Phantom Stick is an easy and profitable way to generate passive income. Staking Phantom’s annual interest rate (APY) is always different. In other words, it all depends on which option you choose. Phantom participation benefits with wallet-like Binance Starting at 1% and other wallets and options DeFi They provide more efficiency. But before you share your phantom, you should do your research. In this article, we will explore the different options available for phantom steaks and introduce the best places for phantom steaks (FTM).
For a better understanding of this article, we suggest you read the article “What is phantom digital currency” on the Wallex blog.
What is a phantom?
Like Solana and Avalanche blockchains, the Phantom blockchain has better scalability than its Ethereum counterpart, which is why it has been dubbed the Ethereum killer. Phantom was able to raise 40 million dollars in its initial offering. After that, it launched its main network in December 2019. Since then, this blockchain has become one of the most popular blockchains due to its high transaction speed and cheapness, and with $1.3 billion in value locked (TVL), it is among the top 10 blockchains in terms of total value locked (TVL). will be
The Phantom Blockchain Network is actually a high performance open source smart contract platform. The network is scalable and EVM compatible, which means you can Ethereum decentralized applications (DApps) on it and deploy it. Its structure allows for the support of decentralized finance (DeFi), of course, apart from the management of digital assets and DApps. The main token of Phantom Blockchain is FTM, which can be used to earn passive income.
The Phantom consensus mechanism is an adapted version of proof of stake called Lachesis. The aBFT algorithm is designed to provide high speed and low fee transactions. aBFT can run fully transparently and open source on many nodes around the world without the need for authorization or authentication, thus offering a good level of decentralization.
How is staking in Phantom?
Staking supports a blockchain by locking digital assets for a certain period of time. Blockchain security is provided by validators who verify transactions with their equity tokens. Behavior according to the rules of the protocol leads to economic rewards for them.
in network Proof of stock Phantom, you can share FTM to earn staking rewards as well as a share of transaction fees on the network. By staking their FTM token, investors actively participate in securing the network while earning passive income in the form of FTM rewards. Cryptocurrency staking means that tokens must be locked for a period of time. However, staked FTM tokens will still remain in their owners’ wallets, and they can unlock it and access their funds at any time.
How to run Phantom node (Fantom full node)
Validation An important part of the network is the phantom, which runs full nodes. By running a full node, validators participate in the consensus process to strengthen security and generate new blocks. Running a full phantom node requires some technical skills and requirements that may be difficult for a novice operator. Each user can have one Knot run on your own hardware or use a cloud provider such as Amazon AWS. To begin with, the phantom validation node must be registered on the blockchain. To do this, users must create a validator wallet, which becomes the validator’s identity on the network and is required for authentication, signing messages, etc. Users can refer to the instructions on the Fantom site for complete specifications and details on how to implement a validation node.
The conditions for running a full phantom node are as follows:
- Minimum capital required: 500,000 FTM
- Max Validator Size: 15 times the amount of your stake
- Minimum hardware required: AWS EC2 m5.xlarge with a 3.1 GHz quad-core vCPU processor and equivalent to at least 4.5 TB of Amazon EBS General Purpose SSD or gp2 storage space
- reward: A complete node will also receive 15% as a proxy bonus in addition to the staking bonus. APY varies based on percentage of shares. You should visit the Fantom Foundation website for the latest APY figures.
How to share FTM?
The minimum amount of stake for a node in the network to be selected as a validator is 500,000 FTM. Setting this value is important to reduce the possibility of Sybil attacks on the network consensus mechanism. Sybil attacks are malicious attacks that involve impersonation to gain illegitimate profits on a network. Since the amount of validation required is relatively high, handing over FTM to a validator would be an easier way to earn phantom stake profits. For this purpose, several strategies can be used in Phantom:
a. Fluid staking: Investors can deposit their FTM token from two weeks to 365 days for higher returns. Bonuses vary depending on the length of the stick period. The longer FTMs are locked to the network, the higher the reward rate. However, if you choose not to lock the capital, 4% bonus will still be given to the deposit.
b. Liquid staking: Investors can mint and receive sFTM tokens with phantom stake as liquid. They can re-share their earned farming LP tokens and participate in cash mining, farming rewards and more.
J. Custodial staking: Investors can share FTM on a centralized exchange (CEX) such as Binance or Coinbase and earn a 1% phantom stake bonus.
Where can we stick the phantom?
Apart from its native blockchain network, Phantom FTM token can be used on many platforms and Decentralized exchanges (DEX) and even other blockchains. Here we review the places where we can share Phantom so you can decide which is best for Phantom Steak.
Staking on Phantom Blockchain
Sharing on the Phantom Blockchain network is very simple. You must have at least one FTM to deposit a reserve to get started. For this, you first need a phantom wallet.
How to install fWallet
Phantom Native Wallet, fWallet It is available for most common desktop operating systems as well as for mobile. This wallet also supports fUSDT and USDC stablecoins.
