Staking Loopring (LRC) very easily!

Staking Loopring (LRC) very easily!

By Tonythomas | Defi | 23 Jun 2020


 

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The Loopring protocol allows users to stake LRC  on the protocol to earn a per cent of the total fees paid on the exchange. I came across the Loopring protocol as it was added as a tipping coin on the Publish0x platform. So if you have a couple of LRC laying around in your wallet then why don't you stake it to receive some returns? 

 

Different ways of Staking LRC

The Loopring protocol has three types of staking. The Loopring is a protocol to run decentralized exchanges on different blockchains, so to run an Exchange using the protocol the operator has to stake a fixed amount, This ensures a trustful operation of the exchanges, and any foul play by the operator will result in the loss of staked LRC. The next type is staking LRC on an exchange to reduce the fees imposed by the operators. this will be different on different exchanges. if you are not planning to run an exchange or trade any time sooner then let's go the very next type to staking the LRC.

Staking LRC on the Loopring protocol.

 

For every trade on the Loopring DEX, the operators have to pay a fee from (0.02-0.04%) as protocol fee. 20%  of the protocol fee collected in LRC will be allocated to the Loopring DAO. 10 per cent of the fees will be burned and the remaining 70% will be distributed as staking reward for users. So users could stake LRC on the protocol for a min of 90 days to earn the reward. Let's take a look at the ways to stake some LRC.

The official guide from the Loopring.org wants you to use Etherscan to stake LRC, but unfortunately, I am not a big fan of interacting directly with the smart contracts. On my recent research on the staking LRC, I came across a fan-made Interface for the Etherscan where you could stake LRC.Staking LRC on Loopring protocol

                                                        Source: Staking.loopring.org 

we will be using staking.loopring.org, This website allows you to connect your ETH wallet to the protocol through wallet connect or plenty others. Find a wallet works for you, I am using the Bult in Metamask on the Brave Browser. Connecting your wallet will take you to a screen like this.

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click on take option the right-hand side.

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If you agree to lock your LRC for the next 90 days then click I understand and select the amount which you want to lock. I had selected the amount and approved my wallet. The next step is to send your LRC to the smart contract. Click on the stake button. conform the tx using the pop-up. once the transaction is completed you will be able to see the staked amount on the dashboard.

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I had just staked  19 LRC to test this staking mechanism. So good luck staking your coins which you get from publish0x.

I occasionally write articles on different this about finance and tech why don't you take some time and follow me on Twitter or visit my website tonythomas.in

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Tonythomas
Tonythomas

A crypto and Blockchain enthusiast check out my website at tonythomas.crypto


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