Introduction
Staking Binance-Peg Firo can be a great option for those who want to hold FIRO but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-step
- 1
Obtain Binance-Peg Firo (FIRO) tokens
In order to stake Binance-Peg Firo, you need to have it. To obtain Binance-Peg Firo, you'll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a Binance-Peg Firo wallet
Once you have FIRO, you’ll need to choose a Binance-Peg Firo wallet to store your tokens. Here are some good options.
- 3
Delegate your FIRO
We recommend using a staking pool when staking FIRO. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their FIRO, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
- 4
Start validating
You’ll need to wait for your deposit to be confirmed by your wallet. Once it’s confirmed, you’ll automatically validate transactions on the Binance-Peg Firo network. You’ll be rewarded with FIRO for these validations.
What to be aware of
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