1. Go to https://pwawallet.fantom.network to access this wallet.
2. After creating a user account in Phantom, you can download your Phantom wallet (fwallet) by clicking the create wallet button.
3. Click on Create Wallet and follow the instructions.
4. Create and download the Keystore file and set the wallet password.
5. It will show you a 24-word phrase and your private key. Save your original phrase offline. Write it on a piece of paper and make sure no one but you has access to it!
Get ftm in phantom wallet
To be able to stake the FTM token, you must FTM from the network Ethereum Or Binance Smart Chain (BSC) Transfer to your phantom wallet.
1. Click on receive.
2. You will receive your Fantom wallet address on Fantom Mainnet. Note that you can only send phantom mainnet tokens to this particular address.
3. To get FTM from Ethereum or Binance Chain, you can use cross-chain protocols like https://multichain.xyz/ or exchange your tokens on phantom network for ftm using metamsk wallet.
Once you receive your Phantom in fWallet, you can click Start Staking Phantom on the Staking tab from the navigation panel.
How to stick ftm in fwallet wallet
So get ftm in your phantom wallet, you can follow the simple steps below to deposit these tokens and phantom stake:
1. Go to the Phantom staking page and click Stake your FTM.
2. You can create a new wallet or access an existing wallet by using token or seed.
3. Transfer your FTM from your exchange or wallet to your Fantom Opera wallet address.
4. Click on “Staking”.
5. Enter the amount of FTM you want to share.
6. Click on the validator selection drop-down menu to open the list of available validators on Phantom Network. You can select any of them to delegate.
7. Click the continuous button to assign your FTM to the selected validator.
8. Select and confirm the period you want to lock in capital.
9. You must enter your wallet password to complete the transaction. Once approved, you will receive a notification.
You will now earn FTM passively. Please note that phantom staking profits must be claimed manually. In addition to liquid staking, you can also run a validation node on fWallet.
There are a few extra options for optimized phantom wallets. Fantom Opera wallet is an integrated DeFi service provider and you can do token mining, trade and exchange and even cryptocurrency lending in the wallet in addition to Phantom Stake. The Fantom Opera network is a second layer blockchain and EVM compatible, meaning you can use any Ethereum wallet like MetaMask, Coinbase wallet, or hardware wallet like Ledger. Once you have logged into your wallet with your metamask, you need to click on wallet from the left panel of the window.
The best wallets for phantom steak
There are various wallets that allow phantom stakes. Here are the best options available.
For a better understanding of this section, we suggest you read the digital currency wallet article.
How to share Phantom in Ledger
With a hardware wallet such as a ledger, Phantom Stake, like any other transaction, is done by interacting with a smart contract. Just confirm it by signing the Fantom FTM Ledger Nano S app in your Fantom fWallet. Then, use the Stake menu item in your account.
How to Share Phantom on Coinbase
Coinbase wallet is a wallet non-custodial is available as a mobile application and as a Chrome extension. From September 2021, Coinbase wallet users will be able to access, use and interact with the Fantom network and its decentralized applications. Users can connect their Coinbase Wallet account to their fWallet and perform phantom stakes and earn rewards.
How to share Phantom on Binance
Binance wallet is an easy and safe option for beginners to stake Phantom on the world’s largest cryptocurrency exchange. To share FTM on Binance you need to deposit the appropriate amount to the exchange, then go to Binance Earn and select your appropriate option. There are usually three lock-in periods available, 30, 60 and 120 days. You can choose a longer phantom staking period for higher returns of up to 14%.
How to share Phantom on Kocoin
Similar to Binance, you need to go to Kucoin Earn and stake your FTM token in Kucoin. Then click on stake and choose the option that suits you based on the rewards and when you want to lock your assets.
How much profit can you make with phantom stick?
Staking increases your number of tokens, but not necessarily the total value of your capital.
Phantom analysis shows that during the bear market of 2022, the value of Phantom has decreased by more than 90%. Therefore, keep in mind that phantom stakes and locking your tokens may render your funds illiquid and difficult to exit.
You can earn 5.01% if you choose the minimum period of phantom stick i.e. 14 days and minimum amount. The maximum APY is currently 15.31% for a maximum lock-in period of 365 days. On the Fantom Foundation website, you can estimate the return depending on the duration of your stake. The phantom staking bonus calculator estimates how much you can earn with phantom staking.
Is Phantom Steak safe?
Phantom Stake is secure because the validating node cannot access your staked tokens. Make sure you don’t lose your seed or private key. However, as with other proof-of-stake blockchains, there is a potential risk of losing part of your capital if the validator is not valid and misbehaves. It is safer to choose reputable validators that have active forums, websites and Twitter accounts. So be very careful when using Phantom Stick or any other currency.
Writing how to stick phantom for the first time in the Wallex blog. appeared.
