How to Stake?
When the minimum balance is met, a node deposits that amount of cryptocurrency into the network as a stake (similar to a security deposit).
- 1.The size of a stake is directly proportional to the chances of that node being chosen to forge the next block.
- 2.If the node successfully creates a block, the validator receives a reward, similar to how a miner is rewarded in proof-of-work chains.
- 3.Validators lose part of their stake if they double-sign or attempt to attack the network.
Log into your LYOTRADE account and click [Staking].
Here you can see all the Locked Staking products with the estimated percentage yield, duration days, and minimum locked amount.
Choose the asset you want to stake and the duration, then click [Details]. You will find characteristics of the selected staking offer:
You can click on each of the different options and insert the amount you want to stake to see their respective estimated earnings to pick the best offer.
Please note that the Est. APY is adjusted daily based on the on-chain staking rewards. During the staking period, your assets will be locked on-chain, so you won't be able to withdraw or perform any transactions with the allocated assets.
Available amount: It shows the available balance in your Spot Wallet that you can use to stake on Locked Staking. There is a minimum amount required for staking. If your balance is lower than that, you won't be able to stake it.
Once you subscribe to the product, interests will be calculated from 00:00 (UTC) of the following day, and are distributed to your [Fiat and Spot Wallet] weekly after 00:00 (UTC). When the process is complete, the staked assets will be redeemed automatically and returned to your Spot Wallet.
After confirming the details, enter the locked amount you want to stake and click [Agree to PoS].
In this section, you can check [Pending], [Processing], and [Finished] staking operations.
To view your Locked Staking history, go to [Staking]- [Staking Report] or you can check by clicking in [Balances]-[Financial Account].
Please note that unlocking your staked assets requires a specific time based on the specifications of the chain you're staking on. LYOTRADE Locked Staking amount will only be redeemed or released after the specific time chosen for staking. However, it sometimes takes up to 48-72 hours to receive the tokens due to different global time zones.