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How to stake CRO
To earn a yield on your CRO, you can either lend them out to custodial providers or via a Defi lending protocol, run your own validator or delegate your tokens to validators of your choice.
We recommend using a Ledger Hardware Wallet to keep full control over your funds. To delegate your tokens, you should ensure you have your CRO on your Ledger or Defi Wallet and follow the steps below.
Step 1: Download Defi Wallet and ensure that your CRO is stored in this wallet.
Step 2: Click ‘Earn’ on the bottom navigation of your DeFi Wallet app, then click ‘Start Earning’ to see the list of tokens supported for earning.
Step 3: Select CRO and enter the amount you would like to stake.
Step 4: Click on the ‘To Validator’ dropdown to choose a validator from the whitelisted validator list. If you’re not sure who to delegate to, consult our FAQ for guidance on selecting a validator.
Step 5: Review and confirm the staking by clicking ‘Confirm Stake’ and signing the transaction.
Do I need to maintain my staking in any way?
Once you have delegated your CRO, there are things you need to consider going forward:
- Firstly, delegating from one validator to another can be done without waiting for the unbonding period. You might consider redelegating if your current validator raises their commission rate or gets jailed for misbehaviour on-chain. Once redelegated, you have to wait for 28 days before you are able to redelegate again. It is good practice to check in every now and then to make sure the validator is still performing well.
- Secondly, rewards are not auto-compounded. To maximize the value of your tokens, you may want to claim and stake your rewards more frequently. However, keep in mind that each transaction will incur gas fees, hence, please optimize your strategy for that. By using our CRO staking calculator, you can calculate the optimal re-stake frequency for your amount of BNB.
- Lastly, as a participant in the CRO Ecosystem, once you have staked your tokens, you can vote on Governance Proposals. While your contribution and vote are highly valuable to the ecosystem, participating does not affect the sum of your rewards.
How do I choose CRO validators?
It is essential for users to stake their PoS tokens with dependable and highly performant validators, which is why we have rolled out our Staking Rewards Verified Staking Provider (VSP) Program in June 2022. Through this program, we thoroughly scrutinize potential validators, evaluating factors such as security measures, their on-chain reliability, their provider setup, and value-added services for the whole ecosystem.
When choosing a validator to delegate to, there are numerous factors to take into account:
Commission Rates: The commission rate a validator charges is the % of your reward that the validator keeps for themselves. A high commission rate means your rewards will be lower whilst a low commission rate could mean that the validator is not profitable and could cause issues for them in the future. Keep in mind that validators can adjust their commission rates up or down over time. The max. commission rate is the upper bound of fees the validator can define, and the max. change rate is the maximum fee they can change daily. For example if the max. commission and max. change rate are both 100%, the validator could decide to go from 0% to 100% commission at any time. Therefore it can be useful to look at the average fee, indicating the fees set over time. Make sure the validator charges fees that you are comfortable with.
Number of Users: A high number of delegators could indicate positive sentiment towards a validator.
Validators Self-Staked balance: A provider that has a high amount of staked tokens likely has more incentive to continue operating their services as they have more to lose than those with low self-staked balances.
Current Status: You can see whether the validator is currently active or not by checking the validator list shown on this page. Validators that are active have a green ‘Active’ label. Keep in mind that only the top 100 validators on Cronos, ranked by balance, receive rewards.
Network Share: You typically don’t want to choose a validator with the highest or a low network share. Delegating to the most popular validators increases centralisation risks within the network as those validators will have more say in governance and produce a larger share of the blocks. A validator with a low network share might not be profitable, increasing the risk of them discontinuing their services. If a validator drops out of the top 100, they also stop earning rewards. However, if you are willing to put more time in, then delegating to a smaller validator helps support the decentralization of the network. You would just have to make sure to check regularly if the provider is still active and operating.
Performance: Make sure you pick a validator with the highest possible uptime performance by viewing the validator information on the Validator Dashboard. Our recommendation is to only pick those with a >=99% performance and a long history of not getting slashed.
Value Add to the Ecosystem: Some providers offer extra services to their delegators, such as tax reporting tools, explorers, etc. This can be another great way to filter for validators that are thinking long-term. You can view the value-added services of staking providers by searching for their profile on our website and scroll down towards the bottom of the page.
How are the staking rewards generated?
The Staking Rewards on CRO are generated by:
Inflation (Block Rewards) – A total of 5 billion CRO has been set aside for staking rewards to be distributed over the next decade. This results in a yearly emission of 500 million CRO for staking rewards, which are generated and distributed every block (about every 5-6 seconds). Keep in mind that the annual reward rate is an estimate and may vary depending on network conditions, including average block time. This means that CRO holders who do not participate in staking may see their share of the total supply decrease over time.
