How to Stake dYdX (ETHDYDX) in Australia

Introduction

Staking dYdX can be a great option for those who want to hold ETHDYDX while earning yield safely and contributing to the network. The steps may seem daunting, especially the first time you attempt them. That's why we've created this guide for you.

Step-by-Step Guide

1. 1. Obtain dYdX (ETHDYDX) Tokens

   To stake dYdX, you need to own it. To obtain dYdX, you'll need to buy it. You can choose from these popular exchanges.

   Platform	Coin	Cost
   BingX	dYdX (ETHDYDX)	0.67
   Bitget	dYdX (ETHDYDX)	0.88
   Bitmart	dYdX (ETHDYDX)	0.67
   Bitpanda	dYdX (ETHDYDX)	1.59
   SwissBorg	dYdX (ETHDYDX)	0.67

   See all 8 prices

2. 2. Choose a dYdX Wallet

   Once you have ETHDYDX, you'll need to choose a dYdX wallet to store your tokens. Here are some great options.

   Platform	Coin	Staking returns
   Bitget	dYdX (ETHDYDX)	Up to 14% % p.a.

3. 3. Delegate Your ETHDYDX

   We recommend using a staking pool when staking ETHDYDX. It's simpler and quicker to get started. A staking pool is a group of validators who combine their ETHDYDX, increasing their chances of validating transactions and earning rewards. You can do this through your wallet's interface.

4. 4. Begin Validation

   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 dYdX network. You'll be rewarded with ETHDYDX for these validations.

What to Be Aware Of

There are transaction and staking pool fees to consider. Additionally, there may be a waiting period before you start earning rewards. The staking pool needs to generate blocks, which can take some time.