After a record-breaking 2021, the ongoing volatility in the larger cryptocurrency market has given many investors and experimenters time to think. It may be time to look beyond the frequently mentioned characteristics of the cryptocurrency story, such as its strong momentum, institutional interest, spectacular gains, rapid technological innovation, celebrity endorsements, social media promotion, and the role meme coins play in low-stakes, high-gain situations.
Tread carefully on how to stake on Exodus and be acquainted thoroughly with the correct process before locking in your coins. Exodus lets investors stake seven coins and earn rewards. Altcoin staking options include Algorand (ALGO), Cosmos (ATOM), Neo (NEO), VeChain (VET), Cardano (ADA), Tezos (XTZ), and Ontology (ONT). Estimated annual percentage rates (APR) range from 1.24% to 13.88%.
Exodus Wallet Review: Features & MoreCoinbase vs Exodus: Which is a better crypto wallet?
What is Staking?
Crypto staking is a component of cryptocurrency ownership overshadowed by the noise and demands more attention. Despite all the hype around cryptocurrencies, staking has primarily gone untouched in the world of digital assets.
Staking defined is a means to get passive income while awaiting the appreciation of cryptocurrency assets. Now that staking is a thing, investors may actively earn high returns, or interest yield, by lending out their cryptocurrency holdings.
Staking crypto is fundamentally similar to bonds or interest-bearing savings accounts since they offer interest income on your original investment. Staking is the process of locking up or committing a cryptocurrency owner’s assets in return for incentives or interest paid in the form of new coins. It’s a technique to multiply your cryptocurrency earnings.
In addition to staking, yield farming is a method of earning interest and fees by lending your cryptocurrency. Long durations of lock-up are not necessary for this. Investors may use yield farming to deposit or withdraw assets from yield farms anytime they choose, and they can exchange their cryptocurrencies for loans or liquidity. A staking pool is also used when multiple shareholders are involved.
The more considerable decentralized finance (DeFi) system includes the fields of cryptocurrency staking and yield farming, which are rapidly expanding. You can keep your cryptocurrency and make money off of it with both options.
Investors must own a cryptocurrency that employs the proof-of-stake (PoS) methodology to stake. According to the Staking rewards website, the top five assets by total staked value are Ethereum 2.0, Solana, Cardano, and Avalanche.
These assets are available for purchase through reputable cryptocurrency trading sites like Binance, Coinbase, and Crypto.com, among others.
Once you possess these assets, you may decide how much to stake crypto on a blockchain based on the PoS algorithm.
A holder who contributes cryptocurrency to staking takes on the job of a validator, approving legal transactions on the blockchain. The staker gets rewarded with additional tokens for providing this service to the network.
What is Exodus?
A desktop-based digital asset management tool, Exodus wallet, enables users to store, manage, trade, and stake cryptocurrencies. The program is available for free download on Windows, macOS, and Linux operating systems.
Exodus was formally introduced in July 2016 after being developed by businessman and software engineer J.P. Richardson and Daniel Castagnoli in the middle of 2015. The wallet’s clear layout and straightforward design make it one of the most user-friendly systems for managing digital assets.
Exodus is a simple, free-to-use cryptocurrency wallet that provides storage for your coins from exchanges or NFTs (non-fungible tokens) marketplaces. The wallet is a hot wallet since it has an internet connection.
Exodus features that provide ease of use
Exodus offers consumers several appealing features, such as compatibility for more than 225 different types of cryptocurrency assets. Complete integration with the FTX cryptocurrency exchange enables users to transact right from their wallets. Exodus also offers a mobile app that enables users to manage their assets. At the same time, on the road, establish a personalized cap on how much they will spend for gas and purchase cryptocurrencies using dollars, euros, or pounds. Exodus offers customer service round-the-clock.
Its most remarkable feature is its round-the-clock customer service, accessible through various means, including chatbots. By selecting the symbol on the homepage, you may access the chatbot. You can speak with a person or look through its assistance files. A well-known source for client help is Discord. There are more than 11,000 users on their Discord channel. The last route is Reddit, which has a vibrant community where users may post about technical problems, feature requests, and material relating to cryptocurrencies.
How to Stake Solana on Exodus Mobile Application
Users may access a web-scale blockchain using the Solana Protocol, which enables quick, affordable, and scalable transactions. Using the SOL cryptocurrency for transactions, you may build effective decentralized apps (DApps) on the platform. Owners of Solana have access to crypto asset staking with ROIs of up to 13% annually. This article will demonstrate how to stake SOL tokens using the Exodus mobile wallet.
Step 1: Install the Application
Exodus is a practical and simple-to-use multi-chain cryptocurrency wallet that allows for the storing and trading of more than 100 different digital assets. A built-in exchange is included in the wallet, allowing direct cryptocurrency asset trading within the program. Exodus supports the secure staking of cryptocurrencies like Solana (SOL), Cardano (ADA), and others. Exodus users can download both iOS and Android Exodus apps, whichever they may prefer.
