Hi guys and welcome to another lovely weekend, Saturdays are for parties and while you take part in this event why not make your money work for you?
DeFi is short for decentralized finance, platforms created to provide better performance and higher incentives when compared to its traditional platforms (centralized)
Today's writeup will be focused on Binance smart chain and while it is rather new it seems different DApps are been built on it on daily basis with lesser transaction fees and faster speed, providing a better operating atmosphere.
Staking has to do with locking up your coins/tokens over a period of time with the hope of securing the network and by doing so users get incentives, in other words, get paid in the said coin/token and the percentage differs.
Swipe houses this feature and before now it was solely based on the Ethereum Blockchain and users who stake gets paid in SXP while the stake feature stays active.
The issue with this was mainly caused by the network fee provided by the Ethereum Blockchain, users had to pay fees greater than $1 to confirm transactions be it withdrawal or adding to their stake, many consider this probably high especially when the network is highly congested.
Binance smart chain creates a better and lesser fee and while staking stays available on the Ethereum Blockchain, users can now make choice to dive into another network probably due to higher ROI or probably dodging the high-end fees.
To check the present ROI, users can browse https://sxp-calculator.com/ it provides a real-time date of how much SXP returns daily when staked and also the present price of SXP taken from Binance.
Swipe staking on Binance smart chain requires a web3 wallet that supports its blockchain and TokenPocket does exactly this.
TokenPocket is a multi-chain wallet that allows users to easily manage their crypto assets and also provides easy access to DApps directly from your mobile device.
TokenPocket is available on IOS and Android devices and users can easily download it from its homepage here https://www.tokenpocket.pro/
Launch your TokenPocket app from your app menu
Create a BSC account if you don't have one already or you can import one depending on your preference
To stake SXP you need a minimum of 1k SXP and a little bit of BNB BSC to approve the transaction.
Click on the discover menu and paste https://bscapp.swipe.org/ into the search address
Connect your BSC wallet and navigate down
The option to stake is available and a minimum of 1k SXP is required
Staking is done immediately and a reward is generated starting the next day.
To claim reward users have to wait 4 days or more and SXP is moved to the withdrawal option.
It is advisable to allow the accumulation in other to save transaction fees when claiming no matter how little it is.
Disclaimer: The above is for entertainment and educational purposes, users are advised to do their own research before investing in any digital or offline platform.
