Token staking is the process of locking up a certain amount of cryptocurrency tokens or coins in a digital wallet to support the operations of a blockchain network. By staking tokens, users become validators or delegators, allowing them to participate in the consensus mechanism and earn rewards.
The staking process involves holding a minimum balance of tokens as proof of ownership and commitment to the network. These tokens are then locked in a smart contract or staking pool for a predetermined period of time, used to validate transactions and secure the network.
Validators propose and validate new blocks, securing the blockchain and earning rewards through mechanisms like block rewards and transaction fees. Delegators stake their tokens with validators and earn a share of the rewards based on the amount staked.
Token staking helps secure the network, encourages active participation in the blockchain ecosystem, provides a way to earn passive income, and promotes decentralization by involving more participants in the consensus process.
OXCH uses the Synthetix Staking Rewards Contract, allowing users to earn rewards by staking their OXCH tokens. Staking contributes to securing the OxChangerToken network and maintaining its stability. Rewards are calculated based on the amount of OXCH staked and the stake duration, with longer stakes earning more rewards. Rewards are distributed proportionally among all stakers.
To start staking OXCH, you must install a Web3 Wallet on your smartphone.
I recommend installing Trustwallet and opening and creating a wallet in the Trustwallet app.
Now you must open your Trustwallet app.
The Trustwallet icon should be like this:
Open it.
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Make sure you own some Polygon Matics. If not, buy them from a reputable exchange like Changelly or Binance.
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Click the "Browser" button in the Trustwallet menu.
Type the website link and click enter. If not registered, join using the referral link: https://www.oxchanger.com/join/HF81QVSnHsLGCSih
Change your wallet network to the "polygon" network by clicking the "Switch to Polygon Network" button.
Click the "Connect Wallet" button.
- This button will add OXCH Token to your wallet.
- This button moves you to vendor contracts. During the private and public sale phases, you can buy from vendor contracts at cheaper prices than exchanges.
- This button will move you to the Uniswap website. Uniswap will make it possible for you to sell or buy OXCH.
First, you need to click on 1 to add a OXCH to your wallet and then click on 2 or 3 to buy some OXCH.
on continue
To buy tokens from the vendor page, follow these steps:
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Type in the amount of OXCH you want.
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Click on the “Buy” button.
To proceed, you need to navigate to the dashboard and scroll through the staking section.
Click the "Start OXCH Stake" button.
On the next page.
in the new page:
- you must type any amount in approve section and click approve.
- Type the amount to stake and click on the “Stake” button.
Now you have staked tokens, and you can see your reward and collect it whenever you want. Additionally, you can use the “unstake” button to collect all of your OXCH.
Congratulations! You have successfully started staking OXCH tokens.