On November 9, 2020, the team behind Chromia launched their highly anticipated staking program for Chromia stakers. Participants of this staking program will be rewarded in CHR tokens, which are the native tokens of the Chromia blockchain. The Chromia staking program could prove to be a very lucrative opportunity for holders of Chromia tokens if they choose to stake them. The team behind Chromia have stated the potential return for stakers of their staking program will be as high as 25% APR. It is important to keep in mind that staking rewards are not automatically compounded.
The Chromia team have stated that staking chromia will have additional rewards in the future as well. The additional rewards will be in various formats but two most likely will be gaining early access to applications which are developed on Chromia, and entering into various promotional events.
It seems like the Chromia Staking program will have two phases. This article will only focus on the first phase of the staking program as it is the most relevant right now. The first phase has already begun and will end at the end of this year. The staking program began on Chromia Network on November 9th, 3 PM UTC. You can learn more about the Chromia staking program and the second phase here. However, keep in mind that the second phase will not be rolled out until the beginning of 2021.
Even though the Chromia staking program has already begun, people can still continue to join in or add more stake into the pool whenever they want, so that they can earn more rewards. However, it is important to join in earlier as that way you can yield more rewards. The rewards from the staking program will be given every 30 days. Since the staking program began on November 9th at 3PM UTC, it is very likely that the first staking rewards will be given out on December 9th, 3PM UTC.
How to Participate
To begin staking you will need to get an ERC-20 non-custodial wallet that supports Chromia tokens. A great example of a non-custodial wallet that supports Chromia and can be used for staking is Metamask. Once you have your metamask wallet with Chromia tokens setup all you have to do is go to the Chromia Website to find the Staking dashboard. You can also use the link here to directly go to the Chromia Staking dashboard.
There are four simple steps you can use to participate in the Chromia Staking program. All four steps are listed below:
1. Once you have all the desired CHR tokens in your metamask, simply go to the Chromia website and find the header that says “Do You Hold CHR? Now you can Stake them!”, and click on the underlined section.
2. Once you click on the underlined section you will be redirected to the taking dashboard, it has an option called approve, click on it.
3. Your metamask should automatically open and provide you with a prompt to accept the transaction. You will have to accept this transaction so that you can transfer funds into the Chromia staking program. The transaction fee is very low, it was around $0.4 USD when we tried.
4. Once the transaction is processed the dashboard’s user interface will display some new options. The new options allow you to choose the desired amount you want to stake. Once you have chosen how much Chromia you want to stake, simply click stake and you are done!
There are some important details regarding the Chromia staking program regarding lock up periods, and minimum amount required to participate. The Chromia staking program has a 2 week lock up period, which means any funds transferred into the program cannot be withdrawn until after at least 2 weeks have passed. There is also a minimum 1000 CHR requirement to participate in the staking program. However, there is no maximum amount or limit that can be deposited into the Chromia staking program.