Everything you need to know about staking STMX.
You can Stake your STMX tokens on the stormx.io website!
Before you Stake make sure to check out the Staking Rewards Asset Profile Page for StormX to help bet a better understanding of this choice.
Membership = Wallet holding STMX tokens receive increased cash back, faster rewards and other benefits
Staking = membership that is also running staking function to earn interest on their tokens
StormX TVL = memberships + staking
Get ready to enjoy around a 15% APY reward rate annually based off current parameters! Make sure to stay up to date with all current StormX promotions as this rate can fluctuate.
What is STMX Staking?
You can earn STMX in the their app by shopping at your favorite stores.
After you have some STMX you can Stake it in the stormx.io Staking App to earn even more rewards.
STMX is an ERC20 token and the staking function is based on a smart contract with a fixed reward rate.
Staking rewards are automatically sent to your StormX account weekly – no need to pay gas fees.
Their smart contract audited by Quantstamp, Inc.
Prerequisites
For starters, you need to own some STMX. You can either earn these from shopping in the StormX App or buy them from a supported market.
Next you should make sure to download the StormX MetaMask Browser Extension.
Lastly you’ll want to make sure you have a valid email address for verification purposes.
How to Stake STMX
Step 1
First, go to the website: stormx.io and click on the button that says “Staking” in the top header navigation bar. You will be directed to the following page.
Click on “Let’s go!” and you will complete a few basic steps before you can stake.
Step 2
Click on “Download” and you will be prompted to download the StormX Chrome Extension.
Click on the button “Add to Chrome” to download the StormX Chrome Extension. This is possible with Google Chrome, Microsoft Edge, Firefox, and the Brave Browser.
Step 3
Once you installed the Extension, you can set up your account by clicking the “login or signup” button.
Fill in your e-mail address, and you’ll receive a verification code on your email that you need to paste into the blank space (when a step is completed you will see a checkmark on the left side in the red square).
Step 4
Connect a Member Wallet
You can now add your ERC20 wallet, we strongly advise you to use MetaMask.
If you click the “Connect a Member Wallet” button, you will see a pop-out where you have the option to download, connect, and verify the MetaMask wallet. You can also import your Ledger to MetaMask to stake as well.
Step 5
If you already have STMX on the connected wallet, you don’t need to do anything. If you don’t have any, add STMX to the connected wallet through one of the supported markets such as Binance, Upbit, Bittrex, or Voyager.
Once this step is done, you will be navigated to the staking page, as shown below. Remember you can always earn STMX by shopping in the app too ?
Step 6
When you look at the image above, you will see the staking dashboard. The 3 square boxes on the top show general information about the number of reward members, the total value locked, and the estimated staking yield.
In the larger center box, the left column shows your total earned staking, the 2nd one shows your weekly earning and the 3rd shows the reward date (the date you will get your new weekly earnings), the fourth stat shows the total staked amount of STMX. In the image below you see that we staked 0 from a total of 1,248.
To stake your STMX, you need to add the amount of STMX that you want to stake (in the image above you see 248) and press “Stake” afterward.
Congratulations, you are now staking STMX!
You can Unstake at any time by clicking the “Unstake” button in the top navbar. Unstaking will forfeit your bonus for the current week and you’ll be unable to stake again for the current week. Once the next week starts at midnight Sunday GMT +0, you’ll be eligible to start staking again.
Conclusion
Staking STMX is extremely easy and the process is smooth enough for the mainstream user to catch on. You can earn free STMX rewards from shopping with the StormX App and then further use the STMX in the Staking Contract, if you time it right all your shopping could be free with the value gained in STMX, what’s better than free? I highly recommend trying this out, for example, my wife loves the STMX cash back from shopping! Make sure to consider the reward window when deciding to unstake to make sure you don’t loose out on your rewards. Keep up to date with the StormX promotions as APY is subject to change, follow along in the Staking Rewards StormX Calculator page to estimate your staking rewards!