• PhoenixDAO announces the launch of a staking app.
• You can donate the $PHNX native token to Stakers
• You can also earn interest right away through Phoenix Staking.

Due to the complexity of crypto staking, some people are hesitant about it. Staking crypto is a simple way to make passive income and put it to use in safe and secure ways.

Many platforms do the heavy lifting behind the scenes. For many stakers, it’s as easy as locking coins and watching the rewards roll in.

Stakers lock their crypto assets on platforms like a staking pool – similar to a traditional interest-bearing savings account – for specific periods of time. Based on the staked cryptocurrency, inflation rate, duration, and other factors, rewards are calculated and distributed.

Stakers financially benefit from the process and in some instances, receive voting rights to determine the platform’s future via governance tokens. Staked crypto validates transactions on blockchain and improves the efficiency of the underlying projects.

People are curious about the potential benefits of staking, and where they could participate to generate passive income while helping to benefit projects they support.

PhoenixDAO is a DeFi-enabled community that has created a staking application (decentralized app) as the first in a variety of top applications. Phoenix Staking allows you to earn interest immediately by contributing the $PHNX native token.

It is easy to get started with PhoenixDAO stakes and to earn interest. These are the steps:

1. Adding Liquidity:

Prospective stakers first need to visit the staking dApp and click the ‘Connect Wallet’ button to link a cryptocurrency wallet, like MetaMask, with the dApp. Those using Wallet Connect and Coinbase’s wallet can simply scan the QR code with their phone. Next, users need to click the ‘Add Liquidity’ button and add the PHNX token to MetaMask if they have not already done so. The dApp will calculate the current rate at the moment by entering the cryptocurrency amount (either in ETH or in PHNX). You will see the crypto amount, rates and share in your staking app. The transaction will be approved by the user and the gas fee paid. After the transaction has been confirmed, you will see a window that allows users to add the MetaMask PHNXLP (liquidity provider tokens) to their account.

2. Take a chance and earn rewards

Those with LP tokens can stake their money and get rewards. Once you navigate to Farm tab, the user will be presented with the Annual Percentage Rate (APR) and have the opportunity to accept or decline the contract. Once the transaction has been approved and confirmed (with a charge), staking dApp users can choose how many tokens they wish to stake. Click Confirm.

3. Check out Earnings

The staking dApp’s intuitive dashboard makes it extremely simple to view the amount of cryptocurrency staked and the ensuing rewards. You can see the staking dashboard to clearly display historical and active staking. It also shows how to burn tokens and what it takes to stake again. To collect your rewards, click the Harvest button to confirm. Every 15 seconds, earned PHNX is increased after every block has been mined. You can also untake your tokens anytime and get any PHNX reward or the no-longer available LP tokens.

Stakers have an opportunity to earn PHNX and vote on the governance plans for Phoenix. 1,000 staked PHNX is required for voting rights in Phoenix’s DAO (decentralized autonomous organization).

A proposal must be created with 10,000 staked PHNX to allow others to vote. This can include proposals for changes to the governance structure, leadership and protocol.

A user can only stake once on each governance proposal (with each vote counting as ‘one’ no matter how much they stake) but is able to stake on multiple proposals at the same time.

As mining gets more expensive and requires more resources, the popularity of stakes is still high. It helps to diversify assets, reduce blockchain transaction fees and provides passive income for digital assets.

PhoenixDAO’s staking dApp continues to serve as a safe and effective tool for users interested in earning instant and passive crypto rewards.

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