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There are some of us that don't understand what 'staking' is all about in the crypto space. In this article, I am going to let everyone know what staking is all about, its benefits and let us know why it is profitable to stake CoinEx Token {CET}
WHAT IS STAKING?
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Staking under the PoS consensus mechanism means, the cryptocurrency holders stake their assets to the Mainnet in order to obtain voting power and rewards. Essentially, it consists of locking cryptocurrencies to receive rewards. In most cases, the process relies on users participating in blockchain activities through a personal crypto wallet, such as VaiWallet, Trust Wallet etc. The concept of staking is closely related to the Proof of Stake (PoS) mechanism. It is used in many blockchains that are based on PoS or one related to it.
As mentioned, staking is the process of holding funds to receive rewards, while contributing to the operations of a blockchain. As such, staking is widely used on networks that adopt the Proof of Stake (PoS) consensus mechanism or one of its variants. CoinEx Chain is an example of such.
CoinEx Chain's Proof-of-Stake and How Staking Works
CoinEx Chain adopts a Proof-of- Stake
mechanism. Any entity can stake CET tokens to become a validator candidate. Validator set is not fixed. Participators in the ecosystem can delegate, undelegate or delegate their CET to different validators to change their voting power. Proof of Stake chain validate a new blocks through staking unlike Proof of Work blockchains that rely on mining to verify and validate new blocks, PoS chains allow blocks to be produced without relying on mining hardware (ASICs), the PoS validators are selected based on the number of coins they are committing to stake. Typically, users that stake larger amounts of coins have a higher chance of being chosen as the next block validator.
It is advantageous for PoS chains because the production of blocks via staking enables a higher degree of scalability.
ADVANTAGES OF STAKING
It can realize the preservation and appreciation of assets and resist the inflation caused by the additional issuance of tokens
The holders can join block validation to maintain the stable operation of the public chain network
The stakers will also be able to take part in public chain ecological governance with negligible costs.
Stakers earn rewards as an incentive to encourage them to stake their digital assets.
HOW AND WHERE TO STAKE CoinEx Token {CET}
Currently, staking of CoinEx Token {CET} is officially being done on ViaWallet. The ViaWallet supports the staking of CoinEx Token {CET}
STEPS ON HOW TO STAKE CoinEx Token {CET}
There are two ways we can stake CoinEx Token {CET}
1- Through the CoinEx Dex Exchange
This can be done here, https://www.coinex.net/stake
2- Through ViaWallet
Steps:
Download ViaWallet and create an account there
https://viawallet.com/downloadAfter creating an account, select CET
Click Receive and Copy out the address
Go back where you have your CET coin (either inside your exchange account www.coinex.com or where you have your CET) and click withdraw
Paste the address you copied from ViaWallet and click "withdraw now"
Once you receive the fund on your ViaWallet, click 'Discover'
Select 'Staking'
Select CET
Click Delegate
Input the quantity of CET you want to stake and click next
Confirm Transaction
COMMISSION RATE OF STAKING CoinEx Token {CET}
The system has a default commission rate of 10%. This means the voters will share the remaining 90% of the rewards accordingly. Differences of yield can be ignored as it won’t be affected by commission and voting power.
YIELD RATE OF STAKING CoinEx Token {CET}
The system has a yield rate of 8.93% annually. This means anyone that stakes CoinEx Token {CET} will earn 8.93% as a profit rate at the end of each year. Your quantity of what to earn is determined by the amount of CET you stake. So the higher the quantity of CET you stake, the higher you earn and vice versa.
WHY MUST YOU STAKE CoinEx Token?
** STAKING REWARD**
When determining a platform to stake, the ultimate reward must be given top consideration. The CoinEx Chain PoS is the best option. Staking CET coin will yield a higher reward while compared to the others. Staking CET is the best investment advice all crypto holders should look into. It has a yield rate that brings higher return on investment. So if you want to make a quick cash, kindly purchase CoinEx Token {CET} from CoinEx exchange and stake it. Am assuring you that it will offer high rewards.
STAKING AMOUNT
There are many platforms that permit holders to stake a quantity of token that the minimum is higher than what many people hold. The minimum CoinEx Token {CET} required for staking is small and everybody can afford it. This is exactly top consideration while CoinEx Token {CET} is best for staking.
NETWORK SIZE AND GROWTH
The CoinEx Chain blockchain networks are at stages of development and popularity, and it fits your resources and intentions. The CoinEx Chain has a large network with high user growth and it will become lucrative and take shorter time to manifest the kind of returns that users are looking for if you stake CoinEx Token {CET}.
TOKEN ECONOMICS
The CoinEx token (CET) has a good economic model. The evaluation of inflation rate,staking ration, lock-up period makes CET worth your staking investment
CONCLUSION
Staking is considered as a good option to maximize your assets. With the help of staking, you’re able to get extra rewards and grow your portfolio with compounding.
Incase you need further helps, chat the team on telegram : https://t.me/CoinExOfficialENG