StaFi Protocol (FIS) Staking Overview
StaFi (FIS) is a decentralised protocol that enables the staking of PoS tokens and receiving rTokens in return, which are synthetic staking derivatives. By staking FIS through the StaFi app, users can delegate tokens to validators and earn staking rewards, participate in governance, access a variety of staking opportunities, and use DeFi applications with ease and convenience. StaFi aims to provide a scalable and secure staking solution for various PoS tokens across different blockchains and supports cross-chain interoperability. The project is supported by a growing ecosystem of partners and supporters and undergoes regular audits by CertiK. Moreover, it is integrated into the Polkadot and Cosmos ecosystems.
If you’re interested in staking StaFi (FIS) and want to learn more about it, be sure to check out our guide on how to stake StaFi (FIS) and start earning rewards today!
How to Stake StaFi Protocol (FIS)
To stake APE, users need to follow the given steps:
Step 1: Purchase StaFi (FIS) tokens
Step 2: Choose a wallet that supports FIS tokens
Step 3: Stake your FIS tokens
Step 4: Earn rewards in the form of rFIS tokens
Step 1: Purchase StaFi (FIS) tokens
The first step to stake StaFi (FIS) is to purchase FIS tokens from a cryptocurrency exchange. You can buy FIS tokens from various exchanges such as Binance, Bitrue, CoinW, Bitget, and more. Make sure to choose a reliable exchange that supports FIS tokens and has a good reputation.
Step 2: Choose a wallet that supports FIS tokens
After buying FIS tokens, you need a wallet that supports FIS tokens and enables you to interact with the StaFi network. You can choose between a hardware wallet like Ledger or a web-based wallet like the StaFi app. A hardware wallet provides enhanced security, while a web-based wallet offers convenience and accessibility.
Step 3: Stake your FIS tokens
Once you have a wallet that supports FIS tokens, you can stake your FIS tokens by selecting a validator from the network via the StaFi app. Validators secure the network and charge a commission fee for their services. You can delegate your FIS tokens to validators and earn staking rewards. Before selecting a validator, make sure to check their staked amount, own stake, commission, and other details.
Step 4: Earn rewards in the form of rFIS tokens
After staking your FIS tokens, you will receive rFIS tokens in return. rFIS tokens are synthetic staking derivatives that represent your staked FIS tokens and corresponding rewards. These tokens can be traded and used in DeFi applications without affecting your staking process. You will receive rewards automatically to your staking address, and you can check your rewards anytime via the StaFi app.
Also read: How to buy StaFi Protocol (FIS)
Popular video guides on staking StaFi Protocol (FIS)
Best Places to Stake StaFi Protocol (FIS)
Binance is a prominent cryptocurrency exchange that provides a range of services for various crypto assets, including trading, staking, and lending. Binance's Innovation Zone offers new and innovative projects, such as StaFi, a decentralised protocol that enables staking liquidity by issuing rTokens in exchange for staked assets. To stake FIS on Binance, users can deposit FIS tokens to their account and choose the FIS staking option in the Binance Earn section to earn FIS rewards based on the APY offered by Binance.
Pros
- No minimum amount of FIS tokens is required to start staking on Binance.
- Flexibility to redeem staked FIS tokens at any time without waiting for an unbonding period.
- Easy access to trading FIS tokens against other cryptocurrencies on Binance, as well as other services like lending, borrowing, or swapping.
Cons
- Lower staking rewards compared to staking FIS through StaFi protocol, as Binance takes a portion of the rewards as a platform fee.
- Inability to participate in the governance of StaFi protocol or influence its development, and missing out on the benefits of being part of the StaFi ecosystem.
- Need to trust Binance to securely store and manage FIS tokens, and exposure to the risk of platform issues such as downtime, hacks, or regulatory changes that may affect the staking experience.
Gate.io is a cryptocurrency exchange that offers various services for different crypto assets, including staking. To stake FIS on Gate.io, users can deposit FIS tokens to their account, navigate to the Finance section, and select the FIS staking option. Users can earn FIS rewards based on the APY offered by Gate.io and trade FIS against USDT.
Pros
- No minimum amount of FIS tokens is required to start staking on Gate.io.
- Staked FIS tokens can be redeemed at any time without waiting for an unbonding period, providing greater flexibility and liquidity.
- FIS tokens can be easily traded against USDT on Gate.io, with access to other services such as lending, borrowing, or swapping.
Cons
- Staking rewards will be lower compared to staking FIS through the StaFi protocol due to Gate.io taking a portion of the rewards as a platform fee.
