Everything you need to know about staking Bytom.
Bytom is a multi-layer blockchain interface that aims to provide a platform where users can register and exchange digital and physical assets. By the end of this article, you will fully understand the ins and out of staking your Bytom within the blockchain’s native wallet, Byone. Interested in calculating your potential future returns, check out our advanced staking return calculator here -> Bytom Staking Interest Calculator | Staking Rewards
What is Bytom Staking?
Currently, users can stake a minimum of 1 Bytom with a yearly reward payout of 7.75%. Bytom can be staked on the Byone web wallet extension where you as the delegator have the freedom to assign your token voting rights to various validators on the Bytom network. Validators then use your token voting rights to verify transactions on the Bytom Blockchain.
Although the actual staking of the Bytom is easy, locating reliable information on how to do it was difficult, and the wallet UI in our opinion may not be user friendly for someone new to using web wallets which is the reason why we wrote this piece outlining a step by step guide for you.
- At least one BTM
- A Byone Wallet account within the Byone Wallet
- Roughly 0.05 BTM to pay Staking Fee
How to Stake Bytom
First, you have to send your Bytom to your Byone Wallet. You can copy your wallet address by clicking on the address at the top of your Byone Wallet.
Once you have the funds in your wallet, simply click on the Apps tab of the main screen of the Wallet
Then Click on the Staking Card. This will open up a new tab at staking.blockmeta.com
From here, you as the user can see which validators are running on the network, the staked amount, status, and their reward rate.
Once you have decided which validator you would like to go with, simply click on the blue “staking” button for that validator.
From this next page, you can decide how much BTM you want to stake and then click confirm which will stake your decided amount net the staking fee.
Your Last Step from here is to sign off on the transaction by entering your wallet password.
Done! – You have now successfully staked your BTM and are ready to start earning that juicy passive income. The whole process was simple and easy to execute with very small fees. The main risk factor is the lockup time at 21 days to consider for market timing.