What is Staking and how to stake $FOMO
What is staking ?
At a very basic level, “staking” means locking your crypto assets in a proof-of-stake blockchain for a certain period of time. These locked assets are used to achieve consensus, which is required to secure the network and ensure the validity of every new transaction to be written to the blockchain. Those who stake their coins in a PoS blockchain are usually called “validators.” For locking their assets and providing services to the blockchain, validators are rewarded with new coins from the network.
For a blockchain to perform efficiently, validators are required to provide stable and secure services. Blockchains often enforce this by slashing a validator’s stake for dishonest or malicious behaviour. To run a successful validator node, an agent needs to be committed to a selected blockchain and run a secure and continuously available infrastructure. Some blockchains have a significant lockup period (during which validators cannot retrieve their coins) as well as certain minimum thresholds for staking. To avoid dealing with all these requirements, many owners of crypto assets prefer to delegate their coins to a validator running a staking pool.
How to stake $FOMO?
- Visit the link: https://fomolab.app/
- Click stake $FOMO
- Connect your BSC wallet or MetaMask in order to view your $FOMO balance
- Select how much of your balance you would like to stake and for how long
- Ensure there is enough BNB to cover any necessary gas fees
- After selected lock in time is over, you then choose to either stake again, withdraw or compound.
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