- There is no opportunity to participate in StaFi protocol governance or influence its development. Users may miss out on the benefits of being part of the StaFi ecosystem, including receiving rTokens or accessing DeFi opportunities.
- Users must trust Gate.io to securely store and manage their FIS tokens, with potential exposure to platform issues such as downtime, hacks, or regulatory changes that could impact their staking experience.
Atomic Wallet is a non-custodial decentralised wallet that allows users to manage, exchange, buy, and stake over 300 coins and tokens in a secure and user-friendly interface. They also offer cashback for cryptocurrency exchanges and purchases. To stake FIS on Atomic Wallet, users need to download and install the app, create or import a wallet, deposit FIS tokens, and choose the FIS staking option from the Staking tab. Users can select a validator and stake FIS with up to 18% APY. They can also trade FIS against other cryptocurrencies on Atomic Wallet.
Pros
- Full control over the user’s private keys and funds, ensuring security and privacy.
- Atomic Wallet allows you to manage 300+ coins and tokens in one wallet, making it convenient and efficient.
- Exchange over 100 cryptocurrencies within the app and receive 1% cashback for doing so, providing an added benefit.
- Buy BTC, SOL, SHIB, and 30+ other assets with a bank card, giving flexibility in purchasing options.
- Staking is available for 10+ coins, with up to a 20% yearly yield, providing an opportunity to earn passive income.
Cons
- Downloading and installing the Atomic Wallet app on the device is required before using it, requiring a bit of effort.
- Keeping the device online and secure is important to maintain access to the funds and wallet.
- Network issues or delays in receiving rewards may occur, which could potentially affect the staking experience.
Also read: StaFi Protocol Price Prediction
Benefits of Staking StaFi Protocol (FIS)
- Earning passive income through staking rewards that are paid out in FIS tokens. Staking is a way to contribute to the network and secure it, while also earning rewards.
- Unlocking the liquidity of your staked assets by receiving rTokens. These tokens are tradable and compatible with various DeFi applications, providing more opportunities to earn and utilise your staked assets.
- Participating in the governance of the StaFi protocol and influencing its development and direction. Stakers have the ability to vote on important decisions and proposals that affect the future of the network.
- Supporting the security and decentralisation of the StaFi network and its cross-chain staking derivatives ecosystem. By staking FIS, you are helping to secure the network and enable the creation of new financial products and services.
- Enjoying low gas fees and fast transactions on the StaFi chain. The StaFi network is designed to be fast and efficient, allowing for quick and affordable transactions. This can make it more accessible to a wider range of users.
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Most frequently asked questions on StaFi Protocol (FIS) Staking
What is staking StaFi (FIS)?
Staking StaFi (FIS) involves locking up FIS tokens in the StaFi protocol to support its security and functionality. By staking FIS, you can earn passive income from staking rewards that are paid out in FIS tokens. Moreover, staking FIS allows you to participate in the governance of the StaFi protocol and influence its development and direction. Staking FIS also supports the security and decentralisation of the StaFi network and its cross-chain staking derivatives ecosystem. It provides access to low gas fees and fast transactions on the StaFi chain.
How much can I earn by staking StaFi (FIS)?
The amount you can earn by staking StaFi (FIS) depends on various factors, such as the amount of FIS you stake, the duration of your staking, the validator you choose, the network inflation and reward rate, and the exchange rate of FIS. Currently, the annual reward rate for staking FIS is approximately 16.93%. However, the actual rewards may vary. You can use the Staking Rewards calculator to estimate your potential earnings and compare different validators.
What are the risks of staking StaFi (FIS)?
Staking StaFi (FIS) comes with certain risks that you should be aware of before deciding to stake. Some of the risks associated with staking FIS are the possibility of losing your staked FIS if you delegate to an untrustworthy or malicious validator, the potential for slashing penalties if your validator misbehaves or goes offline, volatility in the price of FIS tokens, regulatory or legal uncertainties regarding the status of rTokens, and the possibility of encountering technical issues or bugs in the StaFi protocol or rToken app.
How can I unstake or withdraw myStaFi (FIS)?
To unstake or withdraw your StaFi (FIS), you need to use the platform or app where you staked your FIS. If you staked on the StaFi rToken app, you can go to the unstaking section and initiate the process. After the 14-day unbonding period, you will receive your FIS. If you staked on a centralised exchange or decentralised wallet, you need to navigate to the staking section and choose the FIS unstaking option. You will receive your FIS instantly or after a short waiting period, depending on the platform or app.
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