Step-By-Step Guide On How To Stake Your FXD Coins
Step 1: Visit Tradefinex
To participate in FXD staking on TradeFinex, please visit the following URL: https://staking.tradefinex.org/staking. On this page, you will find the option to stake your FXD tokens. The minimum staking amount allowed is 5000 FXD, while the maximum amount is capped at 25000 FXD. By staking within this range, you can earn a 12% annual percentage yield (APY). The staking period for this opportunity is set at 1 month. Additionally, you can also check the Network status on the page to view the pool details and other relevant information.
Step 2: Connect Wallet
Upon visiting the TradeFinex staking page, you will be provided with the option to connect your preferred wallet. You can choose to connect using XDCPay, Metamask, or any other XDC Network wallet that supports the wallet connect feature. This flexibility allows you to select the wallet of your choice, ensuring compatibility and ease of use during the staking process.
Step 3:Approve FXD
Once you have connected your preferred wallet on the TradeFinex staking page, the next step is to approve the specific amount of FXD tokens you intend to stake. This approval process confirms your consent to stake the chosen amount of FXD tokens within the staking platform.
Step 4: Stake FXD
After successfully approving the FXD tokens, you can proceed to stake them. This means you will now initiate the staking process, where you lock and deposit the approved amount of FXD tokens into the staking platform. By staking your tokens, you become eligible to earn rewards.
Note : FXD is an XDC Network-based stablecoin, representing a stable-price cryptocurrency issued and developed by the Fathom.fi DAO, a decentralized autonomous organization. The value of FXD is softly pegged to the U.S. dollar and is supported by an over collateralized XDC Token, which is securely held in smart-contract vaults during the creation of new FXD tokens. Mint FXD from Fathom.fi
Step 5: Check Statement
Once you have successfully staked the FXD tokens, you can access the statement or summary that provides important information regarding your staking. This statement will include details such as the amount of FXD tokens staked, the duration of the staking tenure, and the rewards earned from your staking activity. It will also indicate the anticipated end date of your staking period, giving you an idea of when your staking will be completed. Checking this statement will allow you to track and monitor the progress of your staking investment.
Step 6: Statement after Completion
Upon the completion of your 30-days staking period, the statement will indicate that your staking has reached its conclusion. At this point, you will receive your staked FXD tokens back, along with any rewards earned during the staking duration. This completion status in the statement confirms the successful conclusion of your staking activity and signifies that your staked tokens and rewards are ready for withdrawal or further utilization.
