How to Stake CRO (Cronos): A Step-by-Step Guide
Looking to grow your cryptocurrency portfolio without trading? Staking with Cronos (CRO) could be the answer. This proof-of-stake blockchain rewards users who entrust their tokens to validators that help secure and decentralize the network.
Our comprehensive guide explores the ins and outs of staking CRO, including its benefits and risks, and guides you through the process step-by-step. If you're holding CRO in your wallet and unsure of how to maximize your investment potential, we've got you covered.
What is Cronos (CRO)?
Cronos, previously known as Crypto.com Coin, is the name of the cryptocurrency token native to the Cronos Chain. Crypto.com is a cryptocurrency exchange which was established in Hong Kong in 2016 by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao.
This exchange provides a selection of services related to digital currency, including a secure storage option, a trading platform, credit cards, remittances, and a decentralized finance wallet..
Cronos Staking
CRO uses a DPoS consensus mechanism, which means that investors can earn rewards by entrusting their tokens to validators who run nodes to validate transactions on the Crypto.org Chain. Block rewards are given in CRO, and are distributed to delegators after commission has been deducted
Aside from the aforementioned, staking rewards vary depending on the platform and method chosen for staking. The CRO token does not have a minimum stake, and delegators can stake/unstake anytime they want.
However, a crucial factor to consider when unstaking CRO is the 28-day unbonding period required by the Crypto.org Chain. During this period, the unbonding balance will not earn any rewards, and it is important to note that users must take care when selecting validators, as their misdeeds can lead to a decrease in the amount of CRO tokens held..
There are various options available to users to stake CRO, including:
Crypto.org DeFi Wallet
Crypto.com App
Crypto.com Exchange
Each platform has its own features and benefits, and it is important to choose the one that best suits your needs.
How to Stake CRO on Crypto.org DeFi Wallet
Are you wondering how to stake CRO and earn rewards?
There are two types of CRO tokens: the Crypto.org native CRO and the ERC20 CRO.
In order to bet on Crypto.org, you will need to use the native CRO token, which is separate from the ERC-20 CRO token.
You can acquire the native CRO tokens through the Crypto.com DeFi wallet. This wallet is non-custodial, meaning that you are responsible for keeping your seed phrase secure.
Once you have the native CRO tokens, follow these simple steps to stake your tokens and start earning rewards:
To begin earning with your DeFi Wallet app, select CRO and enter the amount you wish to stake.
Choose a validator, review the details, and tap "Confirm Stake" to finalize.
To claim the rewards, go to the "Earn" tab on the bottom navigation bar and tap the CRO asset to view the staking details.
Hit "Claim Rewards" under the validator and authorize the transaction with a passcode or 2FA, if enabled. Your earned CRO will then be added to your available balance.
How to Stake CRO on the Crypto.com App
Staking CRO on the Crypto.com app comes with the following advantages:
Secure one of the superior Crypto.com Visa cards and get crypto wallet features, like purchase refunds and additional card cashback.
Take advantage of better Annual Percentage Rates on the Crypto Credit and Crypto Earn programs. Benefits range from 10% to 12%, paid out weekly depending on the level.
It's easy to stake CRO in the app - just need to follow the instructions: At the bottom-right of the app, choose the Card option and pick your Visa card. Then click 'Stake CRO' and follow the instructions provided.
How to Stake CRO on the Crypto.com Exchange
If you're looking for a centralized service to stake CRO, the Crypto.com Exchange is a great option. To do so, you have two options: you can either purchase CRO from the exchange or transfer it from another wallet. Once you have your tokens, follow these simple steps:
Go to the “Stake and Earn” section of the Crypto.com Exchange
Select “Stake CRO”
Input the number of tokens you want to stake
Select “Review Staking”
Confirm the staking transaction
After staking, you can view the CRO amount staked and the remaining days until it can be withdrawn. However, it's important to be aware of the risks associated with CRO staking. When choosing a validator, it is important to be sure they have a consistently high uptime of 99% or above and a significant voting power of 8% or higher.
If the validator's availability is poor, they could face a penalty of a 5% reduction of the staked cryptocurrency.. Additionally, unstaking CRO involves a 28-day process during which users can't withdraw their CRO
Conclusion
In conclusion, staking with Cronos (CRO) can be a great way to earn rewards and grow your cryptocurrency portfolio without trading. By entrusting your CRO tokens to validators on the Crypto.org Chain, you can earn block rewards and take advantage of the benefits and features of various staking platforms, including the Crypto.org DeFi Wallet, the Crypto.com App, and the Crypto.com Exchange.
However, it's important to be aware of the risks involved and select validators carefully. By following our step-by-step guide and considering the information provided in this article, you can make informed decisions and start maximizing your investment potential with CRO staking today.