If you're a fan of blockchain-based games and want to earn rewards while supporting a win-to-earn project, staking the Chain games token may be a good option. In this guide, we'll take a look at the staking dashboard for Chain Games, the benefits of staking Chain, and the different blockchains you can stake Chain on. We'll also discuss the annual percentage yield (APY) you can expect to earn from staking Chain Games.
To skip the info about Chain Games and go directly to the staking tutorial, scroll down.
Chain Games Staking Dashboard
The first thing you'll need to do to start staking Chain is to visit the Chain Games staking dashboard. This dashboard is a user-friendly interface that allows you to easily track your staked tokens and monitor your rewards on all the blockchains you can stake their token on.
In the dashboard, you'll see a number of different sections that provide useful information about your staked tokens. For example, the “Total Staked” section shows the total amount of Chain you have staked, while the “Total Rewards” section displays the total amount of rewards you have earned.
Additionally, the dashboard shows you how full the staking pool is on each blockchain. And this shows how many people have already staked the token and how much room there still is for new stakers.
Benefits of Staking Chain
One of the main benefits of staking $CHAIN is the ability to earn rewards. By staking your tokens, you are locking up $CHAIN tokens which helps to keep the price a bit more stable, and are rewarded for doing so. The amount of rewards you earn will depend on the amount of Chain you stake and the number of games played. This can give you a sense of ownership and control over the platform, and can also provide opportunities for long-term growth.
Blockchains to Stake Chain On
Currently, you can stake Chain on two different blockchains: Ethereum and Polygon. Each blockchain has its own unique features and benefits, so it's important to consider which one is right for you.
The Ethereum blockchain is the most widely used blockchain for decentralized finance (DeFi) applications and is known for its security and reliability. By staking your Chain tokens on Ethereum, you can take advantage of the highest security and most decentralization of the 2 blockchain networks.
The Polygon POS side chain, on the other hand, is a newer blockchain/side chain that is focused on providing fast and affordable transactions. It is designed to be compatible with the Ethereum ecosystem and is linked to Ethereum by its roots. So you can use many of the same tools and services on Polygon as you can on Ethereum. But with more speed and at a fraction of the cost.
APY on Staking Chain Games
The APY you can earn from staking Chain Games will vary depending on the amount of Chain you stake and the usage of the Chain games, games. Currently, there is no staking calculator on the Chain Games staking dashboard because of how this APY is calculated.
In general, the APY for staking Chain Games is decided by the amount of games that are played. Because a part of the fee paid for playing a game with stakes will go to the stakers of the $CHAIN token. So the more games are played as more staking rewards will go to the chain stakers. As the popularity of blockchain-based games continues to grow, the demand for $CHAIN and the number of games played is likely to increase, which could potentially lead to higher staking rewards.
Some of us here at Yada have been staking $CHAIN ourselves on both Ethereum and Polygon for the last year. This has resulted in an APY of 8.5% so far. Which is to say, a more than decent return on staking the token.
Understanding the risks and rewards of staking Chain Games
Staking Chain Games can be a valuable investment opportunity, but it is important to understand the risks and rewards involved. Staking is the process of holding onto a certain amount of a cryptocurrency, such as Chain Games, in order to support the network and earn rewards. The rewards for staking are typically in the form of newly minted coins. But with Chain Games, the staking reward is only made of fees paid from played games.
However, there are also risks associated with staking Chain Games. One of the main risks is that the value of the cryptocurrency may decline, which could result in a loss of value for the staked coins. Additionally, the rewards for staking are not guaranteed and can vary depending on the amount of played games.
It is also important to carefully consider the security risks of staking Chain Games. Staking requires holding onto an amount of the Chain token chosen by you, which can make your wallet a target for hackers and other malicious actors. That is why it is essential to choose a secure staking wallet and to adequately protect your private keys in order to reduce the risk of theft or loss.
Overall, staking Chain Games can be a rewarding investment opportunity, but it is critical to carefully weigh the risks and rewards before deciding to stake. By understanding the potential risks and rewards, potential stakers can make informed decisions about whether staking is the right choice for them.
How to stake Chain Games?
Staking the $CHAIN token is quite easy. You just have to decide on which blockchain you would like to stake your tokens. The only difference will be the underlying structure of the blockchain because everything else works the same. We choose to stake on Polygon in the images below.
Step 1. Get some $CHAIN tokens
Buying $Chain should be as easy as it can be. You can buy Chain on several DEXes like PancakeSwap, Quickswap, and Uniswap on BSC, Polygon, and Ethereum. But if you do not like using a DEX to buy your tokens. You could also use a centralized exchange like Lbank or Gate.io. (nothing here is financial advice).
Step 2. Add the token to your wallet
Once you have bought your Chain tokens, send them to your wallet. You should add the tokens, so they will become visible in your wallet. Simply select the import token in your wallet and fill in the following:
- Contract: 0xd55fCe7CDaB84d84f2EF3F99816D765a2a94a509
- Token symbol: CHAIN
- Decimals: 18
Step 3. Stake your tokens
Now go to the CG staking dashboard, and select the chain that you want to stake on. And select stake. You will now have to confirm the stake amount and sign it twice. Wait for the blockchain confirmations and tada, your $CHAIN tokens are staked.
You will now automatically earn interest on your tokens and can withdraw them whenever you want. But just keep in mind that if you want to unstake your $CHAIN, there is a release period of 7 days. This is meant to keep the staking amount and price of the token more stable. So keep this in mind, just in case you have to unstake your tokens before a certain date.
Conclusion
Staking the Chain games token can be a great way to earn some interest on your tokens. And you can do this fairly cheaply if you do it on the Polygon side chain/blockchain. To learn more about CG, you can also read our other article that looks more at the project in depth.
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