Staking within the Persistence network can bring you regular income on your coin holdings. XPRT 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.
Download the Cosmostation App from the App Store.
After you have downloaded, installed and launched the App,
click Create Wallet.
Choose Persistence Mainnet.
Click Show Mnemonics (1)
Set a password (2) consisting of four numbers and one letter
and then confirm it again.
Now your personal mnemonic key appears.
IMPORTANT! Save it in a safe place. (1)
Only after you have saved the mnemonic click Create Wallet. (2)
You have successfully created your wallet.
Send XPRT to your address, which you can find at the top of the app.
Then click Delegate.
Click Top (1) and
search BINNOSTAKE (2)
in the validator list and choose it.
Click Delegate (1)
and choose the amount you want to stake
and click Next. (2)
NOTICE: If you click MAX, you would have to adjust your amount
to be able to pay the fee.
Click Next, (1)
choose the fee you want to pay and
click Next (2) again.
Click Confirm (1) to confirm the process
and click Continue (2) to close the Delegate Notice.
Complete the staking process by entering your password.
From now on you will receive your steady and continuous commissions
you are now part of the Binnostake community!
Do I control my XPRT when staking them?
You are still under full control over your XPRT at every time you delegate your coins to a validator. Binnostake will never have any control over your XPRT 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.
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.