How to Stake Luminous (LUM) for better returns

Introduction

Staking Luminous can be an excellent choice for individuals 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 have created this comprehensive guide to assist you.

Step-by-Step Guide

1. 1. Acquire Luminous (LUM) Tokens

   To stake Luminous, you first need to acquire it. To obtain Luminous, you can purchase it from these well-known exchanges.

   平台	Coin	Price
   CoinEx	Luminous (LUM)	1.48 APY
   MEXC Global	Luminous (LUM)	1.46 APY

   View all 4 prices

2. 2. Select a Luminous Wallet for Your Needs

   Once you have LUM, you'll need to select a Luminous wallet to securely store your tokens. Here are some excellent options to consider.

   平台	Coin	Staking returns
   Stakewolle	Luminous (LUM)	Up to 35.19% APY

3. 3. Delegate Your LUM for Enhanced Returns

   We recommend utilizing a staking pool when staking LUM. It is more straightforward and quicker to get started. A staking pool consists of a collective of validators who pool their LUM, enhancing their chances of validating transactions and earning rewards. You can easily manage this through your wallet's interface.

4. 4. Begin Verification

   You will need to wait for your deposit to be confirmed by your wallet. Once it is confirmed, you will automatically validate transactions on the Luminous network. For these validations, you will be rewarded with LUM.

What to Consider in the Chinese Market

When engaging in transactions and participating in staking pools, it's important to factor in the associated fees. Additionally, there may be a waiting period before you begin to receive rewards. The staking pool must successfully generate blocks, which can require some time to accomplish.