Staking is a form of passive income where you lock a cryptocurrency in your wallet for a specific period to earn rewards. With Tangem Wallet and the WalletConnect protocol, you can stake tokens through decentralized applications (dApps) across various DeFi platforms.
Prerequisites for Staking via dApps
- Tangem Wallet: A non-custodial hardware wallet supporting WalletConnect.
- DeFi Platform: Choose a staking service (e.g., BENQI) from tracking sites like DeFiLlama.
- Tokens: Ensure you hold the required assets (e.g., AVAX for Avalanche staking).
Step-by-Step Guide to Staking AVAX on BENQI
1. Connect Tangem Wallet to BENQI
- Visit BENQI’s staking portal and click Connect Wallet.
- Select WalletConnect from the options.
- Open the Tangem app, tap Start, and approve the connection.
2. Stake AVAX Tokens
- On BENQI, enter the AVAX amount to stake and click Stake.
- In Tangem, confirm by tapping Sign and Send, then authenticate with your card and access code.
- You’ll receive sAVAX (staked AVAX tokens) at a 7.2% APR (commission fees apply).
👉 Maximize your staking rewards with Tangem’s secure wallet
3. Unstaking AVAX
- Wait Period: Minimum 15 days after staking.
Steps:
- Click Unstake on BENQI, enter the amount, and confirm.
- Sign the transaction in Tangem.
- Receive original AVAX plus accrued rewards.
FAQs
Q: Is staking safe with Tangem Wallet?
A: Yes! Tangem’s non-custodial design ensures you control private keys. Risks depend on the DeFi platform’s smart contracts.
Q: Can I stake other tokens besides AVAX?
A: Absolutely. Explore platforms supporting your preferred assets via DeFiLlama.
Q: How are staking rewards calculated?
A: Rewards vary by protocol (e.g., BENQI offers ~7.2% APR). Rates adjust based on network demand.
Key Takeaways
- Flexibility: Use sAVAX in DeFi (e.g., liquidity pools) while earning staking rewards.
- Security: Tangem’s card-based authentication prevents unauthorized access.
- Expansion: Stake diverse tokens by connecting to other dApps via WalletConnect.
👉 Discover more DeFi staking opportunities with Tangem
Disclaimer
Tangem provides hardware/software solutions but does not custody assets or guarantee staking returns. Earnings depend on third-party protocols. Users assume all risks.
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