Staking cryptocurrencies is an excellent way to earn passive income in the crypto market. However, the rewards in staking can be particularly attractive for users who already have a significant portion of their net worth in cryptocurrency. So, the ultimate question is how to stake on Uniswap if you need passive income.
Uniswap is one of the largest decentralized exchanges {DEX] today. However, it runs on Ethereum and allows you to exchange ERC-20 tokens that use the Automated Market Maker protocol {AMM] instead of an ordinary spot market order book.
You need to know that Uniswap liquidity staking is straightforward, unlike other decentralized exchanges requiring many technicalities. This story will teach you the easy steps on how to stake tokens on Uniswap.
Before you start taking any token on Uniswap, you will need an Ethereum wallet or an Ethereum-supported wallet. This is because the Ethereum Uniswap is built on Ethereum, and most activities require a wallet supporting Ethereum. For this tutorial will use Metamask.
Buy some Ethereum
You need ETH tokens to offset the gas fees when you want to stake the token of your choice. Buy ETH from your exchange account, then transfer it to your Metamask wallet. When you are done with these, the next step requires that you send the total amount of token you wish to stake into your Metmask wallet.
The next step involves entering the staking portal of the Uniswap page; once you have gained access, you will be required to connect your wallet to the portal. Note the permissions that you allow when assessing sites with your wallets. Then go ahead to stake any amount of your token that you wish to stake. At this stage, you will be required to pay ETH as a gas fee depending on the amount of staked tokens.
If you stake $1,000 worth of UNI at a rate of 7% during 12 months, you will have $1,070. You can calculate the amount using a crypto staking calculator. Simply enter in the amount of UNI you want to stake, and the calculator will show you how many staking rewards you can earn per day, per week, month, or in the long term. It’s a great way to get an idea of the potential rewards available from staking Uniswap.
Uniswap (UNI) uses an Automated Market Marker to eliminate the need for KYC standards. One of the reasons why Uniswap (UNI) could be a money-making investment is because it is a decentralized exchange DEX. Since there are non-custody assets on the platform, it's easy for investors to trade without authorization.
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