Step 2: Create a New Wallet
Start Exodus on your gadget. Click Get Started to start creating a new wallet. You may import an existing Solana wallet by selecting the “I Already Have a Wallet” option.
Thanks to the software, you will become familiar with the available crypto wallet features. Click Skip to skip them or explore them.
The wallet is now usable. That’s not all, though. You must first ensure the security of your assets and duplicate your cryptocurrency wallet as a backup. Open the Profile tab to begin. The application’s bottom menu contains a profile option. Then click the Security section.
Select now, then click Backup. We advise turning on the Secure with Passcode and Touch ID settings for added security. If your gadget is lost or stolen, this will safeguard your money.
Verify that no unauthorized individuals are present in the space where you are and select View Secret Phrase to display the mnemonic password.
You must note down the 12-word seed phrase on paper. Any other form of non-digital storage will likewise function. The button while holding To reveal the seed, press and hold the reveal button. It is dangerous to snap a screenshot when you are capturing the seed phrase.
Step 3: Funding a Wallet
You can add and remove supported wallets in Exodus with only a few clicks. In this method, you may conceal empty wallets and use only the required ones. The Solana wallet must first be added to the program because it is not automatically visible on the home screen. This is the procedure. Click Add More after scrolling down the page.
An accessible cryptocurrency list will appear. Simply type SOL (or Solana) into the search box to quickly discover the relevant cryptocurrency asset in the list, and then toggle the wallet to an active state.
The Solana cryptocurrency wallet has now been added to your list of wallets. It’s time to replenish the money. Click the wallet to get to the wallet’s menu and acquire a Solana address. To obtain the SOL address, click the button on the right, as seen in the screenshot.
To send coins, scan the QR code, or copy the address. Additionally, by selecting Share, you may send the wallet address and QR code at once by email or instant messaging.
Once the wallet has been refilled, you may start staking.
Step 4: Staking Solana
You don’t have to manage your node to stake and earn SOL rewards. A validator can be assigned a cryptocurrency. The validator will take a tiny commission off your earnings, but it’s simpler. So, choose the SOL wallet to stake cryptocurrency on the Exodus mobile app.
then choose the medal symbol in the top right corner of the screen.
The yield from Solana staking is around 11% annually.
On the screen, scroll down and choose Stake SOL.
Click Stake SOL after entering the amount of SOL to be staked. Leave some tokens to be used as payment for transactions; don’t consume all the money.
Additionally, the tokens are immediately assigned to the Everstake validator when Solana is staked in the Exodus wallet.
As soon as the validators confirm the transaction, it is deemed finished. You must obtain a Transaction ID and use it to locate a transaction in a blockchain explorer to view the status of a transaction.
To view the status of your transactions, open your Solana wallet first.
Scroll down the screen after that. All committed transactions, even unconfirmed ones, are shown in the Activity area.
Locate the necessary transaction, then click it. Then, scroll down the screen to find and copy the Transaction ID. You only need to click on it to complete this.
Next, enter the copied Transaction ID into the search field on the blockchain browser page.
Next, paste the Transaction ID copied into the blockchain browser page’s search area.
SOL coins will be accessible in three days. And it’s done; your cryptocurrency has been staked.
How to Unstake Solana on Exodus Mobile Application
Go to the Earn Staking Rewards menu and click the Unstake SOL option to unstake SOL.
The system will then request your approval before allowing you to complete the specified process and unstake your cash.
As was already indicated, the mobile application also informs you that unstaking often takes 2-4 days.
How to Stake ATOM on Exodus
Stake ATOM in the wallet using Exodus as well. Similar steps are used to stake Cardano. Add ATOM to Exodus.
Select the amount you want to stake by clicking the “medal” symbol on the ATOM website. You may add ATOM to your Exodus wallet as you did with ADA.
Navigate to the medal symbol, which you get at the Staking feature.
Input the amount you want to stake and see the associated network cost for staking your ATOM.
When you stake your ATOM with Exodus, you’ll get a warning that it will be locked up. Before receiving your money, you must wait 21 days to unstake your ATOM.
Claim your ATOM rewards anytime.
Pay a network charge each time you claim your rewards.
How to Stake Cardano on Exodus Desktop
Step 1: Download Exodus Desktop App
Visit the official website to download the Exodus wallet, which is compatible with Windows, Mac, and Linux.
Click the drag-down arrow to select the proper installation file for the operating system. Your full name, email address, and country of residence will not be requested from you by Exodus as part of the “know your customer” (KYC) procedure.
Step 2: Launch App and Secure your Wallet
The Exodus Wallet application will launch on your desktop when the installation is finished.
The next step, which is not covered during installation, is safeguarding your wallet.
To access settings, click on the gear icon, the third symbol from the top right.
