Staking is the process of delegating assets to a validator and assigning them to a network to keep it running. Depending on the amount of assets delegated, stakers receive proportional rewards.
The Venom test network has also launched VenomStake, a platform designed to make the steaking process accessible to a wider audience.Current platform stats:
⏺Average APY: 35%
⏺Active stakers: 973K
⏺Staked: 17M VENOMs
To start staking tokens:After completing the steps, your VENOM tokens will be sent to staking as wrapped stVENOM tokens. The exchange rate at the moment is 1 VENOM = 0.813 stVENOM.
▶️Click «Connect Wallet»
▶️Enter the number of VENOM
▶️Click «Stake» to send tokens
▶️Enter your wallet password to sign
📈 All rewards received are added to the Venom/stVENOM pool, so the price of stVENOM is constantly increasing. You can always exchange them back for VENOM tokens + stVENOM rewards.
⬇️ To take the tokens from the staking, go to the «Unstake» tab, specify the number of tokens and click the Unstake button, signing the transaction by entering your wallet password.