How to Stake Luminous (LUM) in Australia

Introduction

Staking Luminous can be a great option for those who want to hold LUM 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 Luminous (LUM) Tokens

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

   Platform	Coin	Cost
   CoinEx	Luminous (LUM)	1.31
   MEXC Global	Luminous (LUM)	1.31

   See all 4 prices

2. 2. Choose a Luminous Wallet

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

   Platform	Coin	Staking returns
   Stakewolle	Luminous (LUM)	Up to 35.19% % p.a.

3. 3. Delegate Your LUM

   We recommend using a staking pool when staking LUM. It's simpler and quicker to get started. A staking pool is a group of validators who combine their LUM, 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 Luminous network. You'll be rewarded with LUM 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.