With the purpose of enhancing financial freedom, Klever has always been working to offer users options that help them earn passive income for holding their crypto assets in a wallet. You might have heard about earning from staking on crypto exchanges but earning in wallets is not very common.
What is staking?
Staking is the process of locking up your cryptocurrency assets for a predetermined amount of time to maintain a blockchain’s operation. You gain extra crypto by staking your existing cryptocurrency. A Proof of Stake consensus mechanism is used by numerous blockchains.
Proof-of-stake (POS) validates block transactions based on the number of coins staked.
Staking enables a blockchain to contain only valid data and transactions. Participants offer to stake large amounts of cryptocurrency as an insurance policy in exchange for the chance to validate fresh transactions.
Staking in Klever Wallet, K5
A K5 wallet is the easiest way to stake KFI and KLV.
- Open your K5 wallet and enter your security code. On the home page click “Staking”
- After clicking on the Staking tab, click on KLV, select KLV (mainnet) main account.
- Once you select the account, click on Staking and enter the amount of KLV you want to stake.
- Click next and freeze your KLV. Always make sure you choose more than one bucket to stake your KLV, so that you can stake on different validators. So, in case, if you need to withdraw some KLV for any reason, you just need to unstake from one validator. By doing this, the KLV staked on other validators will keep earning you rewards.
You can earn from regular Staking; however, if you want to earn more, you can Delegate to a Validator. Once you select a Validator fasten your seat belt to earn rewards from staking.
The KLV staking reward, as of now, is 15 KLV per block distributed to all KLV holders at the end of the epoch (proportional to the staked size).
You can earn KFI staking rewards in the same manor. The KFI rewards are only the accumulated Kapp fees of that epoch, distributed to all holders at the end of the epoch (also proportional to the staked size).
The consensus is made of 21 validators chosen randomly and the rotation is 4 validators per epoch. Users have options to earn from staking: the K4 wallet.
Staking crypto in Klever Wallet, K4
Since K5 is in its Beta version, users can get more options on K4 for staking other crypto assets.
With over seven tokens to select for staking, users can earn more crypto like Tron (TRX), Kusama (KSM), Internet Computer (ICP), Huobi Token (HT), Reef (REEF), Polkadot (DOT), Polygon (MATIC) and Devikins (DVK).
To stake your crypto, let’s take an example on how to stake TRX on K4.
- Open your K4 wallet; enter your security code.
- You will now come to the portfolio page. Scroll down, select TRX.
- Click on TRX, select the staking tab, you will now enter your TRX account page.
- Click on Staking, select TRX token and click on Confirm.
Your TRX is staked and now you can earn more TRX. Follow the same process to stake DVK on K4.
However, to stake Reef, KSM, DOT, you need to first bond the tokens and then stake it.
For instance, to take ICP on K4, you need to create a Neuron.
As for staking, T token, you need to select a validator once you select a validator, your HT token has been staked and you will now earn more HT.
In conclusion, the more you stake and hold your staking, the more you earn and increase your crypto assets.
Staking is a very novel way on how you diversify your assets and keep on earning, while you are away, your crypto assets work for you 24X7.
It also brings confidence to users that the project they have invested in does provide stability and brings financial strength to your portfolio.
