You can stake $VENT on Binance Smart Chain. Here are the steps to staking your $VENT successfully:
Go to the Vent Farm
Connect your active $VENT wallet
Enter the amount of $VENT you wish to stake
Approve it in the pop-up window
Confirm your wallet again to finalize the transaction.
Watch this video below for more information:
How to stake $VENT on tokensfarm - Watch Video
Can I stake $VENT with another token?
If all you have in your wallet is other types of tokens – say BTC, ETH, or USDT – and you wish to stake $VENT, you can swap your tokens for $VENT on the Vent Farm. All you need to do is click get $VENT token at the top right corner of the farm page. This redirects you to Pancakeswap.
How much profit can I get from staking $VENT?
The profit percentage you earn for staking your $VENT is called annual percentage yield (APY). This, however, is not fixed and depends on factors such as the current price of $VENT, number of participants, amount of locked rewards and other market forces.
How long do I have to stake $VENT to earn rewards?
The Vent farm lists the duration of all staking periods. In the past, you are required to stake your $VENT for a total 120-day duration to qualify for the full staking reward. Within this period you may have to leave your $VENT tokens on the farm for at least 20 days to qualify for any reward.
Does my staking reward count in an IDO?
Yes, it does, but only if you withdraw them back into your wallet after completing the staking period and use them to apply for the IDO. See guidelines for participation in Vent IDO.
How do I unstake/withdraw my $VENT?
Please watch the video below
How you can unstake/withdraw $Vent from tokensfarm - Watch Video
Staking Explained
Ever heard the ‘let your money work for you’ catchphrase? That’s a decent summary of what staking is about. In many ways, your crypto token is as functional as the cash in your pocket since you can spend them as often as you wish. But what happens when you don’t want to spend your tokens anytime soon and still want to make profits? You stake them.
Staking is the process of offering a number of tokens back to your token network over an agreed period for a percentage profit. Think of it as similar to fixed deposit savings in fiat banking. Unlike the fiat banks which seeks to make a profit by lending off your fixed deposit, your token network uses your tokens to help make new ones.
Besides the profit, staking is a great way to hedge against price volatility. The value of cryptocurrencies soar and crash much too often, and staking your crypto tokens can help fetch you more tokens or cushion against your token value losses.
Not all crypto tokens, however, can be staked. This is because staking only works for tokens created and validated using a proof-of-stake mechanism.
What is Proof-of-Stake
A proof-of-stake (PoS) is a consensual validation mechanism for creating new cryptocurrencies and approving transactions using existing ones. The proof-of-stake mechanism simply needs older tokens to make younger ones. Due to competition, token owners interested in staking are selected based on how many tokens they’ve offered up.
Proof-of-Stake vs. Proof-of-Work
The proof-of-stake is mostly perceived as an improvement to the proof-of-work (PoW) consensus mechanism. To verify transactions or mint new tokens, the proof-of-work requires participants to accurately compute mathematical functions through a process called mining, and pass them on for verification by other members of the block.
PoW participants need supercomputers, steady internet and significant amounts of energy to do so. Each of these components poses environmental concerns, thereby marking the PoW method as energy-dependent, time-consuming and inefficient.
In summary, both consensus mechanisms are used to validate transactions on a block and mint new tokens for the network, but PoW makes you (or your computer) work for your money while PoS lets your money work for you.
Bitcoin is the largest and oldest blockchain network to make use of the proof-of-work consensus mechanism. Other popular blockchain networks like Polygon, Cardano, BUSD and Ethereum Layer 2 all make use of the proof-of-stake mechanism.