Introduction
Staking Elixir can be a great option for those who want to hold elx 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 Elixir (elx) Tokens
In order to stake Elixir, you need to have it. To obtain Elixir, you'll need to purchase it. You can choose from these popular exchanges.
2. Choose a Elixir Wallet
Once you have elx, you'll need to choose a Elixir wallet to store your tokens. Here are some good options.
Platform Coin Staking rewards Stakin Elixir (elx) Up to 6.76% APY Rates as listed by providers on Sep 27, 20263. Delegate Your elx
We recommend using a staking pool when staking elx. It's simpler and faster to get up-and-running. A staking pool is a group of validators who combine their elx, 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 Elixir network. You'll be rewarded with elx 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.
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