Staking offers crypto holders a way of putting their digital assets to work and earning passive income without needing to sell them.
Staking is considered one of the safest ways to generate yields. This is because the rewards obtained from staking your L1 assets(cash, stocks, and bonds) come from network inflation and are not subject to the prevailing market conditions.
Due to the complexities in staking(mostly knowing how to set up a validator node), most investors who want to earn sustainable staking rewards but do not want to set up their own validator node often end up delegating their stake to a validator. By delegating, you are effectively giving your money to a validator who, in turn, stakes it on the PoS network and gives you a share of the rewards that they make (after deducting the management fee).
Staking on Scallop Chain.
The platform, found at app.scallopchain.com, provides users with premiums on top of traditional value holders. As Scallop’s staking program provides freedom, keeping funds in a crypto wallet or exchange account is not required. Moreover, it supports staking from 30 days up to four years. Staking for more extended periods yields higher rewards up to 200% APY.
How to Stake on Scallop Chain.
- Go to: app.scallopchain.com
- Click ‘Connect Wallet’ in the top right-hand corner of the page to connect your MetaMask Wallet to the platform.
- After successfully connecting your wallet, input the amount of $SCLP that you would like to stake, select a period of time that you would like to stake for, and then click ‘Proceed’.
- A MetaMask pop-up window will appear. Please follow the instructions to complete the transaction.
Rewards are available to claim immediately and your total amount of SCLP (input amount + rewards) is shown and updated in real-time.
There are also increased locking periods and staking amounts available in the interface.
About Scallop
Scallop Chain is an innovative fintech ecosystem for users that want a faster, more efficient way to securely manage their crypto + fiat in a single place.
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