Delegating in crypto typically involves participating in a proof-of-stake (PoS) or delegated proof-of-stake (DPoS) blockchain network where you can earn rewards by staking your tokens or coins. Here's a general overview of how to delegate in crypto:
1. Choose a PoS or DPoS blockchain: Select a blockchain platform that supports delegation, such as Ethereum 2.0 (PoS), Tezos (DPoS), or Cardano (PoS), among others.
2. Get the required tokens: Acquire the native tokens of the blockchain network you want to delegate on. You'll need a minimum amount to participate in staking or delegation.
3. Set up a wallet: Use a compatible wallet that supports staking or delegation on the chosen blockchain. Ensure your wallet is secure and properly backed up.
4. Delegate your tokens:
- Access your wallet and navigate to the delegation or staking section.
- Choose a validator or delegate node from the available options. Validators are responsible for processing transactions and securing the network.
- Delegate your tokens to the chosen validator. This often involves confirming the delegation amount and following any specific instructions provided by the network.
5. Confirm and monitor: Confirm your delegation transaction and keep track of your rewards. Staking and delegation rewards vary based on the blockchain network and validator you choose.
6. Unstaking and withdrawing: Some networks may have lock-up periods or cooldown periods for unstaking. When you decide to stop delegating, follow the network's rules for unstaking and withdrawing your tokens.
7. Stay informed: Stay up to date with the blockchain network's developments, as changes in validators or network upgrades may impact your delegation strategy.
For example I have delegated $PLQ tokens with Annual APR +/- 117,79% and APY 109,10%
For example I have delegated a total of 11500 tokens $PLQ
Annual Income:
- 11500 x 117% = 13455 $plq
Monthly Income:
- 13455 $plq : 12 months = 1121.25 $plq
Daily Income:
- 1121.25 $plq : 30 Days = 37,375 $Plq
Remember that the specific steps and options can vary depending on the blockchain network you choose. It's essential to do your research and understand the terms, conditions, and risks associated with delegation on a particular blockchain before getting started. Additionally, consider factors such as the validator's reputation, fees, and performance when selecting where to delegate your tokens.