Staking Chainlink on Coinbase is a straightforward process that can enhance your investment while contributing to the network’s security. To begin, ensure that you have a verified Coinbase account. If you’re new to Coinbase, you’ll need to create an account and complete the required identity verification. after that, follow these steps:
- Deposit LINK: Purchase or deposit your Chainlink tokens into your Coinbase account. Ensure you have enough LINK to meet the minimum staking requirements.
- Select Staking: Navigate to the staking section of your account. Here,you’ll find options for staking various cryptocurrencies,including Chainlink.
- Choose Amount: Decide how much LINK you wish to stake. Review the potential rewards and lock-up periods before finalizing your choice.
- Confirm Staking: Review your staking details, including the estimated rewards and fees. Confirm your staking request to complete the process.
Once you have successfully staked your Chainlink, you can monitor your rewards directly from your Coinbase dashboard. The rewards will accumulate over time and are typically distributed on a regular basis. Here’s a swift overview of key terms associated with staking:
| Term | Description |
|---|---|
| Staking rewards | Incentives earned for participating in the network, typically paid in LINK. |
| Lock-up Period | Timeframe during which your staked LINK cannot be withdrawn. |
| Minimum Stake | The minimum amount of LINK required to initiate staking. |