Staking is a method of earning rewards while supporting the security and operation of a proof-of-stake blockchain network. SANDO, as a staking platform, offers its token holders the opportunity to participate in this mechanism by locking their crypto investments in a validator node. Initially, the platform has provided four different staking rates options for users to choose from, each with varying levels of risk and reward, specifically:
If you want to run a staking on the Ethereum blockchain, you must pay a Ethereum gas fee to maintaining the network. Please ensure you have enough ETH in your Metamask wallet account to cover the cost of gas fees. if you don't have enough ETH, you can not use the staking. Therefore, you can not make any transaction.
The steps for staking on the SANDO platform are as follows:
Set up staking preferences by visitinghttps://www.sandotoken.io/staking , selecting the "Staking Pool" option for rewards, and choosing a package for 30 days, 60 days, 120 days, or 365 days. The current reward rate and the amount you will receive will be displayed on the website. Press "Staking Now" to deposit your SANDO tokens into the staking pool.
Stake your SANDO tokens by depositing them into the staking pool and lock them for the chosen staking period. The tokens will be used to validate transactions and secure the network, and you will receive a percentage of your staked tokens as rewards based on the staking rate and period selected.
Track your staked tokens and rewards by visiting the "My Staking" section of the website, where you can view your current staking balance, the number of tokens staked, and the estimated reward amount. Additionally, you can view your staking history and track the progress of your rewards over time.
Wait for the staking period to end.
Receive your staking rewards once the staking period has ended. The amount of rewards received will depend on the staking rate and the amount of SANDO tokens staked.
Withdraw or re-stake your rewards. Withdraw them to your personal wallet or re-stake them for another staking period to continue earning rewards. It's important to note that rewards may be subject to a vesting period before they can be withdrawn.
Monitor your staked token and rewards regularly. During the staking period, the rewards rate and the network conditions may change, it's important to monitor your staked token and rewards regularly, and make adjustments if necessary, such as re-staking or withdrawing them.
Keep your wallet and account secure. To ensure that your staked tokens and rewards remain secure, it is important to keep your wallet and account secure by setting strong passwords. It's also important to keep your device and software updated to the latest version to avoid any security vulnerabilities.
It is important to be aware that staking on the SANDO platform comes with potential risks and uncertainties such as fluctuations in network conditions or changes in reward rates that could impact the performance of your staked tokens. Before deciding to stake, it is essential to thoroughly review and understand the terms and conditions of the staking program, including any vesting or lockup periods for rewards. Furthermore, it is important to ensure that your account and wallet are kept secure and to regularly check on your staked tokens and rewards in order to make informed decisions about re-staking or withdrawing them.