Hedera Hashgraph has released Native staking, a new way for you to leverage your HBAR, but what is Native Staking and how can you earn staking rewards?
What is exactly is “Staking”?
Many blockchains and distributed ledgers operate on a consensus model known as Proof-of-Stake (PoS), including Hedera. In a Proof-of-Stake network, the information on the chain/ledger is added by various nodes. Each node has a different level of influence on consensus (essentially their trustworthiness for nodes). To gain trust, users are given the ability to stake their currency to a node in exchange for rewards, the more Cryptocurrency staked to a node the more that node is trusted. Many networks use staking such as ETH 2.0, SOL and LUNA in exchange for rewards and now native staking is coming to Hedera.
Currently, Hedera network nodes are operated by members of the Hedera Governing Council, with each node having an equal stake and thus an equal amount of trust in the consensus mechanism. Native Staking on Hedera is a way for you to earn rewards by staking your HBAR to a node to increase that node’s trustworthiness. When using native staking there is no lock-up period, no slashing or bonding – your HBAR remains yours, in your account and only you will have access to your HBAR. Native Staking is a way for you to earn more rewards from the HBAR in your account.
Why should I use native staking with Yamgo? Because you get Staking Rewards & Yamgo Boost!
Yamgo makes native staking easy! Not only can you quickly and easily select the best node to stake to, but when you claim your daily boost, complete an offer or earn any other Yamgo reward you’ll also receive your staking rewards from the node you are staked to. What makes using Yamgo even better is that your Boost Reward and Staking rewards are then automatically staked to the node you have chosen, meaning that as long as your HBAR increases your staking rewards will continue to grow*.
The minimum staking period is the minimum amount of time an account needs to be staked to a consensus node before the account is eligible to earn rewards. The minimum staking period is one day (24 hours). The staking period begins at midnight UTC and the staking period ends at midnight UTC. The staking period is defined by the Hedera Governing Council.
How do I stake with Yamgo?
Staking with Yamgo is incredibly simple. All you need is a Yamgo account and any amount of HBAR (which you can earn right here on Yamgo just for signing up).
Head to the network page in the Yamgo web app, choose a node and follow the instructions on the screen to stake to your node of choice.
To receive your staking rewards through Yamgo claim your daily boost or earn any reward from Yamgo and you will get your staking rewards! If you’re wondering what the best nodes are to stake with, read our blog on How to decide which Hedera Node is best for Staking.
Yamgo supports Hedera staking and we are actively working on keeping our app the best to stake with.