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How to stake Elrond | KoinX

how to stake elrond

Elrond Staking Overview

Elrond is one of the most staked crypto assets. Staking Elrond has been a very stable process. Its APY is 20%, which is pretty impressive. Moreover, the Elrond staking process is very easy. Elrond’s deflationary nature and versatile process make it a good staking cryptocurrency.

How to Stake Elrond (EGLD)?

You can stake Elrond either through centralized crypto exchanges (custodial wallets) or through the Elrond Wallet. The choice between them depends on your needs. If you wish to stake several coins or regularly trade between them, then the first option would be better.

In contrast, if you want to stake only Elrond, then the second option is better. However, Elrond’s official “Elrond Wallet” (a non-custodial wallet) is the most recommended because crypto-exchanges charge some part of the staking reward, with their functioning not being in your control. Whereas in Elrond Wallet, all decisions are in your hands, and you will get the maximum proportion of staking rewards.

Staking Elrond on a custodial wallet

The two most popular exchange platforms to stake Elrond are Binance and Crypto.com. You can select one that meets your requirements and objectives.

Step 1 : Create an account with an exchange

Step 2 : Purchase a sufficient amount of EGLD coins

Step 3 : Select the STAKE option

Step 4 : Enter the amount to be staked

Step 1: Create an account in an exchange

After selecting your preferred exchange platform, create an account by entering your personal and banking information.

Step 2: Purchase a sufficient amount of EGLD coins

Buy EGLD tokens from the platform as per your needs. 

Remember that the minimum amount of EGLD tokens required for staking is 1 EGLD. 

In case you purchased EGLD coins on another exchange or wallet. Then you can simply transfer coins to the wallet through which you wish to stake EGLD coins.

Step 3: Select the STAKE option

To stake EGLD, select the STAKE option in the platform after purchasing it.

Step 4: Enter the amount of EGLD and desired program

Finally, enter the EGLD you want to stake or choose it from the program options given. Keep in mind that your staked EGLD tokens will be locked, corresponding to the locking period. Then, click CONFIRM.

Staking Elrond on Elrond Wallet

Step 1: Create an account in Elrond Wallet

Step 2: Add funds to your account

Step 3: Select DELEGATE

Step 4: Select a Delegation Manager or Validator

Step 1: Create an account in Elrond Wallet

Go to the Elrond website and select CLICK WALLET.

In the process, note down the seed phrase (collection of 24 unique words in a specific order) and password. Remember that you won’t be able to recover your Elrond Wallet seed phrase and password once it’s lost. Therefore, keep them safe. It’s recommended to create multiple copies as a backup.

Step 2: Add funds to your account

You need to have a sufficient amount of EGLD coins for staking. For that, transfer EGLD tokens to the Elrond wallet either from a crypto exchange or manually.

Step 3: Select DELEGATE

Go to the navigation bar and click the “delegate” option.

Step 4: Select a Delegation Manager or Validator

You will be given two options. Choose the “Start Delegating” option.

Note that in the second option, there is no minimum number of FLOW coins for staking.

Using a Delegation Manager

Step 1- Go to the desired Delegation Manager Panel and click WALLET.

Step 2- Log in to your Elrond Wallet.

Step 3- Connect to your desired wallet.

Step 4- Click STAKE.

Step 5- Enter the number of EGLD tokens you want to delegate.

Step 6- Click CONTINUE.

Using Elrond Wallet

Step 1- Go to the STAKE section (present in the left navigation bar) of Elrond Wallet.

Step 2- Choose the desired validator from the list or type in the name of a validator you already know and wish to stake EGLD tokens to.

Step 3- Enter the EGLD tokens into the selected validator and click CONTINUE.

Step 4- Finally, click CONFIRM.

Your entered amount of EGLD tokens has been successfully staked with the desired validator.

Also read: Where to buy Elrond

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Best Places to Stake Elrond (EGLD)

Option 1 : Binance

Option 2 : Crypto.com

1. Binance
binance crypto exchange

Binance is the first name that comes to mind when talking about staking EGLD. It has a large number of coins to choose from and offers a plethora of features. Furthermore, there are no fees to stake Elrond.

  • It cuts down a smaller portion of your Elrond staking rewards than others.
  • Binance Staking has officially launched a series of new high-yield EGLD Locked Staking activities which allows stakers to get more yield on their staking.
  • Since it’s a centralized exchange, you don’t keep 100% of your rewards.
2. Crypto.com
huobi global crypto exchange platform

Crypto.com is one of the best cryptocurrency exchanges available today. Staking on Crypto.com is simple, thanks to its user-friendly interface. It supports over 250 currencies and is considered a good choice if you want to do a lot with crypto in general. Here, users need to have at least 26 EGLD for staking.

  • Offers daily rewards of up to 0.12 EGLD.
  • Current APR of 8.67%
  • It has a high fee unless you use CRO.

Benefits of Staking Elrond (EGLD)

    • Ease of staking process

    Staking EGLD is a very easy process that even a beginner can easily do, if the steps are followed accurately. Elgorand’s interface is highly appealing to users, making it simple to use.

    • High profitability

     Staking EGLD is proving to be profitable currently. It offers a considerable APY of 20%.

    • Security

    Elrond has taken several measures to ensure the high safety of users’ assets. It has taken steps so that the user’s EGLD won’t get lost if the platform is attacked.

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Most frequently asked questions on Elrond Staking

Is staking Elrond safe?

Yes, staking Elrond is a very safe process. You just need to be mindful when choosing the platform for staking.

How much I can earn by staking EGLD?

You can earn as per the APY of Elrond, which is 20%. You can choose different crypto exchanges or the official Elrond wallet for staking EGLD tokens.

Can I stake less than 1 EGLD?

No, you cannot stake less than 1 EGLD, given that you are using Elrond Wallet. The minimum staking amount differs with the platform used. The corresponding value is 0.02 EGLD for Binance and 26 for Crypto.com.

Is Elrond a good long-term investment?

Yes, Elrond is a good long-term investment, according to many experts. Most predictions regarding its future are positive.

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