How to Stake dYdX (Wormhole) (DYDX): A Comprehensive Guide for Australians

Introduction

Staking dYdX (Wormhole) can be a great option for those who want to hold DYDX 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. Obtain dYdX (Wormhole) (DYDX) Tokens

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

Platform	Coin	Cost
Nexo	dYdX (Wormhole) (DYDX)	0.19
Binance	dYdX (Wormhole) (DYDX)	0.19
BTSE	dYdX (Wormhole) (DYDX)	0.64
Kraken	dYdX (Wormhole) (DYDX)	0.19
OKX	dYdX (Wormhole) (DYDX)	0.66
Uphold	dYdX (Wormhole) (DYDX)	0.58

See all 46 prices

2. Choose a dYdX (Wormhole) Wallet
Once you have DYDX, you'll need to choose a dYdX (Wormhole) wallet to store your tokens. Here are some great options.
Platform Coin Staking returns
Binance dYdX (Wormhole) (DYDX) Up to 2.19% % p.a.
View all 4 staking rewards
3. Delegate Your DYDX
We recommend using a staking pool when staking DYDX. It's simpler and quicker to get started. A staking pool is a group of validators who combine their DYDX, increasing their chances of validating transactions and earning rewards. You can do this through your wallet's interface.
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 (Wormhole) network. You'll be rewarded with DYDX for these validations.

Platform	Coin	Staking returns
Binance	dYdX (Wormhole) (DYDX)	Up to 2.19% % p.a.

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.