Fusotao Tutorial — How to Create a Polkadot Wallet?
Staking can be described as a way by which crypto holders can lock up their crypto-assets for some time to contribute to the performance as well as the safety of the respective blockchain network. It provides holders with the opportunity to earn interest known as staking rewards which is an incentive that blockchain gives to staking participants. Staking also provides decentralized finance (DeFi) users and investors with an innovative way of earning cryptocurrency which helps them to maximize their profits.
It is fair to say that staking serves a similar function to mining, this is because it allows a network participant to get selected to add the latest batch of transactions to the blockchain network and earn some cryptocurrencies in return. The staked tokens usually act as a guarantee of the legitimacy of each transaction that has been added to the blockchain. It is worth noting that staking happens through a staking pool which can be compared to an interest-bearing savings account that banks make use of.
Bitcoin, which is the first digital asset in the crypto space, and many other cryptocurrencies don’t support staking because they make use of the PoW (Proof-of-Work) consensus mechanism. The reason why cryptocurrencies can earn rewards when they are staked is that the blockchain network they are staked on puts their staking to work. Additionally, cryptocurrencies that support staking make use of Proof-of-Stake (PoS) consensus mechanisms.
Benefits of Staking $TAO Tokens for FXDX DEX
FXDX is the first order book-based decentralized exchange to be backed by the Fusotao Protocol. It is a revolutionized and user-friendly DEX with high security and high speed of transaction. TAO token on the other hand is the native and governance token of the Fusotao Protocol. TAO token is unique, valuable, and innovative with many use cases.
STAKING REWARDS(coming soon): In order to incentive the long-term holders of TAO tokens, the Fusotao Protocol will also support TAO token staking after the mainnet is launched. Stacking participants and reward distribution are completed automatically through the protocol to avoid centralization risk. Staking reward, accounting for 7.5% of the total token supply, will be unlocked for 5 years, with an annual unlocking rate of 1.5%. So,4109 TAO will be allocated to the TAO staking participants.
Staking participants need to lock TAO to the staking protocol. The protocol will automatically calculate stacking rewards according to the locked proportion, and the users can claim staked tokens and rewards after the staking period. Users can not withdraw their staking token during each staking period.
SHARING OF TRANSACTION FEES: Community users can stake TAO tokens on FXDX and in return they will be eligible to share transaction fees (in $) generated 3 days on the exchange, this is not just impressive but also massive.
PASSIVE INCOME: In crypto, passive income refers to a kind of unearned income that crypto users can earn or acquire automatically with the smallest effort usually through staking, etc. FXDX DEX offers users the opportunity to earn passive income when they stake TAO tokens for the DEX backed by Fusotao Protocol. So for those who want to earn attractive passive income, then the staking of TAO tokens on the FXDX exchange is all they need.
How to Stake $TAO Tokens for FXDX DEX to share transaction fees?
Staking on FXDX is very easy, and can be done just in a few clicks. The following are the steps to follow:
STEP 1: Open Fusotao website (www.fusotao.org)
STEP 2: Click “Testnet”
STEP 3: Click “FXDX”
STEP 4: Connect wallet
STEP 5: Input the amount you want to stake and confirm.
Note: minimum stake is 100 TAO, but you can stake as many TAO tokens as you want to boost your rewards.
Congrats! You can see your Claimable Share at next season (The cycle of a season is equal to 3 days) and claim it by clicking “Claim", “Stake" or "Unstake".
Conclusion
FXDX is an exceptional DEX that is backed by Fusotao Protocol, with interesting features that will help crypto users to achieve their financial goals. It is a one-of-a-kind crypto exchange with credibility and scalability, provide the same trading speed and experience as centralized exchange. FXDX is designed to innovate the entire crypto exchange and enhance decentralized finance. TAO token is a digital asset that is capable of making peer-to-peer payment easier, and faster. Are you a crypto holder or an investor who enjoys staking to increase your portfolio? Try staking TAO tokens on FXDX to enjoy a great staking experience.
💫 About Fusotao Protocol
Fusotao Protocol is a verification protocol for order-book based matching systems, using the paradigm of “execute off-chain, verify on-chain”. Founders can build their own DEXs based on Fusotao. Communities can earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees.
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