What is staking?
Staking is a term used to refer to how much holdings are being staked, and the length of time that they’re being staked, a staker can earn a proportion of rewards. Staking is the process of locking up tokens to support a network while receiving a reward in return (rewards can be increased network utility, monetary compensation, etc.).
Staking is a way of earning interest on your cryptocurrency by depositing it for a fixed period of time. Staking works in a similar way to interest accounts with traditional banks.
Traditional banks pay interest because the bank uses your funds for things like loans and other investments. In staking, your cryptocurrency is put to use as well, in which deposited coins are used to verify transactions on the blockchain. You will be able to receive rewards in return (rewards can be increased network utility, monetary compensation, etc.).
Proof-of-stake crypto about $MEME
$MEME is a proof-of-stake crypto. Every time a block is added to the blockchain, new cryptocurrency coins are minted and distributed as staking rewards to that block’s validator. In most cases, the rewards are the same type of cryptocurrency that participants are staking. Staking involves validators locking up their coins so they can be selected at random by the protocol to create a block.
Participants pledge their coins to the cryptocurrency protocol. From those participants, the protocol chooses validators to confirm blocks of transactions. Your coins are still in your possession when you stake them. You’re essentially putting those staked coins to work, and you’re free to unstake them later if you want to trade them.
Three advantages of staking $MEME!
- Maintain chain security
You have the power to contribute in the security of the decentralized network by staking (delegating) $MEME to a validator.
2. Earn $MEME rewards
Starting to earn rewards once you delegate $MEME to one or more validators, which means more and more $MEME you get!
3. Gain voting power
Staking $MEME grants you voting power on governance proposals to decide on the future of Meme Network.
How to choose validators?
The validator selection is important as they are supporting MEME network stability, security and evolutions. Your chosen validators represent their delegator (Staker) to participate our community discussion and voting on the governance proposals.
Meme network are not recommended to choose a validator due to the high ranking of voting power and low/ zero commission fees. Staking your $MEME to different validators as much as possible is appreciate, since the decentralised network is the core infrastructure of web 3.0.
Thus, Meme network suggests to choose the “Active” validators for staking $MEME. You can check the validator status at https://wallet.meme.sx/stake.
Staking your $MEME now!!
1.Go to https://wallet.meme.sx/stake and connect your keplr wallet. All available validator is show on the same page, you can scroll down to choose the validator.
2. Check the validator status is active for staking.
3. Click “DELEGATE” of your selected validator.
4. Ensure the selected validator is correct.
5. Enter the token staking amount on the pop-up window.
6. Confirm all of the staking information, then click “DELEGATE”.
7. Set gas fee by your selected transaction speed and click “Approve”
8. Staking completed! Successful message with staking information will be shown on the pop-up window.
Please contact us at discord if you need any further assistance.