Hi guys and welcome to another day in the Crypto world.
Staking basically has to do with locking a Crypto asset to a network with the hope of getting some form of incentive at the end of the day, week, or month.
While rewards might differ, the basic idea is the incentive attached when a user stake a coin/token and today we shall look into Newdex and if it’s worth staking NDX or not.
Newdex is a decentralized exchange or Dex for short, it is built on the EOS network and as such it offers EOS accounts the feature to trade EOS tokens with each other. Over the years, it has upgraded more feature and recently it started support of multi-chain, while all this is available, Newdex has its own token called NDX which is also trade-able on Newdex and while it’s features are still limited, one of it function stands out and that is the feature to stake it.
Recall we talked about staking providing some form of incentive to its users and while staking rewards differs, there is always a benefit to it.
Newdex comes with different levels of staking and each offers more benefits as you climb up, they are regarded as VIP levels and it goes all the way to VIP 10.
Today’s writeup focuses on the benefit available to the user when they stake NDX equal to VIP 3 and above.
While 1 and 2 still have their own reward, I like to think if you can’t stake the required amount for VIP 3 then there is no need to bother.
VIP 3 and above offer users the feature to take part in present and future airdrop that is carried out on Newdex, these airdrops are shared based on users staked NDX. This simply means the more NDX you stake, the higher the amount of airdrop you will receive when one becomes available.
Steps to stake NDX via TokenPocket wallet
TokenPocket is a multi-chain wallet that also provides a Dapp browser to the Ethereum Blockchain, EOS, IOST, TRX, and many others. You can download TokenPocket from https://www.tokenpocket.pro
- Launch TokenPocket from your device
- Import or create an EOS account via the different methods available
- Click on discover menu from asset page and navigate to exchange section
- Click on Newdex Dapp and allow the page to load fully, log in your account
- VIP 3 requires you to own a minimum of 100k NDX which can be purchase via Newdex market and if you already have this then follow the next step
- Click on My to bring up your account profile
- From next tab, click on NDX token, a new menu comes up with the option to stake
- Click on stake
- On this page you can redeem your previous staked token if you had any prior to now or simply stake the ones you have now
- Type in the amount you will like to stake and complete the transaction.
If all is successful, you will get a successful pop-up message.
Congrats and you automatically become valid for the future and present airdrop from Newdex.
Disclaimer: This is for educational and entertainment purposes only, users are advised to do their own research before investing in any digital or offline platform.
Till some other time, stay safe