Introduction
Staking Luminous can be an excellent choice for individuals in the UAE looking to hold LUM while earning APY in a secure manner and supporting the network. The process may seem a bit overwhelming, particularly for first-time users. That’s why we’ve created this guide to assist you.
Step-by-Step Guide for UAE Residents
1. Acquire Luminous (LUM) Tokens
To stake Luminous, you first need to acquire it. To obtain Luminous, you will need to purchase it from one of the popular exchanges available in the UAE.
View all 4 pricesPlatform Cryptocurrency Price CoinEx Luminous (LUM) 1.7 MEXC Global Luminous (LUM) 1.17 2. Select a Luminous Wallet
Once you have LUM, you'll need to select a Luminous wallet to securely store your tokens. Here are some excellent options available in the UAE market.
Platform Cryptocurrency Staking rewards in the UAE Stakewolle Luminous (LUM) Up to 35.19% APY 3. Delegate Your LUM in the UAE
We recommend utilizing a staking pool when staking LUM. It’s more straightforward and quicker to get started. A staking pool consists of a group of validators who pool their LUM, increasing their chances of validating transactions and earning rewards. You can manage this through your wallet's interface.
4. Begin Verification
You will need to wait for your deposit to be confirmed by your digital wallet. Once it's confirmed, you will automatically validate transactions on the Luminous network. For these validations, you will be rewarded with LUM.
What to Consider in the UAE Market
In the UAE, it's important to factor in transaction and staking pool fees when engaging in cryptocurrency activities. Additionally, you may experience a waiting period before you begin to earn rewards. The staking pool must generate blocks, which can take some time to accomplish.
Recent Developments
Luminous (LUM) is currently priced at $35.19 with a 24-hour trading volume of $488,804. The market cap of Luminous stands at $7.4M, with 1M LUM in circulation. For those looking to buy or trade Luminous, Stakewolle offers avenues to do so securely and efficiently
- Market capitalization
- $7.4M
- 24-hour trading volume
- $488,804
- Circulating supply
- 1M LUM