Learn about crypto investment and earning passive income with this step-by-step guide on how to stake $BLT.
What is crypto staking and how does it work?
For many crypto investors, crypto staking is a way to generate stable rewards over the long term. Similar to an interest-bearing bank account, you set aside, or ‘stake’, part of your holdings to earn a percentage-rate reward over time. In addition to generating returns, the benefits of crypto staking involve the following:
- Staked tokens help maintain the efficiency of the supported blockchain protocol and facilitate the stability of tokenomics.
- Compared to crypto mining, which requires miners to run computer devices to earn token rewards, staking provides a much easier way to maximize your holdings.
- Staking is more eco-friendly compared to energy-intensive mining processes
Is crypto staking safe?
Crypto staking is a safer investment avenue than strategies like leverage trading, which may have high rewards at the cost of high risks. To take a safer path in crypto investment, search for the best crypto to stake and the best place to stake crypto. Start with an established cryptocurrency on a trusted crypto exchange. Staking an established cryptocurrency supported by a reliable crypto provider assures your staked tokens are in safe hands, and you receive a decent APY (annual percentage yield) to boost your holdings.
How to begin crypto staking?
It’s simple! You can start earning stable yields by staking right on your mobile phone. Blocto App provides you with a specially designed interface for staking $BLT—a well-established crypto with a sustainable ecosystem. Staking on Blocto App comes with an optional auto-restaking feature, and all you need to start staking is to hold $BLT.
(Currently, only $BLT on the Flow blockchain is available for staking, so check your Blocto wallet to ensure your $BLT to stake is under the “Flow FT” protocol).
Both locked and unlocked BLT tokens are eligible for staking. Reward tokens are paid in circulated $BLT (which means your BLT reward tokens are unlocked and liquid) at the end of each epoch of approximately 1 week, so you can transfer and trade them at any time. You can then opt-in to restake the rewards, or simply turn on auto-restake to automatically restake your rewards once you receive them.
Please note that staking BLT and locking BLT are two different concepts. Locked $BLT refers to the $BLT you purchased from community sales or auctions and are not transferable during a vesting period. Staked $BLT refers to the $BLT staked on a blockchain node, which can be locked or unlocked.
Without further ado, let’s see how to stake your BLT tokens!
Stake $BLT Natively in 3 Steps
Step 1: Make sure you have added or transferred some of your $BLT to the Flow blockchain in Blocto App. Go to “Wallet” at the bottom and Click the “+” icon in the upper right corner to add BLT (Flow FT).
Teleport (a.k.a. transfer) your $BLT on the other blockchains to the Flow chain. Check out our Step-by-step $BLT teleport guide for more details.
Step 2: Once you have $BLT (Flow FT) in your wallet, go to the Wallet tab and click the BLT asset card.
Step 3: Simply click the “Stake” button and stake your BLT! If you want to auto-restake your reward tokens, simply toggle the function on. Note that this feature is only available for custodial mode wallet users.
You can also scroll down to find the estimated APY of the current epoch, which depends on each epoch’s staked amount.
It’s that easy! Try out staking in Blocto App now, and watch the rewards roll in. Staking rewards take up to 5% of the total BLT tokenomics. A total 25,000,000 BLT staking payout will be distributed within 2 years. Since BLT is Blocto’s governance tokens, staking BLTs earns you the qualification to become a member of BloctoDAO—a member-owned autonomous organization—and have a say in the decision-making of the future upgrades of Blocto!