How To Stake RENEC (Step-By-Step)
How To Stake RENEC
RENEC is the native token of the Remitano Network, a decentralized blockchain ecosystem that enables token swaps, DeFi applications, NFTs, and more.
Staking RENEC allows token holders to earn rewards while helping secure the network. In this guide, I’ll walk through everything you need to know about staking RENEC.
What is RENEC?
RENEC stands for Remitano Network Coin. As the native token of Remitano Network, RENEC has several key utilities:
- Used to pay gas fees for transactions at 40% cheaper rates compared to other networks
- Enables governance rights to RENEC holders for voting on proposals
- Earned as rewards through the RENEC proof-of-stake consensus mechanism
The RENEC blockchain launched in October 2022 and is focused on bringing crypto and DeFi solutions to mainstream adoption.
Scam Warnings
It’s important to note that RENEC cannot currently be transferred or traded on exchanges.
The only way to earn RENEC is through mining rewards on the Remitano exchange.
Any information about buying, selling, or listing RENEC elsewhere is likely a scam.
How Does RENEC Staking Work?
RENEC uses a proof-of-stake consensus mechanism that allows RENEC holders to stake their tokens to help validate transactions and secure the network. In return for staking and helping with network security, stakers earn rewards.
Here are some key things to know about staking RENEC:
- There is no minimum amount required to stake
- Rewards are earned in RENEC tokens based on the amount staked
- Rewards accrue daily and can be claimed at any time
- There are no lockup periods – your RENEC remains liquid while staking
- Can stake directly from the Remitano wallet app
By removing barriers like minimum staking amounts and lockup periods, staking RENEC is accessible for every holder regardless of their RENEC balance.
On Remitano.com, you can Buy and Sell Bitcoin and 15 other Altcoins worldwide. It is the Top one P2P marketplace.
Step-by-Step Guide to Stake RENEC
Staking RENEC only takes a few minutes to set up. Follow this step-by-step guide:
1. Download the Remitano Wallet
First, download the Remitano crypto wallet app, available for iOS and Android devices. This is an easy-to-use multi-coin crypto wallet developed by Remitano.
2. Transfer RENEC Tokens to Your Wallet
Once you’ve set up your Remitano wallet, transfer some RENEC tokens into it. As mentioned earlier, RENEC cannot be purchased or sold at this time. You can only earn RENEC through mining rewards if you use the Remitano exchange.
So make sure to transfer the RENEC you’ve mined from Remitano into your Remitano wallet address.
3. Tap “Staking”
Inside your Remitano wallet app, tap on the “Staking” button available at the bottom which will take you to the staking page.
4. Enter Your Staking Amount
On the staking page, you simply need to enter the amount of RENEC tokens you wish to stake. You can stake any amount, there is no minimum staking requirement.
5. Confirm the Staking Transaction
Double check that the RENEC amount you entered is correct. Then confirm the staking transaction through your wallet to approve it.
And that’s it! Once your stake transaction is approved, your RENEC will start earning rewards automatically without any further actions needed. Sit back and watch your staking rewards accrue.
How Much Can You Earn Staking RENEC?
RENEC offers highly competitive staking rewards for a few key reasons:
Low Minimum Staking Amount
You only need 1 RENEC token to be able to stake, opening up staking to every holder regardless of their balance. Popular staking networks often have high minimum staking amounts that price out small holders.
No Lockup Period
Your staked RENEC remains liquid so you can withdraw it back into your wallet at any time you want. It does not get locked up for months or years like some other staking networks.
This improves earning potential as you have flexibility to adjust your staked amount based on market conditions and your liquidity needs.
Attractive Base APR
RENEC offers a base APR of 100% for stakers. This means based on current rates, for every 1 RENEC token you stake, you would earn 1 additional RENEC annually in rewards.
On top of the base 100% APR, there are potential bonuses and other incentives offered to further boost staking yields.
As an example, if you staked 10,000 RENEC today, you could expect to earn ~10,000 RENEC in your first year of staking along with any other reward bonuses.
Risks of Staking RENEC
Staking comes with some inherent risks to be aware of:
- Technical issues – Like any blockchain network, technical problems could temporarily impact reward distribution or accessing your staked tokens.
- Price volatility – The value of your staked RENEC and earned rewards could fluctuate heavily as with any cryptocurrency.
- Changes to APR – RENEC’s base APR or other staking parameters could change over time which impacts earnings.
Overall though, most users find the high yielding rewards make RENEC staking worthwhile compared to just holding the tokens.
And the ability to withdraw at any time gives you an exit option if rewards no longer meet your goals.
Conclusion
Staking has become an excellent passive income stream for cryptocurrency holders. As a new blockchain project, RENEC offers exceptionally high staking yields to incentivize participation in network security while the ecosystem grows.
The quick 4-step staking process covered in this guide makes it simple for anyone to start earning up to 100% or more APR on their RENEC holdings.
If you have RENEC tokens or can mine some through Remitano, give staking a try to turbocharge your earnings. Just be aware of the risks like technical issues and market volatility that can impact your staking gains.
Frequently Asked Questions
How do I get RENEC to stake?
Currently the only way to earn RENEC is through mining rewards on the Remitano exchange. RENEC cannot be bought or sold elsewhere yet. Once you earn RENEC through Remitano, you can transfer it into your Remitano wallet to stake.
What is the minimum amount needed to stake?
There is no minimum staking amount, you can stake as little as 1 RENEC token which makes it accessible for every holder.
Can I lose my staked RENEC tokens?
No, your staked RENEC cannot be lost or slashed. Your tokens remain under your control in your wallet, giving you flexibility to unstake at anytime without loss of funds.