Staking Trust Wallet: All the information you need to know when joining
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Staking is a proof-of-stake (PoS) consensus mechanism for verifying transactions on the blockchain. Staking participants lock their holdings into a network and receive rewards. Many cryptocurrency wallets allow users to stake right on the wallet, including Trust Wallet. The following article guides users on staking on Trust Wallet, changing the validator while staking, and canceling the participating staking.
How does the Staking feature on Trust Wallet work?
The staking feature makes it easy for users to connect and participate in staking projects in the crypto community. Trust Wallet provides tools for investors to participate in staking and not control or vote on the nodes in the project. Currently, Trust Wallet supports seven staking projects, including BNB, Kava, Cosmos, Algorand, Tezos, Tron, Terra.
How to staking on Trust Wallet?
To staking a coin, users need to have coins available on Trust Wallet. If you do not know how to send coins from Binance wallet to Trust Wallet, see more instructions:
- The easiest way to use Trust Wallet, anyone can do it.
- How to send Crypto (Bitcoin) from Binance to another exchange and vice versa?
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Select the [Discover] tab, click [See all] to see the full list of staking coins. Then click on the coin available on Trust Wallet and use it for staking. Next, select [Stake].
The screen shows basic information about the selected coin’s staking process, including the number of coins available in the wallet, the number of coins being staked, the minimum number of coins required to staking, profit by year, coin lock time when participating in staking. After reading the information carefully, if appropriate, click [Stake].
The following window displays information about the validators participating in the staking process and notes. Click a validator to see a list of available validators. Users can choose the validator with the highest APR for the best return on investment.
Enter the number of coins you want to stake in the [Amount] box and click [Next].
The following window shows all your information about the staking transaction above. Click [Send] to complete the staking operation on Trust Wallet.
Check the wallet, and the user has seen the Stake transaction just made.
How to change validator while participating in staking?
Once a coin has been staked, users can choose another validator to receive more suitable profit levels. Click on the staked coin, select [Redelegate], select to see a list of other available validators. Select the validator you want, click [Next], and press [Send]. Instantly, your coin has been transferred to the new validator.
How to cancel participating staking?
While participating in staking, the user wants to cancel this process for some reason. Click on the coin being staking, click [Unstake]. After seven days, users can get their unstaked coins back to their wallets.
Rewards will be distributed automatically after three days from the staking date. Users will receive daily rewards during staking participation. Staking is a form of investment that brings good returns to the cryptocurrency market. However, there are also some risks when participating in staking. Therefore, users need to define their opportunities and threats before deciding to invest clearly.
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