Learn Everything You Need to Know About Staking CRO on Crypto.com DeFi Wallet
In this article, we will give you an explanation of how to stake CRO on DeFi wallet. The first thing we want to tackle is the basics.
Crypto.com Chain or CRO is an Ethereum token. It powers a service that allows users to get cashback when paying in cryptocurrencies. Staking in cryptos is a newer way of getting passive income by investing in blockchains. Think of it as a crypto savings account. What you need for managing your cryptos is of course a crypto wallet. There are lots of those in the game, so research should provide you with the info on the best and safest ones. We are going to talk about how to stake CRO on crypto.com DeFi wallet here.
The term DeFi stands for Decentralized Finance. It gives you more variability in the choice of investments, but you’ll have to make it a non-custodial wallet. What that means is you get to choose who has access to your funds.
How to Stake CRO on DeFi Wallet
The first step when you decide you want to stake CRO on DeFi wallet is, of course, getting some CRO tokens. You can get those on Crypto.com exchange. The next thing you should do to stake CRO on DeFi wallet is to get the DeFi wallet app. The download is free and simple, and there are versions for both iOS and Android. After that, you should set up your wallet. The process is a bit more complex, but it’s all for your safety. You can set up a new wallet, or if you already had one, just “renew” it. You need to go through some steps when setting up a new DeFi wallet.
Setting up a DeFi wallet
Firstly, choose “new wallet” in the menu. Check out the Terms of Service and other texts that appear, so you stay informed and understand how everything works. The next step is setting a passcode, and we also suggest you enable the face recognition or fingerprint recognition option. After that, you will get a recovery phrase, that you should write down and keep somewhere safe. It consists of 12 one-word phrases. When you confirm the recovery phrase, all you need to do is name your DeFi wallet, and now you will be able to transfer CRO coins from the app to your wallet.
Starting with stake
When your wallet is all set up, it’s time to start making your coins multiple. What you need to do to start is to click on the Earn button in your DeFi wallet app. The Earn More or Start Earning command allows you to see what tokens are supported for earning. As your token of choice is CRO, select it and enter the amount you wish to stake. You will get an annual prognosis of the earnings for that amount using the current % of the estimated yearly award.
The next thing to do is to check and choose a Validator. We recommend using a Validator with more than 15% voting power. Carefully check if you’ve chosen everything as you desire, and if everything is okay, proceed to Confirm the Stake.
Now it’s time to authorize your request by entering a passcode, after which you shall wait for the request to be approved. After that being done, after having your wallet refreshed, you will see the staked amount on your Earn screen. The process is pretty simple, it just requires carefully following the steps. If you are having trouble understanding everything, we suggest checking out more reviews and how-tos on the “stake CRO on DeFi wallet” issue.
More to know about how to stake CRO on crypto.com DeFi wallet
We will try to sum up by answering some of the most frequently asked questions about stake CRO on DeFi wallet to help you enjoy your safe stake.
One of these questions involves claiming your rewards. You should be able to claim those anytime. There are two options: you can claim the stake reward for further investment, or draw them to your DeFi wallet.
What if you simply don’t want to stake CRO on DeFi wallet anymore?
That process is also not complicated. To stop stakes, click on your CRO assets to open a screen with all the details of your staking. Press the Unstake button and enter the amount you wish to stop investing. When you do the check-up and authorize the request, you will have to wait for the confirmation. There is something you should know regarding this, so you don’t get confused.
There’s an unstake period of 28 days, so technically, you’ll have to wait for that to be officially out of the stake game for the wanted amount of coins. This amount goes to the Unbonding Ballance, and you can always check it there. There is also a countdown for those 28 days available in the app, which is quite useful. When the period is over, your wanted amount simply goes right back to your wallet. Another great thing is that all the rewards you haven’t already received will also be automatically transferred to your DeFi wallet.
Can you change your stake CRO on DeFi wallet validator?
Yes, you can. There is an option to do so. Start by accessing your Staking Details screen. Click on the Switch Validator option and choose a new Validator from the list. DeFi works with carefully picked Validators, all in their so-called whitelist. So, simply pick a new one. The process is mostly the same as previously mentioned. It requires a request, passcode, and authorization. From the point in which your validator is changed, you can’t change it again in the next 28 days. Have this in mind when you pick.
Is there an additional fee to stake CRO on DeFi wallet?
The wallet itself doesn’t charge fees, but Crypto.org does. There are fees for all actions in relation to the stake, unstake, reward claim, etc. We strongly advise you to be sure you have enough to pay for the fee before proceeding with anything.
Stake in the crypto world is growing in popularity every day. Passive income is a brilliant thing when done right, and everyone seems to be interested in it nowadays. To begin this journey you should evaluate all your options and figure out which one of the cryptos you want to be your main investment plan. Do your research and be well prepared before starting to stake CRO on DeFi wallet. The most important thing is to stay safe and have fun. Tracking your progress is fun, and the game itself is a nice rush.