How Does Fantom ($FTM) Staking Work?
Fantom Opera ($FTM) is an open-source & decentralized blockchain network for building Decentralized Applications (DApps) via smart contracts. Since it uses the Proof of Stake algorithm to reach a consensus, you can stake $FTM to earn staking rewards and a share from the fees generated via transactions done on the network. Currently, the staking rewards are fixed at 12.84% which change depending upon the lock period. Min lock period is 14 days and Max lock period is 365 days.
For more info, please check out the basic Fantom Opera guide by @crypto-guides. In this blog, we are going to explore how Fantom ($FTM) staking works and what are its requirements.
How To Download fWallet
Fantom's homegrown wallet is called fWallet which can be accessed here: https://pwawallet.fantom.network/ It is available for the most common operating systems, both desktop, and mobile.
Click on Create Wallet and follow the instructions. Please save your seed phrase offline, written on a piece of paper with no one having direct access to it but you!
How To Stake $FTM?
Fantom Opera wallet is all-in-one DeFi service provider and you can stake, mint, trade and lend within the wallet. Once you are logged inside your wallet with your metamask, please click on the "Wallet" from the navigation panel on the left side of the window.
In order to stake your $FTM, first you need to transfer FTM from Ethereum or Binance Smart Chain (BSC). Click on "Recieve" and you will get an address for your Fantom Wallet on Fantom Mainnet. You can only send FTM mainnet tokens to this particular address. To receive $FTM from Ethereum or Binance Chain, you can use https://multichain.xyz/ You can easily swap any token on ETH or BSC to $FTM on Fantom Network using metamask. In below example, I am swapping BNB on BSC with $FTM on Fantom:
Once you receive your fantom in the fWallet, you can click on "Staking" Tab from the navigation panel.
Enter the amount of $FTM you would like to stake and click on the "Choose Validator" dropdown to open the list of validators currently available on Fantom Network. You can select any of them as per your choice.
Click on the "Continue" button to delegate your $FTM to your selected validator. You will have to enter your wallet password to complete the transaction. Once it is confirmed, you will get a notification as shown below:
Now, you will earn $FTM passively. Please note that staking rewards have to be claimed manually. a small warning for people that want to try FTM staking. Sometimes you can't undelegate your staked $FTM even if the delegation period expired. It's a known issue and I hope they resolve it soon.
On Fantom Foundation's website, you can get an estimate of your returns depending upon your staking period. For example, if you stake for long, then you will get higher returns.
Similarly, if your staking period is small then you will get lesser returns.
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