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.
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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
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Best Places To Stake Loopring (LRC)
Option 1 - Etherscan.io
Etherscan staking platform is a decentralised platform that allows users to stake their ERC-20 tokens to earn rewards. The platform is powered by smart contracts and is designed to be secure, transparent, and easy to use.
- The Etherscan staking platform is powered by smart contracts and is designed to be secure and transparent.
- It is easy to use and navigate, even for beginners.
- Users can stake their tokens for various periods, from 30 to 365 days.
- It offers competitive rewards to users who stake their tokens.
- The platform charges high fees for staking tokens.
- It is relatively new and offers fewer features than other staking platforms.
Option 2 - YouHodler
Binance is a user-friendly platform that allows users to earn rewards by staking their cryptocurrency assets. It offers a variety of staking products, including locked, flexible, and DeFi staking, with different lock-up periods and APYs.
- Binance staking platform offers some of the highest APYs in the industry for specific cryptocurrencies.
- Binance is a reputable cryptocurrency exchange with a strong security track record.
- It is a user-friendly platform that makes it easy for anyone to start staking their cryptocurrency assets.
- Binance is a centralised exchange, meaning users trust Binance to hold their assets and distribute staking rewards.
- Some staking products on Binance carry a slashing risk, which means that users could lose some of their staked assets if the validator they are delegated to misbehaves.
Benefits of staking Loopring (LRC)
There are several benefits to staking LRC tokens:
- Earn passive income: Stakers earn a portion of the protocol fees generated by Loopring exchanges. These fees are paid by users who trade on Loopring exchanges. Stakers’ payments depend on the number of LRC tokens they stake and the total fees generated by Loopring exchanges.
- Support the Loopring ecosystem: Staking helps to secure the Loopring network and incentivises participation from other users. It helps to make Loopring more attractive to users and developers alike. A more secure and active ecosystem is more likely to attract new users and developers, which can lead to increased demand for LRC tokens.
- Get early access to new features: Stakers are often given early access to new features and products on the Loopring platform. It is a great way to stay ahead of the curve and get the most out of your LRC tokens. For example, stakers were given early access to the Loopring Layer-2 exchange and the Loopring DAO.
- Low risk: Staking LRC is a relatively low-risk activity. There is no need to lock up your tokens for an extended period, and you can unstake your tokens at any time without penalty.
This means you can still access your LRC tokens if you need to, and you can always unstake your tokens if you become concerned about the risks involved.
Frequently Asked Questions
What Is Loopring Staking?
Loopring staking is the process of locking up your LRC tokens for some time to support the Loopring protocol and earn rewards in return.
What Are The Rewards For Staking Loopring?
The rewards for staking Loopring vary depending on the number of LRCs you stake and the current trading volume on the Loopring protocol. However, stakers typically expect to earn an annual percentage yield (APY) of between 5% and 10%.
What Is The Minimum Staking Period Of Loopring?
The minimum staking period for Loopring (LRC) is 90 days. You must lock up your LRC tokens for at least 90 days to qualify for staking rewards.
What Are The Risks Of Staking Loopring?
Price fluctuations can lead to losses if LRC’s value drops during staking. Additionally, using a custodial wallet for staking means trusting the custodian, and if they are compromised or face financial issues, your tokens may be at risk. Moreover, a vulnerability discovered in the Loopring smart contracts could be exploited to steal your staked LRC tokens.
Can I Unstake My LRC Tokens At Any Time?
Yes, you can unstake your LRC tokens at any time. However, you will have to wait 7 days before you can withdraw your tokens.