plans can sell out quickly, limiting availability.
- Fixed staking requires long lock-up periods for higher rewards.
- Some assets may have lower liquidity.
- Limited customer support for staking-specific issues.
Also read: Investing in a falling crypto market
Benefits of Staking Fantom (FTM)
Staking Fantom offers an effective way for investors to earn passive income while playing an essential role in maintaining the network’s security and governance. As a scalable, fast, and cost-effective blockchain, Fantom provides several staking benefits that cater to a wide range of users—from long-term investors to those seeking flexibility. By staking FTM, you don’t just earn rewards; you contribute to the overall growth and stability of the ecosystem. Let’s explore the key benefits of staking Fantom in detail.
Earn Competitive Rewards
When you stake FTM, you unlock the potential to earn attractive rewards. The annual percentage rate (APR) for staking ranges from 1.8% to 6%, depending on the lock-up period you choose. The longer you lock up your tokens, the higher the rewards you can earn. For those looking to maximise their returns, choosing a longer lock-up period can significantly boost your staking income. On the other hand, if you prefer flexibility, Fantom still offers competitive rewards even without locking your tokens for extended durations.
Contribute to Network Security
Staking Fantom strengthens the network by allowing stakers to participate in the proof-of-stake (PoS) consensus mechanism. When you stake FTM, you are helping validate transactions and maintain the blockchain’s integrity. The more FTM tokens that are staked, the more secure the network becomes, reducing the risk of malicious attacks and ensuring smooth operations for all users.
Participate in Governance
As a staker, you gain access to governance rights within the Fantom ecosystem. This means you can vote on critical proposals that determine the future direction of the platform. Whether it’s protocol upgrades, changes in fee structures, or new partnerships, your vote can help shape the Fantom network. This level of involvement gives you a say in the future of a blockchain you’re invested in, fostering a more democratic and decentralised community.
Flexible Staking Options
Fantom offers flexible staking options that cater to both short-term and long-term strategies. There are no mandatory lock-up periods, allowing you to stake without feeling restricted. For those who want even more flexibility, Fantom provides liquid staking services, enabling you to earn rewards while keeping your funds accessible. This makes Fantom staking one of the most versatile options available in the crypto space, giving users full control over their assets.
Generate Passive Income
Staking FTM offers a reliable source of passive income. Unlike trading, which requires constant attention to market trends, staking allows you to earn rewards simply by holding and staking your tokens. Over time, this can result in significant gains, especially when combined with Fantom’s competitive staking rewards.
Frequently Asked Questions
How Much Can You Earn From Staking FTM?
The rewards for staking FTM depend on the staking platform and the duration. For example, staking 300 FTM on Binance for 120 days yields approximately 2.8 FTM as a return. The longer you stake, the higher your potential rewards, but always compare staking options to maximize your earnings.
How Can You Choose A Reputed Validator?
To choose a reliable Fantom validator, look for an active community presence, verified websites, and social media accounts like Twitter. Research within the community to find validators with a solid reputation. Choosing a well-regarded validator reduces risks like slashing, where a portion of your stake could be penalized if the validator misbehaves.
Is It Safe to Stake Fantom?
Yes, staking Fantom is generally safe because validators don’t have access to your tokens. However, there is a risk of slashing if the validator acts maliciously. Sticking with reputable validators who are active in the community minimizes this risk. You can also withdraw your stake early, but a penalty applies if done before the lock-up period ends.
How Can You Stake Fantom Using Ledger?
To stake Fantom using a Ledger wallet, connect it to the Fantom fWallet. Interactions occur via smart contracts, and all you need to do is sign through the Ledger Nano S app. Once connected, use the “Stake” menu on your account to start staking FTM securely.
