So I realize I am a little late to the party as there has been several posts about this. However I have not seen any in a while and I have always intended to do a video and a post about this. Soooo for those are familiar with staking Loopring feel free to skip this post. I wont be insulted :-)
For those of you that are new or just have not taken the step to staking Loopring. Continue reading or check out this video!
So as we are all aware, Publish0x allows you to earn Loopring (an ERC20 on the Etherum blockchain). Pretty....dam...sweet! You can earn it by reading posts and tipping and you can earn it by creating your own content! Bomb diggidy! Did you know that instead of letting it sit inside your ETH wallet you can stake it and it can start growing you a passive LRC income? Well now you do!
Lets talk about how this whole process works. It's actually fairly easy and painless. Once you've decided that yes you do indeed want to stake your hard earned Loopring you head on over to Loopring.org and sign in with your Eth wallet. There are many options available. I used Metamask.
Here you can find all the resources about Loopring if you want to learn more.
Lets jump to the next step. Staking your coin.
1. Press the LRC Button
2. Press Stake now
3. Press Stake
4. Press the I understand button. ...make sure you actually understand! You are staking your LRC for 90 days and it is indeed LOCKED IN!
5. Select amount
6. Approve (accompanied by a small gas fee)--> This is where you decide if the cost of the gas fees outweighs the return you'll get from the staking rewards. Staking $1.00 worth and gas fees are $0.60? Probably not worth it.
I suggest you come prepared with enough LRC to make it worth while. ( keep reading and I'll show you other ways to gather a few more LRC if you are running short)
7. Stake (accompanied by a slightly bigger gas fee)
8. bOOm! Finished. Set your alarm for 90 days and come back to your rewards and collect them then.
So why the heck should you stake Loopring? Do you know what it is and what it does? I think these are important factors when doing something like this. You need to see the value of the coin to decide if it's worth it or if it's just a sh!tco!n.
I'll try my best to explain it simply and quickly. LRC is a protocol on the Ethereum blockchain that allows more transactions per second. Thus creating a cheaper and quicker alternative to traditional Ethereum decentralized exchanges, by using the LRC as the payment for gas fees it helps it scale very well.
You can jump over to Loopring.io DEX and test it out for yourself. This protocol doesn't necessarily mean it directly competes with other DEXs either. In fact it can benefit them.
When you stake your Loopring you are providing liquidity to the DEX and helping it run better. Each exchange that takes place costs a small fee in LRC. These fees are then rewarded in part to the stakers.
That's the simple version and I hope I got it all right. You can jump over to Loopring.org if you want more details and/or clarity. Maybe now you can see the value behind this and it might motivate you to take part in the staking of Loopring.
So lets talk about another issue. If your participation on Publish0x is sporadic and part time like mine and your earnings are not enough to warrant the action of staking and you risk actually losing currency due to high gas fees. How can you gather some extra LRC to make it worthwhile?
Lets talk about the options.
1. Be patient, step up your Publish0x game. Create more quality content and stack that LRC until its worth it.
2. Combine your ETH/BAT earnings from Publish0x and even Brave browser and exchange it. (Think this one through thoroughly)
3. Trade in those sh!tco!ns you've been hodling.
4. Complete some Coinbase Earn programs and trade for it LRC directly on Coinbase (or elsewhere--that's your choice.) I'd offer my ref links but Publish0x is polluted with them. If you really want them ask in the comments section.
5. Wait. Maybe gas fees will go back down to $Nominal again or ETH2.0 will arrive.
Not the best options and if someone else has a way to earn Loopring please feel free to add it in the comment section below.
I hope I've covered all the basics and have given you what you need to get started. If you are using this now please feel free to comment and give me your thoughts. I'm always happy to see comments in the comment section. I hope this helps with you and your Loopring.
I have other methods I go over on how to earn Crypto at no cost right here on Publish0x and additionally you can view my videos on these video platforms.
Until Next time, Get claiming!