The Open Network (TON) offers a unique, exciting opportunity if you’ve been looking for a new cryptocurrency-based passive income stream. Learning how to stake TONs can help you increase the value of your investments with little work, regardless of your current level of experience with cryptocurrency. By locking up your tokens to support the network’s operations, staking enables you to receive rewards. Everything you need to know, from creating your wallet to receiving rewards, will be covered in this easy-to-follow beginner’s guide. This article explores how you can take advantage of this decentralized opportunity and stake TONs.
Here is a step-by-step guide to earning passive income on the open network:
Purchase a TON Wallet
You must have a wallet that supports TONs before you can stake TONs. You can store, send, and stake your Toncoin (TON) using the wallet, which acts as your entry point to The Open Network. MyTonWallet, TON Wallet, and Tonkeeper are popular wallet choices. These wallets are user-friendly, available on desktop and mobile devices, and protect your assets with private keys that are solely under your control. A wallet that allows staking within the app should be taken into consideration when making your selection.
Purchase or Add TONs to Your Wallet
Funding your wallet is the next step after setting it up. You can purchase Toncoin on well-known exchanges including KuCoin, OKX, or Bitfinex if you don’t already have any. Use your public address to move the stake TONs to your wallet after making a purchase. Just move your TON to your staking wallet if you already have it stored somewhere else. To prevent losing money, ensure to verify wallet addresses one more time before confirming transactions.
Select a Validator
You are not required to run your node to stake on The Open Network. You can assign your stake TONs to a validator instead, and they will manage the stake for you. Validators are in charge of network security and transaction processing. They receive rewards in exchange, some of which are given to you. Look for validators with positive community reviews, lower fees translate into higher earnings for you, and a consistent online presence guarantees stable rewards. You can check out Flipper, a decentralized exchange that gives you full control over your crypto and build your wealth with digital currencies.
Assign Your Ton
It’s time to assign your TON after choosing a validator. By choosing a validator and entering the desired stake amount, you can stake TONs using the built-in interface found in the majority of wallets. Usually, the procedure entails selecting the “Delegate” or “Stake” options in your wallet. Choose the validator of your choice. Enter how many TONs you wish to assign. Verifying the transaction. Your TON will be locked in the staking process after the network has verified your transaction.
Receive Incentives
Staking has the advantage of making your money work for you. You will begin receiving rewards based on the performance of the validator and the general state of the network after you have staked a lot. You can use your wallet to claim rewards, which are frequently given out, often on a daily or weekly basis. These modest gains can mount up over time, particularly if you keep compounding your profits.
Conclusion
Staking TON is a straightforward and effective method to increase your cryptocurrency holdings while bolstering The Open Network’s resilience and decentralization. You will understand how to effectively set up a wallet, transfer money, select a validator, and stake tons after reading this guide. Staking TON provides a simple and profitable way to get more involved with blockchain technology or make extra money.
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