Please note that the total annual rewards are divided by all active stakers; hence, as the amount of staked tokens goes up, the reward rate goes down.
What are the risks to staking CRO?
Whilst we want to ensure staking is as safe and transparent as possible, there are still things to consider regarding whether a specific staking option is right for you.
Slashing risk: When delegating to a validator, there is a risk of being partially slashed if the validator misbehaves. This can happen if the validator double signs or goes offline. Additionally, a validator can also be jailed, during which time no rewards will be earned.
Unbonding risk: The unbonding period for CRO is 28 days. Crypto markets are highly volatile, and investors need to be aware that they cannot sell their tokens immediately once they have staked them. They first need to wait 28 days for the tokens to unbond before they become liquid. Please take note of this lockup before you decide to stake. Consider keeping funds liquid if you do not intend to hold CRO long-term.
Dropping out of the active set: On top of potentially losing out on rewards if your validator gets slashed, a validator could also drop out of the active set, meaning they no longer earn any rewards. Ensure you check back frequently to ensure your validator is active, not jailed and has not raised their commission fees unreasonably.
Please note that this is not an exhaustive list of all the risks related to staking.
What is CRO
CRO is an exchange-based token that powers the Crypto.org network and is issued by the cryptocurrency exchange Crypto.com. It is used to carry out the key functions of the platform as detailed below:
- Staking: Users can temporarily lock CRO up to contribute to the security of the Cronos chain.
- Governance: CRO is used to vote on governance proposals on the network. Only staked tokens are eligible to be used for governance voting. The amount of voting power is measured in terms of stake. Unlike many other networks, as a delegator, you are also able to participate directly in governance, rather than passing your votes to the validator.
- Gas token: CRO is required for transactions and value transfer from one wallet to another on the network.
- Exchange Benefits: Get discounts on Crypto.com if you stake CRO on the exchange.You receive a CRO rebate if you pay trading fees with CRO, access to The Syndicate, Referral Program bonus, and Pay benefits.
What consensus algorithm does CRO Chain use?
Cronos Chain is powered by Tendermint BFT. Tendermint BFT is a Byzantine Fault Tolerant (BFT) consensus engine developed by Tendermint. It offers instant finality, is horizontally scalable and is secure against malicious actors. It is also open-source, meaning anyone can inspect and use the code. Additionally, it is simple to set up and use, allowing developers to quickly and easily build distributed applications. The active validator set consists of the 100 highest-ranked validators by staked tokens, from which 1 validator is randomly selected to propose a block with 66% of the remaining active validators being required to attest the block in order for it to become final. The higher the stake, the more likely they are to be selected.
What are the tokenomics of CRO?
The total supply of CRO coins is limited to 30 billion. This comes after 59.6 billion CRO tokens were burned, the largest such burn in crypto history. Another ~ 10.4 billion are locked in smart contracts and will be burned monthly as they’re unlocked.
Initial Distribution Breakdown
5 billion CRO (16.66%) of the total token distribution is reserved for staking rewards. The Initial token distribution of CRO is as follows:
What is the difference between Crypto.org, Cronos Chain and Crypto.com?
Crypto.org chain is an older application specific chain that has been built on Cosmos. This chain is mainly used by Crypto.com for staking, payments and the transfer of NFTs. It is not an ecosystem, but it is very efficient when running the plumbing under the suite of Crypto.com products.
Cronos has been built on Cosmos and is designed to be EVM compatible. It has an ecosystem of more than 300 dApps and has an active community supporting its growth and development. Cronos is a Layer 1 network while Crypto.Org is an application specific chain, since both chains are built on the Cosmos network, this allows for better a level of interoperability between them. But why would they need to interact?
Crypto.com is the centralised exchange that offers the suit of products to over 50 million users. The ‘plumbing’ of all these activities happens on the Crypto.org chain while Defi andNFT activities happen on the Cronos chain.
The relationship functions in a similar way to Binance Chain (BEP2) and Binance Smart Chain (BEP20). Both the Binance Smart Chain (BEP20) and Cronos are compatible with the Ethereum network, while Crypto.org and the Binance Chain are not. Cronos network and Crypto.org both use $CRO as the native token, where you will need them to process transactions on either blockchain. This is similar to how you will need to use BNB on both the Binance Smart Chain and Binance Chain.
From the Staking Rewards Journal