How to Stake Chainlink (LINK): A Step-by-Step Guide

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.
Platform Coin Price
Nexo Chainlink (LINK) 22.2
PrimeXBT Chainlink (LINK) 22.15
M2 Chainlink (LINK) 22.16
Uphold Chainlink (LINK) 22.14
Klink Chainlink (LINK) 22.17
OKX Chainlink (LINK) 22.17
See all 37 prices
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.

Platform	Coin	Price
Nexo	Chainlink (LINK)	22.2
PrimeXBT	Chainlink (LINK)	22.15
M2	Chainlink (LINK)	22.16
Uphold	Chainlink (LINK)	22.14
Klink	Chainlink (LINK)	22.17
OKX	Chainlink (LINK)	22.17

Platform	Coin	Staking rewards
YouHodler	Chainlink (LINK)	Up to 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

Chainlink (LINK) is currently priced at $9 with a 24-hour trading volume of $1.71B. The market cap of Chainlink stands at $14.03B, 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: $14.03B
24h volume: $1.71B
Circulating supply: $631.1M

See latest information

Frequently Asked Questions About Staking Chainlink (LINK)

What is Chainlink staking?: Chainlink staking allows holders to lock up their LINK tokens to help secure the network and earn rewards. This incentivizes network participation and ensures its reliability.
How are Chainlink staking rewards calculated?: Rewards are typically determined based on the amount of LINK staked and the duration of staking. It's essential to stay informed via resources like Bitcompare to understand current rates and conditions.
When do I receive staking rewards?: Staking reward distribution times can vary. It's advisable to check frequently for updates on your staking platform or Bitcompare for the latest information.
What is the minimum staking amount?: The minimum amount required to stake LINK may vary between different platforms. Confirm with your chosen staking service and keep up-to-date through platforms like Bitcompare.
Can I unstake my LINK early?: Generally, you are required to adhere to a lock-up period for staking. Early withdrawal might lead to penalties. Stay updated on the terms by regularly checking resources like Bitcompare.
Are staking rewards taxable?: Staking rewards might be subject to taxation in some jurisdictions. Keep informed on regulatory developments to stay compliant and regularly review financial information.
Is there risk in staking Chainlink?: Staking involves some risk, including potential loss of funds due to network issues. It's crucial to stay informed via reliable resources like Bitcompare to evaluate risks.
What role does Bitcompare play in Chainlink staking?: Bitcompare offers tools like real-time comparisons, alerts, and news updates to ensure you are informed about staking conditions, helping you make informed decisions.
How does sentiment analysis on Bitcompare help with staking?: Bitcompare's sentiment analysis provides an overview of market perceptions, which can assist in understanding potential impacts on staking and making strategic decisions.
Why should I regularly check for Chainlink news?: Staying informed about the latest Chainlink news ensures you're aware of developments that might affect staking rewards or risks. Check trusted platforms like Bitcompare regularly.