What is staking?

1. What is staking?

Staking is a way of participating in the governance and decentralization of proof-stake (PoS) networks. In return, you will receive a proportionate share of the transaction fees generated from activities on the network.

As PoS networks generate blocks based on stake assets rather than computational power, they require only a fraction of the energy required to secure proof-of-work (PoW) networks, hence contributing to a more sustainable future.

2. How do I start?

Pick a coin and enter an amount you wish to stake. It’s that easy!

3. What coins can I stake through CoolWallet Pro?

Here is a list of the supported Staking services:

• ATOM
• ADA
• SOL
• TRX
• XTZ
• ETH
• DOT
  
  

4. What are the benefits of staking with CoolWallet? 

Convenience : Other than TRX, you don't need to select a validation node when staking other cryptocurrencies. The staking amount will be managed through a service provider (Everstake).

Stable Returns: By participating in a larger pool, the likelihood of generating a block is higher, which translates to more regular returns.

5. Is there a tenor/term for staking?

Unlike staking through centralized exchanges, staking with CoolWallet allows you to stake for as long as you want!

6. How can I stop staking?

You can submit a redemption request for partial or full redemption of your principal (and the proportionate returns ) anytime. Some time will be required to transfer your assets off-chain, which varies from network to network and can be viewed on the Redemption page.

7. How long can I receive my staking rewards?

• ADA - The first rewards will be distributed in 20 days, and subsequent rewards will be distributed every 5 days.
  
  
• ATOM - Rewards are distributed daily. Rewards are claimable on the staking page.
  
  
• DOT -  Rewards are distributed daily, and will directly go into your DOT wallet address.
  
  
• SOL - The first rewards will be distributed in 4-6 days. After the first rewards, rewards will go directly to your SOL stake account every 2-3 days.
  
  
• TRX -   Rewards are distributed daily. Rewards are claimable on the staking page. (only claimable once per 24 hours)
  
  
• XTZ - The first rewards will be distributed in 30-44 days. After the first rewards, rewards will go directly to your XTZ wallet address every 2-3 days. 

8. Is there any lock-up period?

• ADA：No Lock-Up Period.
• ATOM：21 days.
• SOL：0-2 days.
• TRX：3 days.
• XTZ：No Lock-Up Period.