Users of the XEP Desktop Wallet can pledge their XEP holdings to help the Electra Protocol network stay online and be robust. In return for doing so, staking rewards of 3% XEP APY are paid to validators.
Staking XEP
Support the Network by Staking XEP Coins
What is Staking? | Staking is Important | 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.
What is Staking? CONCEPT
Electra Protocol is an innovative proof-of-stake blockchain protocol. The whole network can only stay online because of people staking their holdings. This means that XEP investors can (should) stake their XEP coins in order to support the network for being online and robust.
The Key Takeaways
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.
Staking is Important POS
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.
A Strong Network Matters
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.
How to Stake EARN
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.
5 Steps To Passive Income
- Buy at least 1 million XEP coins on exchanges.
- Install the XEP Desktop Wallet and create a wallet address.
- Transfer your XEP coins to your XEP Desktop Wallet address.
- In the wallet, click “Settings” > “Unlock Wallet” to start staking.
- Leave computer running as much as you can. Newly added coins will start to stake after 12 hours and 600 confirmations. on the blockchain.
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).
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