Introduction
Staking Chainlink can be a great option for those who want to hold LINK but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-Step Guide
1. Obtain Chainlink (LINK) Tokens
In order to stake Chainlink, you need to have it. To obtain Chainlink, you'll need to purchase it. You can choose from these popular exchanges.
See all 37 pricesPlatform Coin Price Nexo Chainlink (LINK) 20.48 PrimeXBT Chainlink (LINK) 20.4 M2 Chainlink (LINK) 20.4 Uphold Chainlink (LINK) 20.38 OKX Chainlink (LINK) 20.41 YouHodler Chainlink (LINK) 20.36 2. Choose a Chainlink Wallet
Once you have LINK, you’ll need to choose a Chainlink wallet to store your tokens. Here are some good options.
Platform Coin Staking rewards YouHodler Chainlink (LINK) Up to 9 APY 3. Delegate Your LINK
We recommend using a staking pool when staking LINK. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their LINK, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
4. Start Validating
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 Chainlink network. You’ll be rewarded with LINK for these validations.
What to be Aware of
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
Latest Movements
Chainlink (LINK) is currently priced at $9 with a 24-hour trading volume of $1.08B. The market cap of Chainlink stands at $12.84B, with $631.1M LINK in circulation. For those looking to buy or trade Chainlink, YouHodler offers avenues to do so securely and efficiently}
- Market cap
- $12.84B
- 24h volume
- $1.08B
- Circulating supply
- $631.1M
Frequently Asked Questions About Staking Chainlink (LINK)
- What are Chainlink (LINK) staking rewards?
- Chainlink staking rewards are incentives given to users who participate in the network by staking their LINK tokens. These rewards are distributed for helping secure the network and maintaining its operation.
- How can I earn Chainlink staking rewards?
- You can earn staking rewards by participating in the Chainlink network as a staker, which involves committing your LINK tokens to support the network's decentralized operations.
- Is staking Chainlink safe?
- Staking involves risks such as network issues or changes in market conditions. It's crucial to stay informed and utilize resources like Bitcompare for real-time data to stay ahead of market dynamics.
- What tools can I use to stay informed about Chainlink staking?
- Bitcompare offers valuable tools such as real-time price comparisons, email alerts, sentiment analysis, and the latest Chainlink news events to keep you updated.
- How often are Chainlink staking rewards distributed?
- The frequency of staking rewards distribution can vary. Regularly check Bitcompare for the latest updates on Chainlink staking terms and conditions.
- Where can I find current Chainlink staking rates?
- Current Chainlink staking rates can be found on Bitcompare, a trusted crypto comparison platform that provides real-time rate comparisons and detailed insights.
- Why should I use Bitcompare for Chainlink information?
- Bitcompare is trusted for its comprehensive tools, including price comparisons and latest Chainlink news, helping users make informed decisions in a dynamic market.
- How can I ensure I receive the latest Chainlink news and updates?
- Set up email alerts on Bitcompare for current Chainlink news events, and consider bookmarking their page for easy access to updates that help you stay informed.