TomoChain Staking Overview
TomoChain (TOMO) is a blockchain network designed to accelerate the adoption of web3 applications. Staking TOMO is a way to secure the network and earn rewards by voting for masternodes. Masternodes are nodes that validate and produce blocks on the TomoChain blockchain.
To stake TOMO, you need a TomoWallet or Metamask wallet connected to the TomoChain network. The minimum amount of TOMO required to stake is 100. Staking rewards are distributed every 30 minutes based on the performance of the masternodes, and the ROI for staking TOMO can be up to 11%. You can unvote or withdraw your TOMO at any time, but you have to wait 48 hours for the TOMO to be unlocked from the smart contract.
How to Stake TomoChain (TOMO)
There are different ways of staking TomoChain, however, staking it on Tomo Wallet is one of the easiest ways. It offers numerous benefits such as a user-friendly interface, support for various tokens issued on the TomoChain network, access to DApps, and dedicated support from the TomoChain team. Here is a set of step-by-step instructions for staking TOMO on Tomo Wallet:
Step 1 : Download and install the Tomo Wallet app
Step 2 : Deposit at least 1 TOMO into your wallet
Step 3 : Choose the TomoMaster option and select a candidate
Step 4 : Enter the amount of TOMO and confirm your transaction
Step 5 : Check your rewards and manage your staking
Step 1 - Download and install the Tomo Wallet app
The first step to staking TomoChain is to download and install the official Tomo Wallet app from either the Google Play Store or the App Store depending on your device. After installing, create a new wallet or import an existing one.
Step 2 - Deposit at least 1 TOMO into your wallet
To start staking TomoChain, you need to have at least 1 TOMO in your wallet balance. You can buy TOMO from an exchange or transfer it from another wallet. To deposit TOMO into your wallet, you need to scan the QR code or copy the address of your wallet and send TOMO to it.
Step 3 - Choose the TomoMaster option and select a candidate
The next step is to vote for a candidate running a masternode. Access the list of candidates via the TomoMaster option in the app. Browse candidate information and filter by criteria. Select a candidate to vote for by tapping their name.
Step 4 - Enter the amount of TOMO and confirm your transaction
Select a candidate and enter the amount (1-50,000 TOMO) to vote for them. Use the slider or manual entry to view estimated rewards based on the amount and the candidate’s performance. Confirm the transaction by sliding and verifying with the password or biometric authentication.
Step 5 - Check your rewards and manage your staking
Once you confirm your transaction, your staking will start immediately, and you will become a voter for the candidate that you chose. You can check your rewards and manage your staking on the app by choosing the TomoMaster option again. You can see your total staked amount, total rewards, and voting history on the app. You can also withdraw your rewards or unvote for a candidate at any time.
Also read: How to Buy TomoChain (TOMO)
Popular Video Guides on Staking TomoChain (TOMO)
Best Places to Stake TomoChain (TOMO)
Several alternatives are accessible for staking TOMO, and each has its own set of advantages and disadvantages. Below are some platforms where you can stake your TOMO:
Option 1: Ledger Nano
Ledger Nano is a hardware wallet that enables you to store your cryptocurrencies offline securely. With support for over 1500 coins and tokens, including TomoChain (TOMO), Ledger Nano connects to your computer or smartphone via USB or Bluetooth and requires you to confirm each transaction with a physical button press. By staking TOMO on Ledger Nano, you can earn passive income by locking up your tokens and voting for one of the 150 masternodes that operate the TomoChain network. Staking TOMO assists in securing the network and provides proportional rewards to the number of votes each masternode receives.
Pros
- Ledger Nano provides a certified and trusted device that offers the highest level of security for TOMO and tokens against hackers and malware.
- TomoChain’s services such as TomoMaster, TomoBridge, and LuaSwap can be accessed using Ledger Nano via MetaMask or MyEtherWallet as a bridge.
- With TomoMaster, users can stake TOMO on Ledger Nano, vote for masternodes, monitor rewards, and unvote or withdraw TOMO anytime.
Cons
- Installation of the TOMO app and the Ethereum app is necessary on the Ledger device, as TomoChain requires the Ethereum app to function.
- A compatible browser like Google Chrome, Opera, or Brave is required to connect the Ledger device to TomoChain’s services.
- Adding TOMO accounts to Ledger Live, the official app for managing Ledger devices and crypto assets, is not possible.
Option 2: Tomo Wallet
Tomo Wallet is a mobile wallet for Android and iOS that supports storing, sending, receiving, swapping, and staking TOMO and other tokens issued on TomoChain. By staking TOMO on Tomo Wallet, you can earn passive income and help secure the network by voting for one of the 150 masternodes that run the network. The rewards are distributed proportionally to the number of votes each masternode receives. You can also access DApps built on TomoChain using the built-in browser.
