Staking in Fearless Wallet
- With Fearless Wallet, staking has never been easier, with a minimum of 10 DOT/0.1 KSM you can earn passive income from blocks generated
- The longer you lock your tokens, the better your APY will be
Staking is locking your tokens in the network in order to generate new blocks. Using Fearless Wallet makes the process much simpler, with all the required information presented in a clear and intuitive manner for you to begin staking fearlessly.
Citing the explanation on staking available in the SORA substrate network article SORA VALidator Rewards, "To secure the network, large amounts [...] must be locked up by validators and stake nominators in bonds that will be slashed if bad behavior is detected. This is great for creating economic incentives to keep funds from being stolen or payments from being disrupted by colluding validators,[...]. Therefore, to compensate users who lock up large amounts [...], sufficiently large rewards should be given out[...]."
Network security and reliability are the end goal of staking in the Polkadot and Kusama blockchains, but for many people, the purpose of staking will be to put their tokens to work and earn passive income with each block that is validated and generated. Thanks to the Staking functionality in Fearless Wallet, you can back validators with tokens and get rewards from the comfort of your mobile phone.
Fearless Wallet helps potential Nominators by providing a list of Validators that can receive nominations and have not been slashed, as well as those having the most profits. Decentralization is key here, so you will only be able to select up to two nodes running from the same person or company.