Glimmer (GLMR) is a new cryptocurrency that enables fast, secure, and anonymous transactions. Staking GLMR tokens not only lets you earn rewards but also plays a crucial role in securing the network. Additionally, these tokens are your go-to for covering transaction fees, and you can easily trade them on various exchanges. It’s a win-win for securing, transacting, and trading in the GLMR token world! Staking involves keeping your tokens in a secure wallet, so you can earn rewards for confirming transactions on the network. But, let’s see how staking works in a little more detail.
Having a Wallet to Stake Glimmer Tokens
To stake your Glimmer (GLMR) tokens, you need to have access to an EOSIO Account with an EOS Wallet. You can register for one at the EOS Resource Exchange (REX). After registering, feel free to use it just like any other wallet. You can receive GLMR tokens staked by your Delegated Proof of Stake (DPOS) Witness.
EOSIO Account is an account that exists as an entry on the blockchain, and it contains within it its own unique Ethereum-style private key/public key pair. It can be controlled with a 12-word phrase called a ‘private key.’
The private key that unlocks the wallet should never be shared, like any other password. It’s that important! You should also keep your 12-word phrase (private key) written on a piece of paper somewhere safe. The private key should only be accessed when you want to transact with your EOSIO Account. If you lose access to your private key, you will lose access to your EOSIO Account and in turn the EOS Wallet. This means all the cryptocurrencies inside your account will be lost forever. For this reason, it is very important to keep your private key safe and secure!
The Process of Staking
After you have an EOSIO Account with an EOS Wallet, click on the ‘Stake’ menu item. Then enter how many of your GLMR tokens you want to put in staking (allocation). Then press the ‘Review’ button.
This will bring up a new window that asks you to confirm your stake details. Make sure everything is correct and press the stake Glimmer (GLMR) button. This will generate a transaction that sends your tokens from your account balance to being staked as DPOS collateral. Although very fast, this process might take a couple of minutes before it is reflected in the status of your tokens.
Explore the ‘Stake History’ menu to track the number of GLMR tokens you’ve staked. Here, you’ll find a record of all your past stakes, including when they were made and the number of tokens staked each time. Additionally, you can easily discover the amount of Glimmer EOS earned per stake.
After a certain amount of time, you will be able to see in your ‘Stake History’ that the GLMR tokens have been unstacked from your account. Once this happens, you can withdraw them back into your EOS Wallet by clicking on the ‘Withdraw’ menu item and then entering how many tokens you would like to withdraw. Last but not least, simply hit the ‘Review Withdraw’ button, and voila! Your tokens will be on their way back to your wallet!
The Pros and Cons of Staking
Let’s start with the pro side of things! The benefit of staking is that these Glimmer EOS tokens earn you rewards every single day without leaving your Telegram account. These daily earnings can be very significant, especially when the value of Glimmer EOS rises. Therefore, the more you stake, the more rewards you can earn daily.
Another major benefit is that if a malicious actor decides to try and hack into your account, then they would need to know your private key or 12-word phrase to take control of that EOSIO Account. This is the advantage of using a unique private key for your account.
On the flip side, staking also has its disadvantages. The first problem is that you have to keep your Telegram account active to earn rewards. This means checking it several times a day, which can become time-consuming if you don’t have many tokens. To boost your earnings, it’s crucial to stay active on Telegram.
Another issue is that the EOSIO Wallet itself uses a lot of resources. It can also be buggy at times. And since it’s still in its beta phase, this means there might be other problems that arise with no prior warning or possible solution.
Important Reminders
These are some reminders that will help you maximize your staking rewards from Glimmer EOS. First, make sure to adjust the ‘Minimum Bandwidth’ on your Telegram settings. This means how many messages a user can send in a certain time frame. If you leave it on default, then you might miss out on daily staking rewards because you are sending too many messages.
The other thing to keep in mind is that the more you stake, the higher your chances of earning significant rewards. If you have 10,000 Glimmer EOS tokens, then it will be easier to receive a reward than having only 100 tokens in your staked account. In other words, the more you have of a certain asset, the easier it becomes to obtain new ones.
Also, check for new features within the EOSIO Wallet because they may have already added extra functionality to help you earn more Glimmer EOS. For example, if you want to track staked tokens, then look for a ‘Token Staking’ menu item on the EOS Wallet that will have all of the details you are looking for.
Make sure to back up your wallet and keep a record of your private key. This guarantees that you can recover access to your account if you accidentally delete or lose your EOSIO Wallet on your computer.
Conclusion
And finally, don’t forget to frequently vote for the Glimmerblock producers! This holds immense significance because, without the approval votes from BP (Block Producers), these members won’t be able to create any new blocks. So, check the ‘Producer Voting’ section and select the producers you want to represent the Glimmerblock network. This is a great way to earn more Glimmer EOS tokens in a single day!
Staking your Glimmer (GLMR) tokens is a great way to earn daily rewards without having to do much. By following the tips in this article, you can maximize your earnings and make sure you’re getting the most out of your staked tokens. Remember to adjust your Telegram settings, stake more tokens for a higher chance of earning rewards, and vote for Glimmerblock producers!
