- Nowadays, staking and locking up funds in a particular wallet is the most popular way to facilitate transactions in a blockchain wallet.
- Some new users are continuously looking to get into staking and think that running a developer node will always provide them with different staking rewards.
All that cryptocurrency already knows is that it has revolutionized the entire financial industry by providing a different decentralized and secure system of transactions that is not always under the control of any government or financial institution. Millions of people are interested in cryptocurrency and this is just because of the continuous rise of the same. Everyone is nowadays interested in investing and making huge profits.
What Is The Meaning Of Ankr (ANKR)?
So, a blockchain-based platform, Ankr, is something that aims to make it very easy for all developers to develop some decentralized applications (dApps). This is also the platform that provides a variety of ranges of tools along with different services that developers can easily use to build and deploy their dApps quickly and easily.
Also, Ankr is the name of the particular platform’s native cryptocurrency. ANKR is nothing but an ERC-20 token, which means that it will always run on the Ethereum blockchain. Later, the token is the one that is used to pay for the services on the Ankr platform, like node, API access, hosting, and other services.
How Does Ankr (ANKR) Staking Work?
So, people need to know the workings of the Ankr stake. Now, it is something that works by holding ANKR tokens in a particular wallet and delegating them to the validator node on the entire Ankr network.
Some validator nodes are always responsible for verifying transactions on the network and maintaining the security of the network. Later, when someone delegates the ANKR tokens to a validator node, they are eventually lending their tokens to that node so that they can help carry out its duties.
After some time, in return, people will earn rewards in the form of different Ankr tokens. Also, the amount of rewards that people earn always depends on several factors, like the number of tokens that people are staking along with the overall demand for staking on the network.
Steps To Stake Ankr (ANKR)
So, if someone wants to stake ANKR, then they will surely need to follow the below steps:
- Get an ANKR wallet
Firstly, people should get a wallet and make sure that it supports ANKR.
- Buy ANKR
As the next step, people will need to buy ANKR tokens on different cryptocurrency exchanges. They can also buy ANKR on popular exchanges like Binance, Huobi, and many more.
- Delegate ANKR to a validator node
After people have ANKR in their wallets, they can also delegate it to a validator node on the particular ANKR network. There are also some validator nodes that people need to choose from and they can also check their performance and rewards.
- Earn rewards
Lastly, people need to watch their ANKR rewards, which are always paid out regularly and can be reinvested in staking or they can also withdraw the same.
Conclusion
So, ANKR staking is a great way for someone to earn a passive income from their cryptocurrency holdings. People can also earn different rewards in the form of more ANKR tokens. However, doing research is very much needed when a user opens their wallet and begins to invest in anything.