I started staking Loopring (LRC) token back in April. 90 days later, I finally unlocked my first staking reward.
There was no website or pretty UI to stake LRC before.The staking process wasn't hard but it took me sometime to read documents and learn how to stake the token manually. So it took me some time and effort to stake LRC. It really wasn't like connect your wallet and turn it on kind of thing so I am really glad that they made this website, https://staking.loopring.org/
This is a lot easier to manage LRC staking and claim rewards so this is a huge step up from a manual process!
If you are interested in the manual process-> Loopring (LRC): How to Stake LRC
I started with 156 LRC which is about $20 and the reward for staking for 90 days is 0.9 LRC which is about 10 cents. I started small just to see how it works so I wasn't expecting a big payout and 0.9 LRC is better than nothing so I am okay with the result.
What I am really pleased about this whole experiment is not the staking itself. It is the LRC value. LRC was about $0.02 back in April when I started and now it's $0.12 so my $3 investment became $20 in 90 days just HODLing the token, which is kind of amazing and I wish I had more LRC token.
Claiming rewards
Just go to the staking website and click on "Claim". (if it's still locked, you need to wait until your token age is more than 90 days)
- "I understand": Click
- "Claim": Click
- "Reject": WTH...
Claim will send a request to your wallet so you need to confirm this transaction.
$3.63 gas fee for a 10 cents reward 😅
My initial investment was $3 so I am still good even after I pay this high gas fee... but this gas fee is just ridiculous these days!
(i mean my initial investment LRC came from my publish0x payout so i didn't actually "pay" anything anyway...)
So I guess I don't get to claim my first reward and keep going with this LRC staking for a while.
Staking and farming and all the good things are happening in DeFi space but these fees are killing all the excitement... sad.
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