How do I stake LUNC?
You can stake LUNC in Atomic Wallet and earn passive income on your investment! Keep reading to learn all the ins and outs of the LUNC staking process in Atomic Wallet.
- LUNC 101: things you need to know
- How to stake LUNC in your Atomic Wallet app
- LUNC rewards
- How to unstake your LUNC
Getting started with staking
Staking is pretty straightforward as a process—instead of just keeping your LUNC on your address, you're putting it to work to earn interest for you. How exactly do your funds generate passive income, though?
Your funds are staked to support the network and the network pays you back for your generosity. To be more specific, you delegate your LUNC to a certain validator which increases their influence on the blockchain. Validators get paid for confirming blockchain transactions and they pay back the users who delegated their funds to them. That's where you come in, you receive rewards from the validator that you staked your funds with. By staking your LUNC in Atomic Wallet, you choose us as your validator.
LUNС 101: things you need to know
- Every staking transaction requires a network fee to be paid. Staking transactions include staking, unstaking, and claiming rewards. Keep this in mind when you decide to deposit LUNC into Atomic Wallet. The fees are charged by the Terra blockchain directly, and we don't have any additional ones. If you're interested in learning more about how network fees work, see Does Atomic Wallet charge any additional transaction fees?
- 100 LUNC will be reserved on your address for future fees for claiming/unstaking transactions when you stake. That means that these funds are still on your address and are available to send away or swap, but are not available for staking. It is done in order to avoid a situation in which you accidentally stake all of your funds and are unable to unstake your coins or claim your rewards.
- Your deposit will be locked. Your LUNC deposit will be frozen throughout the staking period. This means your staked LUNC won’t be counted toward your available balance. Also, you won’t be able to transfer or swwap them.
- Unstaking does not happen immediately. Unstaking takes 21 days to complete. Once you hit the Unstake button, your deposit will be frozen for the unstaking period. More about it here.
- First rewards in seconds. Your stake starts accumulating rewards the moment you've staked your funds and it only takes 6.7 seconds to get your first batch of rewards. Don't forget to claim them, however.
How to stake LUNC in your Atomic Wallet app
- Click Staking on the left sidebar and select LUNC;
- Click Stake;
- Decide on the amount to stake.
You'll be charged a network fee by the Terra blockchain for both staking and unstaking your deposit. The staking fee will automatically be deducted from the amount you're staking. We'd suggest you leave the same amount on your balance so that you can pay the fee once you decide to unstake your LUNC.
- Enter your password and click Confirm;
- That's it, your LUNC deposit is now staked! Relax and wait for your first rewards to arrive. See the Rewards section down below for more details;
- Select the Staking tab in the bottom panel and tap LUNC;
Decide on the amount to stake. You'll be charged a network fee by the Terra blockchain for both staking and unstaking your deposit. The staking fee will automatically be deducted from the amount you're staking. We recommend you leave the same amount on your balance so that you can pay the fee once you decide to unstake your LUNC;
Enter your password and tap Confirm;
That's it, your LUNC deposit is now staked! Relax and wait for your first rewards to arrive. See the Rewards section down below for more details.
LUNC staking rewards
You'll receive your first staking rewards after a new block has been mined which only takes 6.7 seconds.
After that, your rewards will continue to arrive once every block, so every 6.7 seconds.
You'll be able to claim your rewards from your LUNC staking interface any time you want. Keep in mind the network fee, however. Make sure your claiming transaction won't cost you more than the amount of rewards you're trying to claim.
How to unstake your LUNC
- Select LUNC in the Staking tab.
- Select Unstake. Keep in mind, that if you had several delegations, you will have to unstake each one individually. It is not possible to unstake all of your LUNC at once.
- Enter the amount you want to unstake and select Unstake. Please note that unstaking takes 21 days. After you've unstaked your LUNC it will show up in the Unbonding section of the staking interface.
In several days, your LUNC will appear under Available withdrawals. Just select Withdraw to have your coins deposited to your LUNC address.