Staking remains one of the most popular ways to earn passively in the crypto market. Today, more projects are allowing investors to stake their tokens. THETA, a cryptocurrency created to improve video gaming, has also done the same. This blockchain has also been created to increase efficiency and avoid bottlenecks by sharing bandwidth between nodes in P2P networks.
There are two native tokens on the Theta network: Theta Fuel (TFUEL), which allows participants in the Theta network to get rewarded for sharing their computing power, and THETA, which is the governance and staking token.
To stake TFUEL on the Theta network, the minimum amount of TFUEL you need to have is 10,001 TFUEL tokens. The following step is how to stake Theta TFUEL to Elite Edge Node.
Step 1 You can either delegate to a Thetaboard Edge Node or Elite Edge Node. If you plan on running your own Elite Edge Node on your PC, visit http://www.thetatoken.org/ and download the Edge Node Software. You can also stake through the Theta mobile wallet. If you plan on delegating to a Thetaboard Edge Node, please visit https://thetaboard.io/ and select: – TFUEL page for staking between 10,000 TFUEL and 100,000 TFUEL or. – TFUEL VIP page for staking greater than 100,000 TFUEL.
Step 2 Open another window in your browser and visit https://www.thetatoken.org/ and click on the wallet on the top.
Step 3 Go to your Theta wallet and unlock it with your preferred method. Please ensure you disconnect your internet if you want to enter your 12-word phrase key. Then click ‘Unlock Wallet.’ Reconnect afterward. This is to safeguard your password from online hacks.
Step 4 Click on Stakes. Once that is done, you need to click on ‘Stakes’ to start staking on your TFUEL tokens.
Step 5 Click on Deposit Stake. Once that is done, you need to know that your staking purpose should be ‘Edge Node.’ Then click on Continue.
Step 6 If you are using Edge Node, open Edge Node and click on Stake TFUEL. You will need to deposit TFUEL. When you click on Stake TFUEL, you will see the Edge Node summary in letters and numbers. Highlight and copy the summary. If you use the Thetaboard to stake, click on the TFUEL page. Then click on Summary, which has letters and numbers, and click on copy Summary.
Step 7 Paste what you have copied (the Edge Node Summary). Then enter the amount of TFUEL to stake. It is important to note that the minimum amount of TFUEL tokens you can stake is 10,000, and the maximum is 500,000 TFUEL tokens. Always leave at least 1TFUEL in your wallet for transaction fees.
Step 8 Once you have entered the amount to stake, click on Deposit Stake. Your wallet should notify you that you have successfully staked TFUEL tokens. You can repeat the steps with other node summaries if you have more than 500,000 to stake.
Due to the reliance on the internet and smart contracts, no cryptocurrency is safe – but you can minimize the risks. Always back up your files and never reveal your private keys or wallet password to anyone. In addition, always encrypt your Theta wallet and keep a hard copy of your private keys in a safe place.
February 14, 2020
By Dr. Lora Poppins