Trust Wallet Staking: How-To & Things You Need to Know
There are many reasons to get the Trust Wallet App.
Some want to store their assets, some others just want to manage their trades in a safe place.
And then, there are those who want to start staking tokens in order to generate a passive interest income in a secure, steady way.
For many, the Trust Wallet app offers way more than other wallets out there.
Besides having complete control of your tokens’ private keys, investing in a coin, and browsing decentralized applications, users of this mobile wallet also have access to staking funds in a secure manner.
In this blog post, we are going to provide you with more information and data regarding the following topics:
- What is Trust Wallet Staking;
- What’s the easiest way to complete the staking process on Trust Wallet;
- Things you need to know before you start staking any coin in Trust Wallet.
What is Staking Crypto on Trust Wallet?
Validating a token in any blockchain network is a must to ensure the transactions take place without experiencing errors.
Locking up a token, whether we are talking about new projects or existing blockchain technology networks, serves as a consensus mechanism that validates the transactions on an exchange.
As a consequence, coin holders get rewards in the medium/long haul.
This works in different chains that lock a token contract in smart contracts.
In other words: the more tokens from a project you lock up, the more rewards you will earn in the future.
Pro Tip: Storing your assets in your Trust Wallet address is a smart decision.
Nonetheless, the fees you pay related to network traffic and fees might vary depending on many factors.
Trust Wallet always looks to minimize these fees, but you can learn more about Trust Wallet Fees here.
Understanding Proof-of-Stake
In order to validate operations, some blockchains, such as Bitcoin, resort to Proof-of-Work solutions, which require mining to maintain the nodes.
On the other hand, Proof-of-Stake requires holders to stake crypto coins in order to get a project validated.
Therefore, people that have coins staked can generate an income and have a voting voice depending on the blockchain project they select.
In a way, this works as interest rates in banks: for example, holding money in your account will generate interest rates by investing.
Read Also: Have you experienced the “ Insufficient Liquidity for This Trade” message?
Solving the liquidity error is a must to perform crypto transactions once you connect PancakeSwap to Trust Wallet.
To learn more about these two topics, go and read our blog posts!
Risks and Advantages of Staking Crypto on Trust Wallet
Before you download Trust Wallet and start staking coins, it’s fundamental to understand the advantages and disadvantages of this process.
- Advantages: the interests you earn can translate into high-value revenue over time. Besides, you don’t need any equipment to stake coins in your wallets, nor full in-depth knowledge of a specific crypto exchange;
- Disadvantages: the market is uncertain and, sometimes, you might end up losing your stake. You won’t be able to access your coins during a lock-up period, and sometimes rewards duration is more prolonged than people are willing to wait.
How to Stake on Trust Wallet?
At this point, it’s fundamental to know how to start the staking process on Trust Wallet’s mobile app.
Without further hesitation, let’s get those sweet coins staked!
Pro Tip: Trust Wallet offers a really intuitive interface for all users that sign up.
But, if you are recently starting in the crypto world, then you should know that in order to Withdraw Money from Trust Wallet, you first need to send the tokens to a centralized exchange.
Step 1: Download Trust Wallet App
Get the Trust Wallet app and set up your wallet.
You can do so by quickly clicking here.
Alternatively, you can directly download it on Google Play Store or Apple App store.
Step 2: Select the Digital Assets You Want to Stake
Trust Wallet offers a wide variety of assets that you can stake.
Among these assets, we have Cosmos (ATOM), Binance Coin (BNB) that runs on the Binance Smart Chain, TRON (TRX), and Terra (LUNA).
You can check the Full Coin Staking List here.
Step 3: Get the Coins Staked and Earn!
Before you decide to stake any crypto, it’s fundamental to do your own research.
We cannot stress this enough - staking is sometimes risky, so before getting your funds in any blockchain out there.
Your balance can grow, or it can decrease.
It highly depends on the volatility of the asset you select.
Trust Wallet Staking Rewards
Now, it’s time to talk about staking rewards on Trust Wallet.
- You can earn up to 11% APR since Trust Wallet doesn’t take a cut of your earnings. Of course, this depends on the asset you select;
- You don’t have to wait for months to earn rewards - you’ll generate daily incomes that will directly go into your wallet;
- Users can earn more than 23% APY for staking BNB, while other assets have lower APY (between 6% and 12%).
At the end of the day, staking is indeed a great way to earn revenue for those who don’t want to lose their heads to crypto prices.
Besides, delegating your funds to validators might provide you with more free time to do proper market research.
So, perform your own research process and start staking in Trust Wallet right away!
If you liked this blog post, we have more amazing and up-to-date Trust Wallet and crypto content on GrowFollowing - go check it out!
Trust Wallet Staking FAQ
Is Staking on Trust Wallet Safe?
If you are wondering if Trust Wallet is Safe, then the answer is yes, this is a secure platform to perform all kinds of crypto transactions, such as staking coins.
Learn more about Trust Wallet Staking by clicking here.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.