Celer Network is a scalable Layer 2 platform that aims to enable fast, easy and secure off-chain transactions for payments as well as smart contracts. The main mission of this project is to create widespread adoption for blockchain by providing a fast experience that uses layer 2 scalability technology. The Cellar network allows users to stake the network’s native token and have a passive income.
If you are looking for a way to earn passive income without spending time and energy, you can take a look at the staking seller methods. In this article, we will first explain what celr staking is and introduce the platforms where you can do celr staking. Continue with Valex.
To have a background of the function of this token, it is suggested to read the article What is Seller Network.
Stacking Cellar Overview
CELR token holders can become a state guardian similar to a validator by staking this token in the SGN network. During the validation process, the status keeper can receive service fees and sidechain block incentives. It is better to check the seller’s price before starting staking this token, because it is effective in making your final profit.
The Celer staking process is an important part of the economic security of the Celer interchain messaging framework. Users pay a fee to use SNG network services. All fees paid by users are distributed among Token Seller depositors and validators to ensure security and as a reward. Doing this process is exactly like the distribution of fees in proof-of-stake blockchains between validators and delegators.
Network SGN It issues a reward to block producing validators who need to stake the Seller token in the SGN network to receive the reward. In this way, validators and stickers have an active participation in the implementation of protocol operations through staking. On the other hand, if the validators have incorrect performance or destructive activity, they are subject to slashing penalty.
How to stick celr
To start staking, you need a wallet after checking and analyzing the seller. Token seller on different networks such as Ethereum And BNB Chain There is; For this reason, to choose a wallet, you should consider the standard and the token network. There are various choices in front of you to use the Cellar wallet, and we will introduce the best of them below.
- Ledger nano s hardware wallet
- Trust Wallet software wallet
- My Ether Wallet
- Metamask web wallet
If you have already installed one of the Cellar wallets, make sure you are logged in to your account. Then to the website Celer SGN Staking go. If you don’t have a wallet, get a wallet as soon as possible. In the following, we will check how to stake Celer in the Metamask wallet.
Connect your wallet
- to the website Celer SGN Staking Go and click on Connect Wallet in the right corner.
- Choose your wallet from the opened menu, then your wallet will be automatically connected to the Cellar network.
Top up your wallet
- You can purchase any amount of Seller digital currency that you intend to stake from reputable digital currency exchanges and transfer it to your Metamask wallet.
Start Staking Seller
Staking Celer allows you to earn passive income without selling Celer digital currency and contribute to the security of the network. For example, you may give your celr token to a validator named Everstake from the list of validators in the Celer network. By doing this, you will receive a part of the transaction fee that this validator confirms from cBridge as a staking seller reward.
- On the Celer SGN Staking website, select Everstake from the list of validators, and then click Stake or Delegate.
- Enter the amount of Celer digital currency you want to stake and click on Permit to stake your CELR. Click Confirm when prompted to confirm the transaction, then select Delegate to confirm.
- After confirmation, a page with the message Delegation Completed will open for you. It means that the process of sticking your seller has been completed successfully. Note that it may take some time to show up in My Rewards.
View the status of staking seller
To do this you must first unlock the celr stick so that you can see the status of your stick.
- Click on Unlock.
- On the page that opens, click on Claim to confirm the transaction.
- Click on Claim in the My Rewards menu.
- You can always check your Stakeseller status on SGN or Etherscan. Remember that it takes a few minutes to complete a transaction on Ethereum.
Staking the seller in the digital currency exchange
There is also the possibility of staking sellers in digital currency exchanges. You can stake your seller digital currency and get up to 1.90% profit. In some reputable exchanges, you can receive your stake profit on a weekly basis. You can also use the platform’s custom calculator to calculate your profit from staking sellers on exchanges. The digital currency exchanges that have provided the possibility of staking the seller’s currency are:
- Binance exchange
- OKX exchange
- Crypto.com exchange
Stacking Cellar Validators
Currently, there are 19 validators on the Cellar network who are responsible for voting, verifying and maintaining transaction records. In this Stake digital currency tutorial, we chose the largest decentralized validator, Everstak, which has more than 8,000 nodes for 50 blockchain networks. Everstake has 100 validators with an accumulated pool of 75,017,010 CELR and charges a commission rate of 8% on the Celer network.
Earn passive income by staking celery
The Celer Network project has an interesting future in the crypto world, as its network has many uses. You can consider staking seller to have a passive income according to the perspective of this project. In general, staking or depositing the seller’s currency is a process in which a person locks his cryptographic assets in the network with the aim of earning rewards and securing the security of the blockchain. By doing this you can earn money without selling your digital asset.
Get in touch with us in the comments section and tell us about your experience with celery steak.
The article on how to stick Celer (celr) for the first time in Valax blog. appeared.
