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ICONFi Beginners Guide: Staking ICX with ICONFi

Dear ICONFi users,

The ICONFi team is preparing another Beginners Guide for ICONFi users struggling with staking and unstaking.

Staking with ICONFi

ICONFi allows you to stake ICX and earn rewards directly from the ICON network. ICONFi takes no commissions, which means that you keep 100% of the rewards earned from the ICON network.

To learn how to earn up to 12% interest on BTC, ETH, USDC and USDT, read our post on Flex Earn and Fixed Earn deposits.

Create ICX wallet

For depositing ICX, you should create ICX wallet first.

  1. Open the ICONFi app, and load [Staking] tab.
  2. Click on [+], and select [ICX].

3. Select [ICON] network, and click on [Create Deposit Address].

You will be able to see your ICX wallet created at the [Staking] tab.

Congratulations! you have created an ICX deposit address to which you can send ICX funds.

Depositing Tokens

You can see your ICX deposit address by clicking on [Deposit], selecting [ICX], and clicking on [ICON] network type.

Please ensure that you input the correct deposit address when sending funds to your ICONFi account. These deposit addresses will only accept funds from the corresponding cryptocurrency. Due to the nature of blockchain technology, you may lose access to your funds if you send a non-corresponding cryptocurrency or if the deposit address is not input correctly.

Funds in your ICX account do not earn interest by default (unlike ICONFi Flexible Earn accounts). To earn rewards on ICX, you must stake your tokens.

Staking Tokens

Now that you have deposited ICX into your ICONFi account, you can stake these tokens and start earning rewards from the ICON network. ICONFi takes ZERO fees or commissions from your network rewards, so you enjoy 100% of the proceeds.

1. On the [Staking] page, press [ICX]. And click on [Adjust Stake].

2. Select the number of ICX tokens that you would like to stake. You can input these or use the slider for convenience.

Take note that you must always have at least one unstaked ICX available to cover network transaction costs. These transaction costs are incurred directly from the ICON network and are independent of ICONFi.

3. Press [Apply Changes] to stake your selected amount of ICX.

Congratulations, you have submitted an ICX Staking Request. The request will be processed in approximately one minute.

You can check on the status of your ICX from the Staking page.

Claiming Staking Rewards

Through ICONFi, you can earn two types of rewards on your staked tokens. In the case of ICX, you earn ICX from the ICON network and Decentralized Finance (DeFi) airdrips of other tokens. This section will cover the process for claiming ICX rewards.

  1. On the Staking page, press [ICX].

2. Under Reward (ICX), press [Claim].

3. After reviewing the Reward Amount (ICX) and Estimated max. fee (ICX), press [Claim] to continue.

Congratulations, you have claimed the Reward (ICX) on your staked ICX. You can confirm the details of claimed rewards on the Reward tab.

Auto Staking

For those who find claiming ICX is a hassle, ICONFi prepared an Auto Staking feature. Turn on the Auto Stake mode and enjoy the compound interest effect with the ICX auto staking.

  1. Click [Auto Stake] button at the top right corner.
  2. Select [Auto Staking On] and click [Save Changes] button. For reference, when the accumulated Reward (ICX) reaches out 1 ICX, it will be automatically claimed and staked.

All actions requiring transaction on ICON network will use a small amount of ICX for the network fee, and claiming Reward is not an exception. Whenever you claim the accumulated ICX, you need to pay the network fee. That’s the reason why ICONFi sets the auto staking.

Unstaking

  • Please note that the Unstaking ICX may take up to 6 days from being requested.

Unstaking is as easy as staking with ICONFi.

  1. Navigate to the [Staking] tab, and click on the [ICX] wallet.
  2. Press [Adjust Stake].

3. Adjust the slider or input the amount of ICX that you would like to remain staked.

  • If you want to completely unstake ICX from ICONFi, move the Slider to Min or enter 0 manually.

4. Press [Apply Changes].

Congratulations, you have unstaked ICX. You can adjust your staking amount at any time.

  • Please note that the Unstaking ICX may take up to 6 days from applying for.

If you stake ICX through ICONFi, you earn ICX rewards directly from the ICON network. ICONFi takes ZERO fee or commission from your earnings, so you can enjoy 100% of the benefits at no expense.

Questions

If you have any questions or feedback, please open a ticket at #support channel on https://discord.gg/YdWsjaW8Eh.

About ICONFi

ICONFi is a digital asset savings platform that provides simple and intuitive earn products so that anyone can easily multiply crypto assets. ICONFi aims to simplify the complicated processes often associated with crypto assets and offers a sleek, straightforward user interface which supports saving, staking and airdrop activities at the palm of your hand.

Website |Discord| Medium | Twitter

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ICONFi

ICONFi

A new crypto staking and earn service for the ICON community.