Staking is one of the very popular ways in crypto world to passively earn more income. There are few cryptocurrencies that provide great dividends while doing so.
Today we will discuss about the token Fantom (FTM), which is yielding a very good % of returns for staking.
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What is Staking?
Staking in crypto means simply holding your assets for a certain period of time without trading, to get dividends for doing so. Many projects tend to give staking rewards to their token holders for staking the assets on their platform (ie., Wallets).
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You need to follow these steps to securely transfer your FTM tokens to Opera wallet in order to stake.
- Creating a Opera wallet
- Sending your tokens to Opera wallet by Converting your Erc-20/Bep-2 Fantom tokens by FTM official bridge.
- Staking Opera FTM tokens.
1. Creating a Opera Wallet
You can choose to create either a web wallet or a desktop wallet.
– desktop (OSX, Windows)
– mobile (iOS, Android)
– Web Wallet.
For this let us consider web wallet.
Click on web wallet which will take you to their official website.
-Click create a new wallet
- Set a new strong password, download and secure your keystore file.
- Then you will be provided with a 12 words mnemonic phrase and Private key, which is your key to access your wallet going further. Backup the phrase in the right sequence.
- You will be prompted to enter the words in the sequence to login into your dashboard.
Your dashboard will look like this:
The address generated here will be your receiving address of your wallet.
2. Convert your ERC-20 and BEP-2 FTM tokens to Opera FTM
Go to https://bnbridge.exchange/
Here on this page you will be provided with the options in order to covert your tokens to opera mainnet FTM, which varies for ERC-20 and Binance (BEP-2) FTM. So lets take a look at both:
ERC-20 FTM to Opera FTM
ERC-20 FTM which can be the tokens you are holding currently on My Ether Wallet or any exchange like Hotbit but not Binance.
-Select Ethereum on the left and Opera on the right in the Swap direction field, and the token field set to Fantom.
-In the Opera receive address paste the address of the wallet you just created(1) and click next.
-You will be prompted with the address to which you need to send your erc-20 FTM tokens.
-After you have successfully completed the transaction, click next to verify your transaction. This will swap your ERC-20 FTM tokens into Opera Mainnet tokens, which will appear in your Opera wallet.
BEP-2 FTM to Opera FTM
BEP-2 tokens are the FTM tokens you hold on your binance exchange.
– Select Binance on the left and Opera on the right in the Swap direction field, and the token field set to Fantom.
-In the Opera receive address paste the address of the wallet you just created(1) and click next.
-You will be prompted with the address to which you need to send your erc-20 FTM tokens.
-After you have successfully completed the transaction, click next to verify your transaction. This will swap your BEP-2 FTM tokens into Opera Mainnet tokens, which will appear in your Opera wallet. The verification process tends to be just a few seconds.
3. Staking FTM
Now that you have your Opera Mainnet FTM tokens in your wallet, you can choose to stake your desired quantity of FTM tokens.
To stake your FTM tokens, click Stake on the left of the dashboard.
Click Stake and then you will be prompted to choose how much you like to stake?, pick the amount you like to stake and then click select validator.
Select a validator you like and start staking. More information on validators can be found here: https://fantomstaker.info/
Hurray! You have successfully staked your FTM tokens.
Key points to remember:
- Never send your erc 20 or BEP-2 FTM tokens to Opera Wallet directly without swapping them to Opera mainnet (2).
- You can only stake once per address though you can create another new address in the Fantom wallet (it supports multiple addresses)
- If you like to unstake your staked tokens, it takes 7 days to unbond. Only after this period you can stake again if you like to.
- The reward will be unlocked once the minimum staking amount of the network (80% decreasing every week by 1%) is reached or 6 month period from the launch of opera mainnet (whichever arrives first) any withdrawal prior to that will result in the reward for the withdrawn token being burned.
- Always consult in the Fantom’s official telegram if you face any difficulty.
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