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Jess Lee
Jess Lee

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Explain Like I'm Five: Staking

Discussion (5)

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ildi profile image
Ildi

Staking is a bit complicated for a five-year old but at the most basic level, when you stake, it means you are deciding to buy and hold coins, and in return for holding (not trading or moving the coins) you will be rewarded with extra coins.

Why staking exists in the first place, where the extra coins come from, how often you get free coins, and what you need to do to start earning, these are questions that require more detailed answers. I would start by reading official docs released by two of the top crypto exchanges in the world: Binance + Coinbase.

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metapunk profile image
MetaPunk πŸ¦™

This reply is Llama approved πŸ¦™

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jess profile image
Jess Lee Author

Awesome, thanks for your response!

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lee profile image
lee

Niiice 😎

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metapunk profile image
MetaPunk πŸ¦™

I know someone who is staking lots of things:

  • Basis
  • Crabs
  • Sol
  • Horses
  • Tulip
  • MMA

No Llamas though 🫀

  • other stuff.. nudge nudge πŸ‘€ @chris