Are you ready to earn rewards while supporting a cutting-edge blockchain network? Staking Tellor (TRB) offers an exciting way to grow your holdings while playing a key role in its decentralised oracle system. Tellor connects Ethereum-based smart contracts to real-world data, providing verified and secure information to power decentralised applications (dApps).
Unlike traditional systems, Tellor combines Proof-of-Work and Proof-of-Stake mechanisms, creating a trustless network that ensures data reliability. TRB tokens are central to this ecosystem, enabling you to stake, request data, and resolve disputes. By staking TRB, you help secure the network and maintain its efficient operations, all while earning rewards for your contributions.
This guide will walk you through the process of staking TRB, making it easy for you to join this innovative blockchain movement. Let’s dive in!
How To Stake Tellor (TRB)?
Staking Tellor on Binance is a straightforward process that lets you earn rewards while supporting the network. This guide will walk you through the entire process, ensuring you can stake with confidence.
Step 1: Setting Up Your Binance Account
Before you start staking Tellor, you need to create and verify your Binance account. Here’s how:
Creating Your Binance Account
- Visit Binance.com and click on the Register button.
- Provide your email address and create a strong password.
- Agree to the terms of service and click Create Account.
- Verify your email by clicking the link sent to your inbox.
Completing KYC Verification
Identity verification is essential for accessing Binance’s features. Follow these steps:
- Log in to your account, click on the Profile icon, then select Identification.
- Click Get Verified and select your country of residence.
- Enter personal information matching your ID documents.
- Upload a clear photo of your ID and complete the liveness check.
- Submit your application and wait for approval, which typically takes less than 48 hours.
Once your account is verified, you’re ready to deposit Tellor and begin staking.
Step 2: Depositing Tellor To Your Binance Wallet
To stake Tellor, you must first transfer it to your Binance wallet. You can do this by either transferring TRB from another wallet or purchasing it directly on Binance.
Buying Tellor On Binance
- Log in and click Buy Crypto on the homepage.
- Select Tellor (TRB) and choose your payment method (e.g., credit card or bank transfer).
- Enter the desired amount of TRB or fiat currency to spend.
- Complete the transaction, and the purchased TRB will be credited to your spot wallet.
Transferring Tellor From Another Wallet
- Log in to your Binance account and go to Wallet → Spot.
- Click Deposit and select Deposit Crypto.
- Choose Tellor (TRB) and the appropriate network.
- Copy your Binance TRB deposit address or scan the QR code.
- Paste this address in the “Recipient Address” field of your external wallet.
- Enter the transfer amount and confirm the transaction. Once verified, the TRB will appear in your Binance wallet.
Step 3: Navigating To The Staking Section On Binance
With Tellor in your wallet, you’re ready to stake. The staking section can be accessed via Binance’s web platform or mobile app.
Web Version
- Visit the official Binance website. Log in and click Finance → Binance Earn.
- Scroll to Locked Staking and click View More.
- Choose DeFi Staking to explore available projects and their yields.
Mobile App
- Open the Binance app and sign in.
- On the home screen, tap More, then scroll down to Staking.
- Select either Staking or DeFi Staking to proceed.
Browse available staking options and ensure you have TRB in your spot account to proceed.
Step 4: Selecting And Locking Your Tellor For Staking
Once you’ve navigated to the staking section, follow these steps:
Choosing The Staking Duration
- Review available durations (e.g., 30, 60, or 90 days). Longer durations often offer higher rewards.
- Consider your liquidity needs and market conditions before selecting a lock-in period.
Staking Your Tellor
- Enter the amount of TRB you wish to stake, to ensure it meets the minimum requirement.
- Review staking parameters, including interest rates and lock-in periods.
- Confirm your staking request to lock your TRB and start earning rewards.
Step 5: Managing Your Staked Tellor
After staking, Binance offers tools to help you manage your assets effectively.
Monitoring Your Rewards
- Log in and navigate to the Earn section.
- Select Staking and view your rewards under Earned History.
- Check details like reward rates, earned rewards, and staking history.
Enabling Auto-Staking
- Go to the Locked Staking section.
- Select TRB and toggle the Auto-Staking feature.
- Confirm to automate the re-staking process, ensuring uninterrupted earnings.
You can optimise your earnings by regularly monitoring your activity and enabling Auto-Staking.
