Cronos (CRO) Staking Made Simple
The crypto world has evolved in a surprising way over the past years. And while everyone is looking for the best way to earn some more crypto, staking remains one of the most effective methods.
In this article, we will discuss how to stake Cronos (CRO), the cryptocurrency that powers the Crypto.org blockchain.
Developed by Crypto.com, CRO has the main goal of accelerating the world’s transition to cryptocurrency by providing users with digital financial services.
If you are new in the crypto market, you need to understand what CRO is, how to stake it, and most importantly, where to stake it.
What is CRO?
CRO is the native cryptocurrency of Crypto.com, a Hong Kong-based company that aims to diversify cryptocurrency use cases.
Since its launch in 2016, Crypto.com has proved to be the most practical platform that allows users to pay for their daily transactions using their cryptocurrencies. As a result, Cypto.com’s blockchain, Crypto.org, serves over 90 countries and has a large user base of over 10 million users globally.
CRO, the native token of Crypto.com, enables users to access numerous benefits from the platform, thus promoting the mass adoption of cryptocurrencies. Crypto.com, also a specialist in assets with increasing value, has created several avenues where its users can invest. Some of the options are:
- Decentralized Finance (DeFi) protocol which pays interest;
- Metal visa card with a cashback option;
- In-platform CRO staking;
- Swap farming;
- Investment opportunities paying as high as 14.5%.
The investment opportunities mentioned above and the ability to pay for transactions using the token increasingly widen Crypto.com’s user base. And as a result, CRO is now among the fastest-growing digital currencies by market capitalization.
Since its launch, CRO recorded its highest price of $0.8992 in November 2021. But like most other crypto coins, it has seen a gradual fall going as low as $0.05578 in January 2023.
However, as Crypto.com’s customer base increases, CRO is expected to have an upward trend. It is likely that when its blockchain, Crypto.org, meets its set target of making crypto adaptable and accessible to all transaction levels, CRO price will rise significantly.
That said, crypto staking has become the alternative way of earning from your cryptocurrencies through a (PoS) mechanism. However, knowing the staking strategies is vital to earning the most out of your crypto tokens. If you are new in the crypto market, here is a guide explaining how to stake CRO successfully.
How to Stake CRO
For traders and established investors, staking is simply a way of earning rewards for holding certain crypto coins. However, there is more to understand when it comes to staking CRO. For example, the more CRO tokens you hold, the more you are likely to become a validator. And as a validator, you earn more rewards than your delegators through commissions.
CRO Staking Explained
When a new block is added to the blockchain, the validator receives newly minted coins as rewards. In addition to earning validator commission, users also earn from Product Rewards.
But if you are new in the crypto market, understanding how the platforms work is critical. For example, various platforms support CRO staking, including Crypto.org, Crypto.com app, and Crypto.com exchange. Nevertheless, you will need to know how to stake CRO successfully to earn rewards.
Stake CRO on the Crypto.com Exchange
- Create an account
You must provide a name, email address, and password to register an account on the Crypto.com exchange.
2. Deposit funds
Once you have created an account, the next is to deposit funds. There are various ways to deposit funds into your Crypto.com exchange account. First, you can transfer your crypto holding from your digital wallet into your account. Alternatively, you can deposit funds into your account using your Mastercard, Visa, or wire transfer in fiat currency.
3. Stake CRO
If your Crypto.com exchange account is registered and confirmed, proceed to stake.
- Select “Stake & Earn”;
- Select “Stake CRO Now”;
- Input the CRO amount to stake and select “Review Staking”;
- Select “Confirm” to stake after reviewing the staking details.
Stake CRO on the Crypto.com App
- Download the Crypto.com app (on mobile or PC);
- Once you are done with the setup, click on” Trade”;
- Click on “Buy” and select CRO from the list;
- Choose a fiat currency, and enter the amount of CRO you intend to purchase;
- Check and confirm the CRO purchase;
- Go to the card page and choose your desired Crypto.com Visa Card;
- Click “Stake CRO” and follow the on-screen instructions.
Stake CRO on Crypto.org (DeFi Wallet)
- Download and set up the DeFi wallet app. You can find it on the official website;
- Load your DeFi wallet. You can use the wallet to purchase or transfer CRO tokens from other crypto wallets;
- Go to the earning program by clicking the “Earn” button;
- Tap on your CRO assets to navigate to the Crypto.org “Chain Staking Details” screen;
- Tap “Claim Rewards” under the corresponding Validator;
- Tap “Claim on Wallet”;
- Review and confirm the clain reward request by clicking “Confirm”;
- Authorize the claim reward request by entering your passcode (and 2FA if enabled);
Benefits of Staking CRO
Usually, each CRO staking platform has its benefits and downsides. For example, staking on the Crypto.org (DeFi wallet) has the following benefits:
- Enjoy better APR in crypto earn and crypto credit;
- Enjoy various crypto wallet benefits such as extra card cashback and purchase rebate;
- Receive a metal crypto.com visa card.
If you are staking your CRO tokens on the crypto.com exchange, you will enjoy the following benefits
- CRO rebate;
- Tier-based APR of up to 8% interest paid daily;
- Access to The Syndicate;
- Referral Program bonus;
- Pay Rewards.
Cons of Staking CRO
- CRO is a new brand and is still under development;
- The CRO staking rewards saw a downward trend from 12% in 2022 to the current maximum of 8%;
- Its minimal requirement of 5000 CRO tokens is relatively high for beginners;
- It is only listed on Crypto.com; other staking platforms are yet to include it in their crypto staking list.
Recap of CRO’s Potential and Benefits
Although the CRO token is a rebrand of the Crypto.com token, its customer base continues to expand due to its passive income and low-interest credits, among other benefits. And while its prices have seen significant fluctuation, investors believe it will see an upward trend when its blockchain development is finished.
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Text source: Coindoo