Pros
- Easy access and management of TOMO and tokens on smartphone or tablet through the user-friendly Tomo Wallet app.
- Ability to stake TOMO using TomoMaster with options to vote for masternodes, monitor rewards, and unvote or withdraw TOMO at any time.
- Potential high return on investment (ROI) with rewards distributed every 30 minutes based on masternode performance, up to 11%.
Cons
- Minimum requirement of 100 TOMO for staking, which might not be feasible for some users with fewer funds.
- 48-hour waiting period for TOMO to be unlocked from the smart contract after unvoting or withdrawal, which might not be convenient for users requiring quick access to their funds.
- Need to trust the security of mobile devices and the Tomo Wallet app, which might be vulnerable to hacking or malware attacks, hence requiring regular backup of the wallet and keeping private keys safe.
Option 3: Atomic Wallet
Atomic Wallet is a software wallet that supports over 300 coins and tokens, including TomoChain (TOMO). The wallet allows for storing the private key on the device and offers features such as sending, receiving, swapping, buying, and staking TOMO. By staking TOMO, users can help secure the network and receive rewards in return, which are distributed proportionally to the number of votes each masternode receives. Atomic Wallet also allows access to decentralized exchanges and other services using the built-in browser. The wallet is available for Windows, Mac, Linux, Android, and iOS devices.
Pros
- TOMO tokens can be staked and accessed easily on your device.
- The TomoChain network offers low transaction fees, fast confirmation times, double validation, and randomized security guarantees.
- Voting for one of the 150 masternodes running the TomoChain network can earn passive income in proportion to your stake.
- Atomic Wallet supports the storage of over 300 coins and tokens, including Bitcoin, Ethereum, Litecoin, and more.
- The built-in browser in Atomic Wallet allows access to DEXs and other services, providing more opportunities to swap, buy, or use cryptocurrencies.
Cons
- Trust in the ability of Atomic Wallet to securely store private keys on your device and protect them from unauthorized access or loss is necessary.
- Regular updates of the Atomic Wallet app are required to ensure compatibility and functionality with the TomoChain network and its features.
- A 48-hour lock-up period must be endured before receiving TOMO back after unstaking.
- Technical issues or bugs with the app or network may negatively impact the staking experience or performance.
Also read: TomoChain (TOMO) Price Prediction
Benefits of Staking TomoChain (TOMO)
- Supports the security and credibility of the TomoChain network by selecting and supporting the most trustworthy masternodes.
- Enables passive income through proportional rewards based on staked tokens and the number of votes received by masternodes.
- Offers low transaction fees, fast confirmation times, double validation, and randomized security guarantees of the TomoChain network.
- Provides access to DApps and DEXs built on TomoChain through the wallet’s built-in browser.
- Allows for simultaneous staking and trading, resulting in potential profits from staking rewards and trade gains.
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Frequently Asked Questions
What is staking TomoChain (TOMO)?
Staking TomoChain (TOMO) is a way of contributing to the security and maintenance of the TomoChain network by locking up your tokens and supporting the most credible Masternodes. Masternodes are responsible for validating transactions and producing blocks on the TomoChain blockchain. By staking TOMO, you help secure the network and earn rewards in return.
How much can I earn by staking TomoChain (TOMO)?
The amount of rewards you can earn by staking TOMO depends on factors like the amount you stake, Masternode performance, and the total staking amount. The annual reward rate for staking TOMO is up to 11%, but it may vary. Use a staking interest calculator to estimate your earnings based on your staking amount and duration. Remember to choose credible Masternodes for stable rewards and network security.
What are the risks of staking TomoChain (TOMO)?
Staking TOMO carries several risks that require careful consideration. The volatility of TOMO’s price can impact staking returns and the opportunity cost of holding TOMO instead of other assets. Additionally, TOMO’s inflationary nature could dilute the value of existing TOMO over time unless the demand for TOMO exceeds its supply. The rewards earned from staking depend on the performance of the selected Masternodes. If a Masternode fails to produce blocks or behaves maliciously, it may lose its rewards or be slashed.
How can I unstake or withdraw my TomoChain (TOMO)?
To unstake or withdraw your TomoChain (TOMO), you can use the TomoWallet mobile app or the TomoMaster web-based platform. On both platforms, you need to select the Masternode you want to unvote from, enter the amount of TOMO you want to unvote and confirm the transaction. Your TOMO will be returned after 48 hours. If you have used your TOMO as collateral on TomoFinance, you must repay your loan and interest before withdrawing your TOMO.
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