What Is Staking?
Staking in cryptocurrency is similar to earning interest in a bank where you are the beneficiary. By locking up a certain amount of your digital coins in a cryptocurrency network, you assist in enhancing its security and efficiency. This process is vital for the network’s operations. In return for your contribution, you earn rewards - additional coins. It’s an effective way to gain extra from your cryptocurrency holdings without having to sell them.
Is Staking Safe?
We use decentralized systems and smart contracts, which help to keep things safe. But keep in mind, smart contracts can occasionally have errors, even though this is rare. Also, the value of your staked coins can go up and down because of market changes. So, while the Gem Wallet app is a reliable place for staking, it’s good to stay aware of these risks.
What Assets Can I Stake Through Gem Wallet?
The complete list of assets eligible for staking is available in the app, including some hot projects highlighted in the list below.