How to Stake GMX (GMX): A Step-by-Step Guide

Introduction

Staking GMX can be a great option for those who want to hold GMX 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 GMX (GMX) Tokens
In order to stake GMX, you need to have it. To obtain GMX, you'll need to purchase it. You can choose from these popular exchanges.
Platform Coin Price
Nexo GMX (GMX) 23.82
Uphold GMX (GMX) 23.78
OKX GMX (GMX) 23.83
Binance GMX (GMX) 23.84
Bitget GMX (GMX) 24.23
MEXC Global GMX (GMX) 24.22
See all 18 prices
2. Choose a GMX Wallet
Once you have GMX, you’ll need to choose a GMX wallet to store your tokens. Here are some good options.
Platform Coin Staking rewards
Binance GMX (GMX) Up to 5.9 APY
3. Delegate Your GMX
We recommend using a staking pool when staking GMX. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their GMX, 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 GMX network. You’ll be rewarded with GMX for these validations.

Platform	Coin	Price
Nexo	GMX (GMX)	23.82
Uphold	GMX (GMX)	23.78
OKX	GMX (GMX)	23.83
Binance	GMX (GMX)	23.84
Bitget	GMX (GMX)	24.23
MEXC Global	GMX (GMX)	24.22

Platform	Coin	Staking rewards
Binance	GMX (GMX)	Up to 5.9 APY

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

GMX (GMX) is currently priced at $5.9 with a 24-hour trading volume of $24.17M. The market cap of GMX stands at $238.3M, with $9.92M GMX in circulation. For those looking to buy or trade GMX, Binance offers avenues to do so securely and efficiently}

Market cap: $238.3M
24h volume: $24.17M
Circulating supply: $9.92M

See latest information

Frequently Asked Questions About Staking GMX (GMX)

What are GMX staking rewards?: GMX staking rewards are incentives given to users for holding and staking GMX tokens. By staking, users can earn additional GMX tokens over time. Rewards are subject to change based on network performance and other factors.
How often are GMX staking rewards distributed?: The distribution frequency of GMX staking rewards may vary. It's vital to check reliable platforms like Bitcompare for the latest information and updates. Keeping track of staking reward distribution helps in making informed decisions.
Can my rewards increase over time?: Yes, the amount of GMX staking rewards can fluctuate. It depends on factors like network participation. Regularly checking tools like sentiment analysis and news on Bitcompare keeps you informed about potential changes.
What happens if I unstake my GMX?: Unstaking your GMX usually means your tokens will temporarily stop earning rewards. However, the rules can differ per platform. Stay informed by checking Bitcompare for any updates on unstaking conditions.
Is it safe to stake GMX?: Staking has its risks, including market volatility. Utilizing tools like real-time price comparisons on Bitcompare can help manage such risks. Always stay updated with market news and potential risk factors.
How do I monitor my staking rewards?: You can monitor your GMX staking rewards using platforms offering detailed analytics. Bitcompare provides tools like email alerts and sentiment analysis to help you track changes efficiently.
What factors affect GMX staking rewards?: Rewards can be affected by factors like network health and token demand. Using Bitcompare's real-time tools ensures you're well-informed about changes in staking conditions.
Where can I find the latest GMX news?: For the latest GMX news, Bitcompare offers up-to-date news events and analysis. Bookmark their page and receive email alerts to stay ahead in the dynamic crypto market.