Where and How to Stake Loom Network (NEW) (LOOM)

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. 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.

   Platform	Coin	Price
   Bitpanda	Loom Network (NEW) (LOOM)	0.07
   Uphold	Loom Network (NEW) (LOOM)	0.06
   Coinbase	Loom Network (NEW) (LOOM)	0.06
   Bitmart	Loom Network (NEW) (LOOM)	0.07
   MEXC Global	Loom Network (NEW) (LOOM)	0.07
   BingX	Loom Network (NEW) (LOOM)	0.07

   See all 9 prices

2. 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.

   Platform	Coin	Staking rewards
   MyCointainer	Loom Network (NEW) (LOOM)	Up to 11 APY

3. 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. 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.