To start generating your password, select the security or backup option. You will need to choose a strong password to protect your account.
Exodus will automatically produce unique recovery phrases in order from one to twelve. To reveal each sentence, you must hover over your mouse. These words are crucial because you will need them to open your Exodus wallet if you lose access to your computer or have to reinstall the software on another device.
Because it cannot be retrieved if lost or forgotten, keep your recovery phrases or private key in a secure location. Exodus keeps no copy of the recovery phrase. Your recovery phrase must be verified. To authenticate them, Exodus will at the random question which word originates from a given number. Click “confirm words” once you have successfully typed the words.
You’ve just finished setting up an Exodus wallet on your computer. Now you may use it to transfer, receive, and store cryptocurrency.
Step 3: Fund your wallet
Now that we can stake our coins, we must transmit them to the Exodus wallet. Exodus requires an ADA wallet to be added because it does not automatically appear. Click the “Add More” button after scrolling down the list of coins in the wallet area.
In the list of available coins, look for the Cardano token. To locate cryptocurrencies fast, make use of the search box. The ADA wallet will appear in Exodus when the “Enable asset” button is selected next to the token. Return to the main page after that.
The wallet is now showing Cardano. To obtain a top-up address, click it.
The ADA address may be obtained by selecting the “Receive” button.
If you are not getting tokens through an exchange, copy the address to your clipboard and give it to the sender, or transmit the QR code. Your wallet will be topped up.
Step 4: Staking Cardano
Click the Earn Rewards button as indicated in the image on the Cardano wallet page in Exodus.
To cast a vote for Everstake, click “Stake ADA.”
When you want to stake ADA, please be aware that Exodus stakes with the entire balance in your wallet. It is unchangeable.
You’ve successfully staked tokens. Therefore you may now cash out. They must be physically gathered as soon as they are made accessible.
How to Unstake Cardano on Desktop
Go to the Rewards tab on your Exodus wallet by opening it.
Go to Cardano (ADA) and choose Overview from the menu. Please take notice that before unstaking ADA, claiming rewards is necessary.
Then, click on Unstake ADA.
What are the transaction fees for staking on Exodus
Exodus does not yet charge any fees for you to stake your coins on their platform. When staking or unstaking your coins, you will be required to pay a transaction fee on the blockchain for that particular cryptocurrency.
Exodus does not impose staking fees. However, you are still responsible for any network costs incurred while exchanging coins.
Benefits of Staking on Exodus
Exodus offers a straightforward user interface that lets you bet many cryptocurrencies on the same platform. Exodus is one wallet you might want to consider if you’re new to staking and want a hassle-free approach to staking your cryptocurrency.
Numerous evaluations indicate that most individuals have enjoyed staking their bitcoins using Exodus. Exodus makes staking cryptocurrency incredibly straightforward, making it an excellent option for newcomers.
They only needed to deposit their cryptocurrency on Exodus; they would handle the rest.
Exodus is a hot wallet, which means it is always online, but it is also non-custodial, meaning you are in charge of safeguarding your private keys or recovery phrases. An Exodus is a good option for those searching for a readily accessible cryptocurrency wallet.
It is simple to use and offers high levels of protection for your coins. However, those searching for a long-term storage option would consider a cold wallet.
Risks of staking on Exodus
Staking carries risks, just like any other bitcoin investment. Staking doesn’t protect investors against the underlying asset’s price volatility. The severe and frequent price fluctuations can be very distressing for inexperienced investors who aren’t in it for the long run.
Asset values might drop dramatically during the lock-in period, often by a significant amount, and you might not be able to unstake or sell your assets. Investors could experience a loss more significant than any benefits from staking in such a scenario.
When you stake using Exodus, your private keys are the primary thing that may go wrong. Your wallet may get hacked, and the hackers may take your bitcoins and store them in their wallets.
The security of the wallet is the biggest issue with the Exodus wallet. Exodus has no control over your funds because it is a non-custodial wallet.
When you create your Exodus wallet, a set of private keys will be sent to you.
These keys are crucial because they will enable you to find your wallet.
Maintaining the safety and security of your private keys is crucial. Anyone who learns your 12-word phrase will have access to your wallet.
Several frauds will request your private keys. Do exercise extreme caution, and it would be wise to confirm the requester’s identity before handing up your keys.
Should you stake on Exodus?
Staking is an attractive way to earn passive interest income if you want to store your bitcoin assets for an extended period.
But keep in mind that cryptocurrencies are inherently unstable and dangerous investments. Staking is a cryptocurrency investment that must be done carefully and within your risk tolerance.
One of the numerous non-custodial wallets accessible is the Exodus wallet. Their user interface’s attractiveness makes staking on their platform so effortless.
You should give this wallet some serious thought, especially if you don’t know how to stake cryptocurrency on your own.
You have to wait a long before you can earn your incentives for some cryptocurrencies, including ADA and SOL.