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Staking PHNX 101: Using the Staking dApp to stake PHNX tokens

Staking PHNX 101: Using the Staking dApp to stake PHNX tokens

Staking in the crypto ecosystem is a process in which users deposit or lock their digital assets in a platform to receive yielding rewards. These platforms integrate with crypto wallets such as MetaMask and Coinbase to directly stake coins in most cases. 

Staking is considered better than crypto mining as it is more rewarding and does not consume a high amount of energy. Staking token works on the Proof of Stake protocol that does not require specialized mining hardware as Proof Of Work protocol, resulting in low energy consumption. 

One of the promising platforms that allow users to stake is PhoenixDAO, a community-led decentralized platform. The company aims to reinvent digital identity by creating a customized blockchain platform. PhoenixDAO focuses on tokenization, authentication, and identity and creates a blockchain solution for the typical problems faced in these industries. The PhoenixDAO ecosystem is powered by an ERC-20/BEP-20 token known as PHNX. 

PHNX Token

PHNX is a utility token that powers PhoenixDAO's ecosystem to achieve an autonomous environment. PhoenixDAO is a multi-layered platform, and the PHNX Token has utility in all the layers and is used in all of the dApps that the platform offers. 

Being a DAO, PhoenixDAO aims to achieve true automation and allow the community to guide the platform's future. PHNX holders get governing rights over the platform and can vote for proposals by staking their tokens. 

PhoenixDAO Staking dApp

PhoenixDAO Staking dApp is a decentralized app that helps users earn immediate interest by staking their PHNX tokens. Apart from helping users earn high interest, Staking contributed to the working of the platform. The interest and incentives depend upon the number of tokens the user is willing to stake and the time. The platform offers a standard APR of 20% for users willing to deposit their tokens for 365 days. 

How to Stake PHNX Tokens

Staking at PhoenixDAO is a simple and quick process because of the user-friendly interface of the dApp. Users can follow this step-by-step tutorial to stake their tokens.

  • First, users have to visit PhoenixDAO's staking dApp and connect their Metamask wallet or Numio Wallet. 
  • The next step is to decide the number of tokens users want to stake and the period for the deposit.
  • After that, the user's agreement and APR will be decided according to the number of tokens and the duration.
  • Users can also unstake their PHNX tokens by using the "Burn Rate" feature of the platform. To unstake tokens, users have to burn a certain amount of their tokens calculated using a formula. 
  • After the end of lock-up periods, all the tokens and rewards are directly sent to the connected wallet. 

Staking tokens is a straightforward and quick process at PhoenixDAO because of its easy and unique interface. Some of the elements of PhoenixDAO Staking dApps are:

  • Dashboard: Users can find all the information about their active and past staking activities.
  • Staking Options: PhoenixDAO has complete freedom over their staking decisions and can choose the number of days and amount of tokens to stake.
  • Instant Rewards: Once the agreed lock-up period ends, they will be paid immediately in their connected wallet.
  • Unstake/Burn: If the user has to withdraw earlier than the contract agreement, they have to burn a small fee in PHNX.
  • Events: PhoenixDAO hosts various events for their community with several incentives. 

About PhoenixDAO

PhoenixDAO is a decentralized platform operating primarily on Ethereum Network and offers support for Polygon and BSC users. The platform is a self-governing ecosystem that utilizes its dApps for revenue.

  • PhoenixDAO
  • Staking dApp
  • Events dApp

Staking at PhoenixDAO is an easy and rewarding process for the users, which offers a powerful solution when integrated with its other products. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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