How to stake TON Crystal in LUMI Wallet?

[Alex077]

Hello everyone, Kate from LUMI here with excellent news for you! Let’s get started without preludes: TON Crystal staking is now available in LUMI! Hurray! Hurray! Hurray!

What is staking?
The term “staking” implies reaching a consensus on the state of the blockchain using the Proof-of-Stake algorithm. To do this, any user can send their TON Crystal to a stake, and will begin to receive income for participating in maintaining the network.

Free TON offers 2 main roles.

Validators – support the operation of the virtual server and have a significant amount of TON crystals. The community hosts contests with an award for the most responsible nodes (one of the largest is Magister Ludi). Validators are responsible for computing and signing blocks, must have technical knowledge and provide round-the-clock uptime of their data centers.

Nominators – transfer their TON Crystal to be under the control of the validator. In return, they automatically receive a share of the reward in proportion to their stake. This is a simple method available to every user, and it only requires a wallet with an address in order to stake your TON crystals. Drawing an analogy with the Proof-of-Work Bitcoin algorithm: validators are managers of mining pools, and nominators are individual miners, which easily connect to the pool and use it to increase income, for a small commission.

There are other roles, but to make it easier to understand how the network works, we have highlighted the main ones. If you want to know more, you can visit the official website of Free TON.

How does staking work on the Free TON network?
Staking is available to the community on the light version (without the possibility to choose a DePool).

You give some of your crystals to a DePool. Then they are used in the process of creating new blocks in the blockchain. Simply put, you get a reward because your portion of crystals is used for computing power that provides the operation of the Free TON network. The lock-up period lasts 54 hours (2-3 days), after which the received reward is divided among all the stakeholders in your DePool.


There are several important points:

1. The size of the reward depends on the size of the TON Crystal stakes you have entered;

2. Each DePool has an owner who takes a part of the reward from each user’s reward.

3. Any actions within the Free TON network have a small commission: staking, withdrawing, voting, etс.

4. It is impossible to withdraw the reward back to your wallet instantly. It also takes 54 hours because all the coins must return to circulation.

How does it work in Lumi?
Staking


How to stake TON Crystal in LUMI Wallet?

1. Open the LUMI Wallet app

2. Choose the “Crystal” card

3. In the panel at the top, select the “invest” tab

4. Choose the amount of TON Crystal you want to stake

5. When you are sure that everything is filled out correctly, click the “Confirm” button.

Read more...https://blog.lumiwallet.com/how-to-stake-ton-crystal-in-lumi-wallet/