A couple of weeks ago I started to report my experience on staking Loopring tokens (LRC).
After a great first week, when the tokens experienced almost a 90% price increase, I had received 3 LRC in rewards for the staking of 4000 LRC. It was reported here.
One week later, as expected, the token's price did not keep that same pace, but the rewards kept coming. After 15 days of staking, I had received 4.9 LRC, as reported here.
The volume of Loopring DEX increased in those weeks and the Loopring team announced the new Loopring Pay, a fast and cheap method for transfer crypto.
I was satisfied with both the rewards received for staking and the price increase of the LRC token. That's why I decided to grow a little bit in my position with 570 LRC tokens. Then, the third-week report is based on a greater amount of LRC than the previous ones.
After 21 days, for a 4570 LRC staked I´ve got a total of 8.6 LRC. It means a 0,188% return for the 21 days or a 3,27% annual percentage yield (APY).
Just like in the second week, the LRC token did not experience the same price increase I reported the first week, but it is keeping his market cap around $ 105.000.000 and is being traded now for $0.090, almost double I paid when I purchased them the first time.
As I mentioned before, there is a 90 days lock period for staking LRC tokens. It means that I will have to wait around 70 more days (or 10 weeks) before I can withdraw the funds.
As we can see, the staking is returning around 2.9 LRC every week. With the token price around $0.09, it means $0.26 every week (around 1 BAT in today's price).
At the end of the staking period, I expect to get around 29 LRC more (10 weeks * 2,9 LRC/week). It means a total of 32 LRC tokens in return of 90 days staking 4570 LRC. In today's price, it means around $2,88. If we consider the transaction fees involved in this process, it is small return, but I´m confident the token price is going to increase as fast Ethereum 2.0 comes alive ant the alt season starts.
How about you, do you own some LRC?
Are you staking it? How is it working for you so far?
Do you believe Loopring still has room to grow?
Always remember:
- do your own research;
- never invest more than you can afford to lose;
- you are the only one responsible for your investment.
