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BNB What Is Fantom?
Fantom is a high-performance, scalable, and secure smart-contract platform designed to overcome the limitations of previous blockchain networks. By employing the Lachesis consensus algorithm and Proof of Stake (PoS) mechanism, Fantom offers fast transaction speeds, low costs, and high throughput, making it ideal for decentralized applications and enterprise solutions.
Is Fantom Staking Safe?
For the average user, staking FTM tokens is as safe as simply storing them in your wallet. All transactions, whether in a wallet or staked, are processed by smart contracts and the blockchain without human intervention. Therefore, staking offers the same level of reliability and security as keeping tokens in a wallet.
Why You Need to Stake Fantom?
Staking is an integral part of blockchains operating on the PoS protocol. Let’s explore the main reasons users stake FTM:
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Supporting the Fantom Blockchain: For the stable and secure operation of the Fantom blockchain, transaction validation is required, which is only possible with a large and decentralized volume of staked FTM tokens. This is why many users participate in staking their favorite blockchain’s tokens.
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Investments: Users who invest in tokens for the long term choose staking as an additional income multiplier and protection against inflation. Staking is as reliable and safe as storing tokens in an address while providing good returns.
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Exploring New Features: Many users limit themselves to simple token transfers. However, some want to explore all the blockchain’s possibilities, thus experimenting with swaps and staking.
Storing and Staking FTM
You can store FTM tokens and stake them simultaneously. For example, allocate some tokens for long-term investment and stake them, while keeping a small portion for operational purposes, such as paying transaction fees for FTM tokens or NFTs. You decide how many FTM tokens to stake and can also withdraw tokens from staking.
I Want to Learn More About Staking FTM
We have prepared a special tutorial to help you understand FTM staking - Learn more about staking FTM
