Staking your FUSE tokens can be incredibly beneficial. Not only do you contribute to the security and functionality of the Proof-of-Stake Fuse blockchain, but you also have the chance to earn rewards. It’s like putting your money to work for you, even while you sleep.
If you’re curious about how to stake FUSE Crypto using the Fuse Staking platform, you’ve come to the right place. This guide will take you through the entire process, from setting up your wallet to earning rewards. So, let’s dive in!
Get FUSE tokens
If you’re interested in staking but are not currently holding FUSE tokens, they can be obtained from several exchanges, including Huobi, Voltage Finance, PancakeSwap, Bitazza, MEXC Global, and more.
If you hold FUSE tokens on another Network, such as Ethereum or BNB Chain, you must first bridge them to the Fuse Network. Voltage Finance can facilitate this process quickly with a complete guide on how to do it here. If you have FUSE on Arbitrum, Polygon, or Optimism, you can bridge it using the Fuse Bridge.
You can get FUSE tokens on several decentralized and centralized exchanges. Use the guides below for more information:
- How to Get Fuse Network (FUSE) Guide
- How to Get FUSE on Ethereum Using Uniswap
- How to Get FUSE on BNB Chain Using PancakeSwap
- How to Use Fuse Token Bridge
How to Stake FUSE
On the site, you can choose a validator to stake your tokens with by looking at factors such as uptime and fees, but overall, each option is on par with the next.
Select the validator to which you want to stake your FUSE tokens and click on the block to reveal further information.
It’s important to note that once tokens are staked, they will be removed from your wallet and placed into a staking contract. Therefore, your wallet balance of FUSE will decrease depending on how much you stake.
You will see a button to the right of their listing, allowing you to stake and unstake FUSE. Choose the amount you want to stake, and you can then see the projected rewards in FUSE at the bottom.
Now, choose the amount you want to place into staking and click stake. A transaction will be initiated in your wallet, and you must pay gas fees of around $0.01. If all is ok, click confirm, and proceed.
Your FUSE is working for you and earning an annual percentage yield. To unstake your FUSE tokens, click unstake and pay the gas fees. Your original FUSE amount plus any rewards will be transferred to your wallet.
Why should I stake my FUSE?
The primary benefit of staking FUSE is that you earn more FUSE, while interest rates are far superior to what’s available in a traditional bank. In some cases, you can make more than 10% per year. So, it’s potentially a very profitable way to invest your money.
Alongside financial benefits, staking has the added advantage of contributing to the security and efficiency of the Fuse blockchain. By staking some of your funds, you make the blockchain more resistant to attacks and strengthen its ability to process transactions.
On-Chain Versus Centralized Exchange Staking
On-chain staking offers a range of advantages over staking with a centralized exchange, catering to security-conscious investors and those seeking optimal returns. In the last 12 months alone, we have witnessed multiple centralized exchanges collapse, taking with them investors’ capital.
When you stake your crypto on a centralized exchange, you give up control of your crypto to the exchange, and they can impose harsh penalties for the early ending of a stake or lock your tokens up for some time after the stake ends. Both will have a considerable impact on any potential rewards.
On-chain staking involves entrusting your crypto to a smart contract with restricted abilities. When staking on-chain, it’s just the user and smart contract entering an agreement – leaving little room for manipulation or bad actors.
Moreover, on-chain staking is a more secure, rewarding, and decentralized alternative to staking with centralized exchanges. By embracing on-chain staking, you align with the foundational principles of blockchain technology, maximize your potential earnings, and actively contribute to the growth and stability of the blockchain networks you support.