Everyone who spends time on Publish0x these days is earning Loopring (LRC) while blogging. And we’re going to explore what it is, and how we can put it to work to make money for ourselves! I bring methods of earning income passively to my readers. My goal is always the most money for the least effort! And staking is about as passive as it can get. So let’s get into it!
LRC is an Ethereum-based token that functions as a foundational currency for Loopring DEXes . Which are decentralized exchanges where users can swap currencies with each other without needing to trust one another or a third party. Due to the fact that the funds never actually leave the users wallet until a trade has been made. Loopring isn’t the DEX though, it is the token that facilitates decentralized exchange with it’s new tech. Loopring harbors within it the potential to greatly increase the scalability of Ethereum, facilitating up to 2000 transactions a second.
Okay but you said I could make money? How Much?
You can earn money from the Loopring you earn on Publish0x by staking it. Remember Loopring is a token that power Loopring DEXes. On these DEXes, with every trade there are “protocol fees”. Any exchange that operates with Loopring will all be interacting with the same protocol and are bound by this fee. The fee is (0.02% for the maker of a trade, and 0.04% for the taker). These protocol fees are unrelated to trading fees that the exchange can set as they see fit. Protocol fees are set by the developers of LRC and are unavoidable.
Of these protocol fees 70% is given to LRC holders who have staked their tokens for more than 90 days. What this means is the amount you can earn will vary based on how much you stake and for how long. The earlier in LRC’s existence, and more tokens a LRC you stake, the more staking rewards you will receive.
This unfortunately means what you will earn isn’t possible for me to estimate. However it is clear that Loopring adoption will directly correlate to increase earnings for you. And it seems clear to me that Loopring adoption is accelerating exemplified by your very own Publish0x choosing to add it as a rewards currency. Thankfully as a Publish0x user you are ahead of the curve of many in receiving some LRC. And the faster you stake it the better (and more profitable for you), time is of the essence!
When it comes to the question “Should I stake my Loopring?” The answer is honestly pretty simple. If you are going to hold onto your LRC for 90 days or more, there is absolutely no reason not to be staking it and earning more. If anything you are preserving your investment by offsetting any potential decrease in value of your LRC via gaining more.
Okay you convinced me. How the heck do I stake?
So firstly you will need your LRC in a supported wallet. Currently the wallets supported are Ledger, Trezor, WalletConnect, MetaMask, Authereum and Fortmatic. I’m assuming that if you’re using Publish0x you already have a full understanding of wallets as you are already using one to withdraw your Publish0x earnings. I used Ledger myself but If you don’t have any of these wallets yet I recommend getting yourself Metamask due to the simplicity of it operating as an extension of your internet browser. Especially if you’re just using it for this process.
Next you need to visit this webpage. Once there you select the wallet you are using and link it. Once your wallet is linked, you merely click “Stake” and select the amount of LRC you wish. There will be a small transaction fee for doing this, usually a few cents. Then you confirm the transaction and voila!
Wow, that’s easy!
It really is easy. After 90 days you simply go back to that same webpage, link your wallet once again and select the “claim” option. Your percentage of the overall rewards increasing as you stake more LRC, stake your LRC for longer, or via overall LRC adoption. Remember, the earlier the better! Now just sit back, relax and enjoy your passive income. And hopefully one day you can take a break and know your passive income is working for you, so you don’t have to!
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