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How to Get started with CrossFi- Staking Procedure

Blockchain technology is vast! It houses a rapidly rising number of platforms, protocols, and tools each created to boost crypto utility and offer value to its users.

But there’s a problem. Blockchains can’t interact with each other. They’re efficiently working in isolation because of a lack of in-built interoperability.

This divides the blockchain community. Now, infrastructural interoperability and liquidity of assets poses a big challenge to the DeFi community.

Against this, CrossFi is created to bridge the gap. Its multi-asset adaptor protocol enables cross-chain interoperability while offering liquidity to assets that are trapped on illiquid infrastructure.

Meanwhile, there’s much more on CrossFi. You can stake and get rewards with it. This article will show you how to stake cFIL or CRFI to earn rewards.

How to Stake cFIL and CRFI to Earn Rewards

CrossFi supports CRFI, the CrossFi token, and cFIL, the Filecoin synthetic asset staking pools.

Staking cFIL or CRFI can be a good way to achieve maximum profit in your blockchain investment.

You can access DeFi products to easily and safely earn the biggest possible returns.

Before we proceed, let’s take a look at the 2 types of staking products:

1.Flexible Staking

As the name suggests, this staking is flexible. The current interest isn’t fixed. Its mining income and principal are always available while the interest rate floats.

2. Locked Staking

In locked staking, regular interest isn’t fixed. You can withdraw the principal at maturity. Also, you can withdraw the mining income at any time. Its interest rate floats.

If you subscribe to the product, your interest will be calculated and distributed to your DApp wallet immediately.

The staked assets would be redeemed automatically and returned to your wallet once the process is finished.

Here’s how to stake cFIL

  • Start by clicking the ‘cFIL’ button at the bottom of DApp.
  • Subscribe to the provided staking products using diverse durations.
  • Input the pledge amount you wish to stake.
  • Confirm.

Here’s how to stake CRFI

  • Begin by clicking the ‘CRFI’ button at the bottom of DApp.
  • Select the deposit products of diverse periods.
  • Input the pledge amount you wish to stake. And confirm.

Meanwhile, to stake cFIL or Fil, you need to swap Fil to synthetic asset cFIL.

Steps to swap Fil and cFil:

Swap on the CrossFi DApp (Fil -> cFil)

To exchange FIL for cFIL;

  • Visit the CrossFi DApp wallet section.
  • Click on the ‘Swap’ button under the cFil balance section.
  • And deposit Fil into the exchange copied address.

Swap on the CrossFi DApp (cFil -> Fil)

To exchange cFil for Fil;

  • Visit the CrossFi DApp wallet section.
  • Click on the ‘Swap’ button under the cFIL balance section.
  • Click the arrow that’s between cFil and Fil to switch.
  • Input the amount and the receiving Fil address to exchange.
  • Confirm.

Note: Filecoin stakers are rewarded for the amount of storage they offer. However, they’re limited by the amount of storage they provide by the amount of Filecoin they stake.

The CrossFi platform will unlock the value of the staked Filecoins by letting staked assets participate in the DeFi ecosystem.

As several projects and platforms go towards PoS, there would be more stake assets holders who will wish to use the assets in DeFi.

CrossFi is a cross-chain protocol that provides liquidity to you for Filecoin staking and rewards.

CrossFi Official Website: https://crossfimain.com

CrossFi DApp Address: dapp.crossfimain.com

CrossFi Official Twitter Account: https://twitter.com/globalcrossfi

CrossFi Official Discord Group: https://discord.gg/UKGSX3VBY3

CrossFi Official Global Telegram Group: https://t.me/crossfimain_en

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