One of the common ways to generate additional cash is by staking. Instead of keeping the tokens in your wallet, you can stake them and receive a tempting reward on them every year. We will discuss how to stake your BNB tokens in this article.
On how you can stake your various tokens and gain incentives, we are currently producing a series of articles. We will walk you through each stage of staking BNB in depth in this article.
Users are recommended to visit the Staking Awards website to learn about the yearly rewards that may be earned on various tokens.
To learn more about a certain coin’s staking, you must choose that token.
For instance, if you choose BNB and decide to stake some money in it, you can view all the statistics, including the market size and the entire amount staked.
The list of available validators, together with their balance, delegation address, and the benefits they are providing to users, may be found by scrolling down the page.
You may quickly choose a validator who is leading and offering strong, consistent staking incentives by looking through the list of validators provided by bscscan.
As a result, it is evident from the aforementioned two pieces of data that the validator using TW Staking (Trust wallet) is in the lead. Accordingly, in this article, we’ll show you how to stake BNB using your Trust wallet mobile application.
Users must keep their BNB tokens on the Binance Chain because that network has the TW Staking feature accessible. For BNB tokens that adhere to ERC-20 specifications, this staking option is not available.
We anticipate that the user of this guide will be utilizing the Trust wallet mobile application.
Because we already said that the staking option is only available on the Binance Chain, run the Multi-coin wallet setup process when installing the Trust wallet application to enable the capability.
For instance, you won’t find the staking option for ERC-20 BNB in your trust wallet.
When you click on the BNB token after creating a multi-coin Trust wallet application, you will see the button shown in the screenshot below. Note that the BNB token’s ERC-20 standard does not support the highlighted button.
When you click on it, you will have the choice to engage in the following activities:
- Detail of Stake
- Delegation/Stakeholder Unstake
The mobile application makes it simple for Trust wallet customers to invest their BNB coin.
Simply select the Stake option and enter your desired bet amount to stake. Next, you can decide which validator you want to assign your tokens to. The best validator for your needs can be chosen in the manner already described.
Keep in mind that the user must maintain a balance of at least 1 BNB in order to stake TW.
Detail of Stake
From this tab, you can view the following information regarding your staked BNB tokens:
- Available resources
- Amount Staked in Total
- Minimum Staking Amount
- APR (Annual Percentage Rate)
- Locked Until
- Your chosen Validator and the amount you have staked on it
If the current validator is ineffective or another validator is providing large rewards, users can redelegate their token.
Simply select the Redelegate option (see screenshot above) to switch your current delegator to your preferred delegator. You cannot, however, distribute your staked sum among many validators. Your current validator will transfer all of your tokens to the newly chosen validator.
Users have a 7-day lockup period, although they are free to unstake their BNB tokens at any moment. Once the lock-in time is finished, you will receive your tokens in your wallet.
To unstake, select the Unstake option and enter the number of tokens you want to remove from your bet. If you staked your tokens with more than one validator, you must decide which validator you want to unstake from.
Staking provides the user with a second source of revenue. You can stake tokens that you do not currently use for regular trade if you have any. The majority of tokens have no minimum staking requirements, while BNB-TW Staking has a few restrictions. On the Binance Chain, users must hold a minimum of 1 BNB. The platform also includes a seven-day lockup period. Therefore, if you have BNB on hand, you can take advantage of this staking option through the Trust wallet application and generate extra revenue.