How to Stake Luminous (LUM) in the UAE

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. 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.

   Platform	Cryptocurrency	Price
   CoinEx	Luminous (LUM)	0.6
   MEXC Global	Luminous (LUM)	1.52

   View all 4 prices

2. 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. 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. 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.