Staking within the Luna Classic network can bring you regular income on your coin holdings. LUNC holders can choose a validator that secures the network and produces new blocks. In return, the staker receive a bonus of the block income. It’s a absolutely secure process, as the coins do not leave anyone’s wallet. For the staking period, your coins are “frozen” in your account. Nevertheless, you retain full control over your balance at all times. There is a time delay of 21 days for unstaking. During the 21 days you will not receive any rewards as the stake is in transit and cannot be used for anything. This is an industry-wide practice to prevent malicious players from leaving the system with their stake immediately.
Search for Terra Station Extension with your Chrome Explorer.
After you have found it click Add to add it to your browser.
A pop-up window will open.
Click there on Add extension.
After successful installation,
you should see the Terra Station logo (a satalite)
next to your input field.
After clicking on the extension select CLASSIC on the small wheel.
THIS IS IMPORTANT SO THAT YOU SELECT THE CORRECT NETWORK !!!
Then create a wallet (1)
restore an already existing wallet (2),
or import a wallet (3).
In our example, we have imported an already existing wallet.
If you have any questions, please join our Telegram group, we will be happy to help you!
After you have sent Coin to your address,
click Stake in the left bar.
Search with the search function for BINNOSTAKE
and click on it.
Enter the amount of LUNC
you want to use for staking (1)
and click Send (2).
In the pop-up window,
confirm the transaction of the staking
with your wallet password.
From now on you will receive your steady and continuous commissions
you are now part of the Binnostake community!
Do I control my LUNC when staking them?
You are still under full control over your LUNC at every time you delegate your coins to a validator. Binnostake will never have any control over your LUNC or your mnemonics.
When will I receive my rewards?
You delegate your coins to Binnostake and from that point on you will recieve your rewards when we validate a new block. You can pick up your rewards as you wish, whenever you want.
Are the rewards directly sent to your wallet?
No, but you can claim your reward every day and transfer it to your wallet.
Are my rewards taxable?
We cannot answer this question in general. This means different tax regulation in different legislations. You should inform yourself, if your rewards are taxable.