Many long-term crypto holders understand staking is a great strategy to make assets work for them by generating passive income.
Aside from generating rewards, stakers also contribute and benefit the actual blockchain project itself. Staked funds can help boost processing speed, and in the case of some projects, award users with governance tokens so they can have a vote to decide future protocol changes.
Staking is usually open to anyone interested in participating, but doing so requires a vesting period where funds are not able to be transferred. As a result, stakers have to be comfortable with giving up the ability to buy, sell, or trade their crypto for a specific period of time.
Prospective stakers often hunt for the highest APY (annual percentage yield) on their cryptocurrencies to make the most of having to vest their digital assets for a period of time. Some projects have made headlines solely based on lucrative advertised APYs for stakers. In June, Binance Staking announced another round of a “High-Yield Staking Offer.” Holders of specific coins could receive up to 47.49 APY. Some opportunities even lead to much higher APYs.
With the plethora of staking opportunities out on the market today, many wonder the safest way to stake and reap a strong return on investment without running the risk of losing funds. Some platforms touting high APYs might not be as stable or are newer to the cryptocurrency world, meaning those who stake could run some risks.
PhoenixDAO’s staking dApp gives users a safe and secure way to vest cryptocurrency and benefit. First, stakers can earn a lucrative APY (up to 20%) and maximize their return on investment by staking large amounts of the native PHNX token. Stakers can rely on the V1.0 spot staking feature or the V2.0 liquidity pool version based on their preferences to earn interest. Users can also take part in voting on various proposals by staking PHNX.
The process of getting started on PhoenixDAO and using the staking dApp is very easy. Keep reading for a simple breakdown of how to use PhoenixDAO to get the best return on investment.
Wallet Configuration
After clicking this link to access PhoenixDAO’s staking dApp, prospective stakers will need to connect to a MetaMask wallet. MetaMask is a cryptocurrency wallet used to access Ethereum-based dApps. The wallet has a browser and mobile version, but stakers should opt for the browser option for setup. PhoenixDAO intends to offer support for more wallets in the future. After adding MetaMask to the browser, users will be asked to either set up a new wallet or imput the private key of an existing one (if they are not already logged in).
Connecting To PhoenixDAO
Next, wallet users need to head to the staking dApp and click on the ‘Connect Wallet’ button. Clicking gives the option to pick which specific account a user wishes to connect to. The connected wallet will appear in the staking dApp dashboard. Users should be sure to double-check and confirm they have the right wallet connected to the dApp.
Starting The Staking Process
After connecting an outside wallet, PhoenixDAO users are ready to stake. The dashboard provides clear and concise information about the number of PHNX tokens ready to stake, amount staked, and the expected spot rewards. Users can also review historical staking campaigns and the return on investment. Those ready to stake can start the process, approve the transaction, and then click on ‘Confirm Stake’ to begin the process. PHNX stakers have the benefit of instant rewards paid into connected wallets as soon as the transaction has been processed. Finally, users can check back into the dashboard to see how much passive income they have made. Unstaking early is an option however, would require a PHNX burn % fee.
Staking on PhoenixDAO is safe, easy, and efficient. Stakers reap the benefits of earning passive income, contributing to the protocol’s growth and stability, and potentially participate in the governance process via PhoenixDAO. Visit the staking dApp to start the process!
About PhoenixDAO
PhoenixDAO is a revolutionary decentralized environment that has curated a list of flagship dApps, all designed to create a more rewarding and accommodating environment for the crypto community. PhoenixDAO is powered by The DAO (governance system), Staking dApp, Events dApp and the dApp store.
PhoenixDAO is an autonomous project with unique protocols (Identity management, authentication, payment, and tokenization protocols), which helps in creating a secure and safe decentralized space.
You can follow PhoenixDAO on Twitter and Telegram and check out their White Paper
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
