Stake your XEP coins using the XEP Desktop Wallet to support the Electra Protocol network and keep it secure. In return, earn 3% APY in staking rewards.
Stake your XEP coins using the XEP Desktop Wallet to support the Electra Protocol network and keep it secure. In return, earn 3% APY in staking rewards.
Learn More:
What is Staking? | Why Staking Matters | How to Stake
There are three ways how Electra Protocol investors can earn with their holdings, independent of just selling tokens on an exchange. 1) You can use your XEP coins and stake them in return for up to 3% XEP APY. 2) You can provide WXEP tokens and join a liquidity pool on the BNB Chain for a dynamic return between 5% and 25% APY. 3). You will be able to run a XEP validator node when released.
Staking defines how new transactions are added to the blockchain. Participants pledge their XEP coins to the Electra Protocol blockchain. From those pledging participants, the protocol chooses validators to confirm blocks of transactions. The more coins an user pledges, the more likely he is to be chosen for validation.
Every time a new block is added to the blockchain, new XEP coins are minted and distributed as staking rewards to the validator of that block. Staking is only possible using a XEP Desktop Wallet and it is not possible using a XEP Mobile Wallet.
In a proof-of-stake blockchain network, like Electra Protocol, everyone should participate in holding the network online. This can be achieved by keeping your XEP Desktop Wallet unlocked while your computer is running at least several days a months.
Staking is not just about earning passive income. In fact, the rewards are just a side effect for those who participate in the staking process. The main reason for a network to offer rewards is to make sure that validators help the network to stay online and robust.
An important thing to consider is also that high staking rewards create inflation, which is bad for the long-term development of the currency. As a result, the creators of Electra Protocol carefully selected 3% XEP APY as a balance for the requirements of being a solid transaction system, which can also work in the long-term.
Users of the XEP Desktop Wallet can pledge their XEP holdings to support the Electra Protocol network. In return for doing so, staking rewards of 3% XEP APY are paid to validators. This means you are automatically earning from holding XEP.
If you start staking for the first time, it will take a couple of weeks until the network recognizes you. Please be patient. Make sure you have enough XEP in your wallet. The more, the better for the consensus mechanism. If you want to continously earn rewards, you should stake as often as you can (preferably 24/7).