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- 1 Staking has become a popular way to ensure passive income to crypto users.
- 2 Shiba Inu has emerged as a favorable platform for staking for many crypto asset holders.
The crypto space has brought forth so many avenues of earning. In the beginning, the only thing considered profitable about digital assets was trading. Today, staking has become a more prominent and reliable way of earning. It has emerged as a perfect method for earning a passive income.
When it comes to making it more prolific, one needs to pick the right coin. Shiba Inu is one of the major meme coins in this sphere. In the last few years, it has gained immense popularity among investors for many reasons. One of them is its staking, which is easy to do and leverage. Thus, understanding its fundamentals is a must for every crypto enthusiast.
Exploring Shiba Inu and Its Staking
Before exploring its staking, apprehending the basics of Shiba Inu makes sense. Like any other meme token, Shiba Inu was nothing more than a humor. However, its makers launched it to compete with Dogecoin, the original meme token. It represents the Japanese dog breed Shiba Inu.
Created on Ethereum, SHIB uses smart contracts for all its operations. Unlike other meme ecosystems, it offers two different tokens LEASH and BONE. The SHIB community has a specific jargon for staking, they call it “Burying” instead. The name may be different, but the functionality remains the same.
Token holders need to lock their assets using a wallet or a wallet. They receive rewards in the form of xLEASH, xBONE, and xSHIB tokens. The amount of rewards is always correspondent to the amount of tokens they stake. For the blockchain network, it’s a way of bringing liquidity and gathering support to blockchain.
Guide to Staking Shiba Inu Tokens
After understanding the essentials, it is time to delve into the details.
Step 1: Buy Tokens First
First things first, potential stakers need to buy SHIB tokens. They can buy these assets from many crypto exchanges like Bybit, Binance, and Crypto.com. To buy the tokens, they need to:
Create an account
Complete KYC
Deposit funds
Place the order
Step 2:Get a Robust Wallet
Once the tokens are obtained, users have to get a reliable token to ensconce them. Since Shiba Inu is an ERC-20 token, they have to pick an Ethereum-compatible wallet. The most popular options are Trust Wallet and MetaMask for securing digital assets. They can easily download the wallet application for free. At the time of set up, they have to safeguard the private key and seed phrase for security purposes.
Step 3: Transfer Tokens To Wallet
After setting up the wallet, the next thing to do is to transfer the tokens. Users will have to initiate this step from their exchange. Once done, please wait for the wallet to receive the tokens. While sending the tokens, confirm all the details and double-check the address.
Step 4: Find a Staking Platform
Next, token holders will have to find the best way to stake their tokens. They can find centralized exchanges, decentralized exchanges, and staking pools within the SHIB ecosystem. Before starting to stake with any of them, they’ll have to be sure about the terms and conditions.
Step 5: Connect Wallet to Staking Platform
The next step involves connecting the wallet to the staking platform. For that, they have to visit the platform’s website and find a way to do it. Most platforms make it quite easy with a simple button.
Step 6: Start Staking
Once the wallet is successfully connected, they need to start staking with the help of the platform. The process begins with choosing the amount of tokens one needs to stake. After choosing the amount, confirm the transaction. Usually, the platform generates one more pop-up asking for approval. Users have to accede and wait for the transaction to proceed.
Step 7: Monitor & Claim Rewards
The last thing for users to do is to monitor the staking activity. Most platforms come with dashboards that display the staked amount and rewards in separate fields. To claim those rewards, stakers have to play by the rules. They have to follow the platform’s norms to withdraw their earnings.
Either they have to wait for a specific period or they have to claim them at regular intervals.
Staking works in many ways for crypto users. It not only generates passive income, but it also aggravates the holdings in the long term. They also offer more security, governance rights, and frequent incentives. On the other hand, it exposes users to some risks too.
For instance, it locks up liquidity and restricts trading to some extent. In addition, there are market and regulatory risks. Therefore, users must weigh all their options before choosing staking or any other investment vehicle.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