Step 6: Unstaking Your Tellor
If you wish to withdraw your staked TRB and rewards, follow these steps:
- Navigate to the staking section on Binance.
- Select the staked TRB and initiate the redeeming process.
- Confirm the request and wait for the unlocking period to end. Once completed, your TRB and rewards will be available in your spot wallet.
Unstaking allows you to regain access to your funds while keeping the rewards earned.
Popular Video Guides On Staking Tellor (TRB)
Best Places To Stake Tellor (TRB)
Binance is a reputed crypto staking platform offering a wide range of staking solutions under its Binance Earn program. It supports ETH 2.0 staking with BETH tokens, allowing users to stake ETH without sacrificing liquidity. The platform also features DeFi staking, Simple Earn products, and high-yield options for various cryptocurrencies. Binance provides flexible and locked durations with principal protection on selected products, ensuring users retain their initial investment. The advertised APRs range from 0.05% to 30%, depending on the staking product and coin. The platform also offers advanced tools like auto-invest for seamless portfolio growth.
Pros:
- Offers a diverse range of cryptocurrencies for staking.
- Provides potentially high Annual Percentage Rates (APRs).
- Features user-friendly tools for straightforward staking.
- Supports various deposit methods, including fiat and digital assets.
Cons:
- Limited availability in certain regions due to geographical restrictions.
- Staking rewards can fluctuate based on market conditions.
- Previous security incidents, though security measures have improved significantly.
Benefits Of Staking Tellor (TRB)
Staking Tellor (TRB) offers an excellent opportunity for crypto investors to actively engage with the network while earning rewards. By staking TRB tokens, you can secure the Tellor network, enhance its functionality, and reap significant financial and participatory benefits. Let’s explore the detailed advantages of staking TRB and how they contribute to the ecosystem.
Earn Passive Income
Staking TRB provides a steady stream of rewards. When you stake your TRB tokens, the network compensates you with additional TRB tokens. This passive income grows over time, especially for long-term holders, allowing you to increase your holdings without actively trading or exposing yourself to market risks.
Strengthen Network Security
Staking TRB plays a crucial role in securing the Tellor network. Validators who stake tokens ensure the accuracy and integrity of the data fed into the Tellor oracle. This active participation enhances the network’s overall performance and reliability, creating a robust and trustworthy platform for its users.
Encourage Honest Reporting
Tellor incentivises honest participants and penalises malicious actors through its staking mechanism. Validators stake their tokens as collateral, which can be slashed in case of dishonest activity. This system ensures data integrity while rewarding responsible participants, fostering a fair and reliable ecosystem.
Promote Decentralisation
More staked TRB tokens distributed across various participants result in a decentralised and resilient network. This decentralisation reduces the risk of collusion, ensuring that the system remains fair and unbiased, even as it grows in scale and adoption.
Participate In Governance
Staking TRB gives you a voice in the Tellor ecosystem. Token holders can propose, debate, and vote on critical decisions like protocol upgrades, fee structures, and other governance matters. This active involvement ensures the network evolves according to the collective vision of its community.
Frequently Asked Questions
What Is The Difference Between TRB Lending And TRB Staking?
TRB lending and staking are distinct methods of earning rewards on your Tellor Tributes. Staking involves locking TRB tokens to contribute to the network’s security in a Proof-of-Stake (PoS) system, earning rewards in the network’s native token. Lending, on the other hand, involves providing your TRB as a loan to others in exchange for interest, without directly supporting network security.
Is There A Minimum Amount Required To Stake Tellor (TRB)?
The minimum amount required for staking TRB varies across platforms. It’s essential to compare staking options to determine which platform aligns best with your strategy. Keeping an eye on trusted resources for updated requirements will help you optimise your staking efforts effectively.
How Much Can I Earn By Staking Tellor?
If you stake $1,000 worth of TRB at an annual rate of 1.83%, your holdings will grow to $1,018 over 12 months. While the yield might seem modest, it is a stable way to earn passive income while contributing to the network’s functionality.
How Can I Store Tellor Safely?
To ensure the security of your Tellor tokens, consider using a hardware wallet, like a USB ledger, for offline protection. Alternatively, a software wallet (via browser extensions or mobile apps) is also an option. These wallets securely store your private keys, which are essential for accessing and managing your TRB holdings. Prioritise wallets with strong security measures to safeguard your investments.
