We will explain the staking transactions offered by the crypto asset exchange MEXC. If you open an account with MEXC, you can do staking. It is a system where users can receive interest as a reward by staking their tokens. You can constantly increase your profits without making any special trades.
What is staking?
Staking is a mechanism that allows you to receive rewards by participating in blockchain operations. By depositing in the designated wallet, you can contribute to the operation of the virtual currency community and consensus algorithm. And in return, a fixed interest rate is paid, so you can get a return by investing. However, users do not have to bear the risk of high leverage trading and can get returns, so it is a very safe way to earn money.
Staking type
In the case of MEXC, there are three types of staking (savings), each with different characteristics. Neither staking allows funds to be moved during the lockup period. Please consider whether to participate while taking into account the possibility that the price of the crypto assets you hold may plummet during staking. Please understand the rules and calculations as they will be updated from time to time. the detail is right below.
Flexible staking
A feature of this staking is that you can withdraw at any time. The deposit period is one day, and you can withdraw at any time you want, so it is a plan that can deal with sudden market fluctuations. However, in this case, the disadvantage is that the interest rate is set low because you can withdraw at any time.
Staking with lock
This type has one more constraint compared to flexible staking. It means that you must deposit virtual currency for a certain period of time. Since it will always be locked by the MEXC side, you will not be able to withdraw during that period. However, there are benefits in return, and the interest rate is higher compared to flexible staking.
ETH2.0 staking
ETH staking is staking aimed at supporting Ethereum 2.0. Since it is a plan that you can not withdraw for 1 to 2 years after depositing, it has features similar to staking with a lock. During staking, deposited ETH and 1:1 BETH will be issued and can be traded in the same way as ETH.
How to start staking
To start staking, you will first need to open an account. Please refer to the article below. The operation method differs depending on the type of staking, so I will explain each method separately. First, you make a purchase and deposit your assets using a deposit service. The yield varies depending on the coin, such as USDT or BTC. You can also unlock it if the period is met. And you can earn profits.
Flexible staking
For flexible staking, first select “Staking” under “Activity” from the top menu on the home screen.
Select the “Flexible Staking” tab on the MEXC Staking screen and click “Stake Now” to the right of the currency you wish to stake.
After checking the checkbox on the right side of the screen, click “Confirm and start staking”. You are done.
Staking with lock
Staking with lock is the same operation as flexible staking. Select “Staking” from “Activity”.
On the MEXC Staking screen, select the “Staking with Lock” tab and click “Stake Now” to the right of the currency you want to stake.
Enter the amount to be deposited and check the check box on the right side of the screen. Click “Confirm and start staking”. You are done.
ETH2.0 staking
For ETH2.0 staking, the operation is slightly different. Select “ETH2.0 staking” from “Activity”. It’s an opportunity to easily get spot. In order for users to receive profits from spot trading, they must first simply hold the tokens. The idea is that they will increase by selling them.
Enter the amount to deposit and click “Staking Exchange” to complete staking.
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