Loopring (LRC) Staking Overview
Loopring (LRC) is a utility token that powers an open-source, decentralised exchange protocol. Loopring uses ZKPs to achieve high throughput and low costs, making it a faster and cheaper alternative to other DEXs. LRC is used to incentivise liquidity providers, insurers, and DAO governors.
See how much you can earn by staking Loopring.
Loopring Staking Calculator Widget
How To Stake Loopring (LRC)
If you want to stake Loopring (LRC) tokens, you can do so by following these steps:
Step 1 - Prepare Your Wallet And LRC Tokens
Before staking, make sure you have enough LRC tokens in your wallet. You can buy LRC from exchanges like Binance, Coinbase or KuCoin and then transfer it to your digital wallet such as MetaMask or Coinbase Wallet.
Step 2 - Connect the wallet
This will allow the contract to use your LRC tokens for staking. You need to enter the address 0xF4662bB1C4831fD411a95b8050B3A5998d8A4A5b as the value of _spender, and the amount of LRC you want to stake (with 18 extra zeros) as the value of _value. For example, if you’re going to stake 1000 LRC, you need to enter 1000000000000000000000 as the value of _value.
Then click Write and sign the transaction with your wallet.
Step 3 - Connect the wallet
Go to Loopring Staking Smart Contract and connect your wallet. This is where you can stake your LRC tokens and earn rewards. The contract address is https://etherscan.io/address/stakingpool.lrctoken.eth
Step 4 - Stake SNX and mint sUSD
Click “Write” and enter the tokens you want to stake. You need to use the same amount as in step 2 and enter it as the value of _amount. Then click “Write” again and sign the transaction with your wallet.
Step 5 - Claim rewards
Wait for the confirmation. You have successfully staked your LRC tokens. You can check your staking status by entering your address in the getUserStaking function on the contract page.
Staking LRC tokens will allow you to earn a share of the protocol fees generated by all Loopring-based DEXes. The minimum staking period is 90 days, after which you can claim rewards or withdraw tokens.
Also read: Loopring Price Prediction
