Introduction
Staking Loom Network (NEW) can be a great option for those who want to hold LOOM 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 Loom Network (NEW) (LOOM) Tokens
In order to stake Loom Network (NEW), you need to have it. To obtain Loom Network (NEW), you'll need to purchase it. You can choose from these popular exchanges.
2. Choose a Loom Network (NEW) Wallet
Once you have LOOM, you'll need to choose a Loom Network (NEW) wallet to store your tokens. Here are some good options.
3. Delegate Your LOOM
We recommend using a staking pool when staking LOOM. It's simpler and faster to get up-and-running. A staking pool is a group of validators who combine their LOOM, 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 Loom Network (NEW) network. You'll be rewarded with LOOM 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
- Market cap
- $79.97M
- 24h volume
- $1.02M
- Circulating supply
- 1.24B LOOM