How to stake on Crypto.com? Cronos (CRO) is a native coin from Crypto.com and can be traded. You can use it to purchase anything on Crypto.com and get cashback in your wallet. Then, the first thing you need is to stake it.
CRO Staking is enabled for everyday users via the delegated-proof-of-stake (DPoS) consensus protocol on the Crypto.org Chain, a proof-of-stake (PoS) blockchain network. Users can put their native CRO tokens in the hands of a reputable Validator.
Validators operate nodes on the Crypto.org Chain network to validate transactions and crypto earn block rewards in CRO, which are then distributed to Delegators following a Validator commission.
Please keep in mind that Crypto.org Chain Staking requires native CRO to be staked on the Crypto.org Chain Mainnet rather than ERC20 CRO on the Ethereum network. This article will guide you through how to stake your crypto!
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Things You Should Know About Staking CRO on Crypto.com
- Cryptocurrency staking is becoming increasingly popular as more individuals become aware of how fantastic the cryptocurrency return is.
- The idea behind bitcoin staking is to keep your cryptocurrency assets in a cryptocurrency wallet app or website.
- This act will be rewarded by the network to which the cryptocurrency asset belongs. Essentially, the notion of cryptocurrency is the same as keeping money in a bank and getting interested in a deposit.
- Cryptocurrency Staking mostly varies between 30 and 180 days, depending on the asset. So it is easy to earn passive income through the act of Cryptocurrency Staking.
- Proof of Stake allows you to stake your money. The authorization to validate the subsequent block is subsequently given to you at completely arbitrary intervals.
- Your odds of being chosen are directly proportional to the number of coins you have. Your odds of winning improve according to the total quantity of coins you have stored away.
- Proof of Stake differs from Proof of Work in that Proof of Work is highly dependent on the ability to solve the hash challenges, whereas Proof of Stake is highly dependent on the amount of the staking asset you hold.
How to Stake CRO on Crypto.com
While you can stake your CRO through the crypto.com app and exchange, you should be aware that this is a centralized solution. It is recommended to use a decentralized approach, so you can stake with a decentralized wallet using crypto.com’s DeFi Wallet.
1. How to stake on Crypto.com Website
Follow the steps below to stake your CRO on Crypto.com!
- Go to crypto.com/eea/defi-wallet and download the iOS or Android app.
- Launch the app and choose “Create a Wallet.”
- You can read the “Terms of service” and “privacy notice,” take your time reading through them.
- After that, click “Continue.”
- You will be required to create a passcode. Click “create passcode” and enter a 6-digit code. Make a note of the code or memorize it, as this will grant you access to the app.
- Next, you can enable 2-factor authentication by using FaceID or Fingerprint. To keep your assets and account safe, we recommend that you always enable 2-factor authentication.
- Now, you will get a recovery phrase. Choose “Reveal my recovery phrase.” You must swipe to reveal each word.
- Write them down correctly and double-check that you don’t do anything.
- Click “Continue.”
- Insert the requested words to confirm your recovery phrase.
- After that, all you have to do is enter a wallet name and click “Continue” to access the dashboard.
- To send $CRO to your wallet, either purchase it directly in the Crypto.com app or select “receive” to send $CRO from another wallet to yours. To avoid complications, double-check your wallet address.
Those are the simple steps of how to stake your CRO on Crypto.com. You can also do it on its mobile version. Follow the steps in the next section.
2. How to Stake on CRO Mobile
If you using the mobile version, make sure you have the updated one. It is important to avoid any errors while doing the transactions. Well, follow the steps below to stake your crypto!
- To start staking your $CRO, go to the DeFi Wallet dashboard and select “Earn” from the bottom right menu.
- If you’re new or have never used the feature, the assets on the earn menu should be empty.
- Start by clicking “Start Earning.”
- Select your asset by clicking on the little arrow on the right side of the asset to select $CRO.
- Next, enter the number of assets you want to stake and click “Stake CRO” at the bottom of your screen.
- The validator list will then appear. Scroll down to find the validator of your choice, or enter its name in the search box above.
- Then, click on the validator’s name and select “Confirm Validator.”
- You will now see a summary of all the data. Examine the information and click “Confirm stake” to confirm your decision once more.
- After submitting your request, you should see a screen displaying your detailed request.
- Select “View Details” to see more information about your transaction.
- Your $CRO assets have now been staked. If you do not see your assets staked, please close and reopen the app. It may take a few seconds for any changes to be reflected in the app.
Those are the 2 methods of how to stake on Crypto.com and mobile. You can always stake your crypto using these methods, make sure you pay attention to the details to avoid errors in transactions. Good luck!
Tips
- CRO grew alongside Crypto.com last year. Reducing CRO rewards is worrying on two fronts. First, the company can reduce the stake rewards in the future. Second, Crypto.com may have overspent on high-profile advertising and can’t sustain itself.
- Crypto.com is a leading cryptocurrency exchange. Its ecosystem growth shows it’s one of several blockchains taking market share from Ethereum (ETH).
- Staking requires you to deposit the stake amount to be able to purchase the coins.
