In this article, I will discuss how to stake FTM on Phantom Wallet. Staking FTM allows you to earn rewards while supporting the Fantom network.
Phantom Wallet makes the process simple and secure, providing a user-friendly interface for both beginners and experienced users. Follow this guide to easily start staking your FTM and maximize your rewards.
What Is Phantom Wallet?
Phantom Wallet’s non-custodial crypto wallet for Solana and Ethereum has gained widespread adoption. Its users can conveniently store and send their digital assets like tokens, FTM, and SOL as the wallet comes with best-in-class security features.
With an easy-to-use interface, Phantom Wallet enables dApp engagement, staking, and swapping which makes it simpler for users to participate in the Solana ecosystem.
The Phantom Wallet browser extension and mobile app versions allow users to access various DeFi services, NFTs, and other assets while providing peace of mind through the robust security features of the wallet.
How to Stake FTM on Phantom Wallet
To stake FTM on the Phantom Wallet, follow these steps:
Download and Install Phantom Wallet
Ensure you have the Phantom Wallet installed on your device. You can download it from the official website.
Create or Import Wallet
Set up a new wallet or import an existing one using your seed phrase.
Add FTM to Your Wallet
Transfer FTM tokens to your Phantom Wallet. You can do this by copying your wallet address and sending FTM from another wallet or exchange.
Access Staking Section
Open the Phantom Wallet and navigate to the staking section.
Choose a Validator
Select a validator from the list provided. It’s important to choose a reputable validator to ensure the security of your staked tokens.
Enter Staking Amount
Specify the amount of FTM you want to stake.
Confirm Staking
Review the details and confirm the staking transaction. Your FTM will be staked, and you will start earning rewards.
Why Phantom Wallet Is a Good Option For Staking FTM
Highly Intuitive Interface
Phantom Wallet comes with a highly streamlined and structured interface which helps first time users to navigate easily. Users can stake FTM with just a few clicks, which prevents them from being frustrated with overly complex options.
User Controlled Wallet
By being a non-custodial wallet, Phantom Wallet gives users complete control over their private keys and funds. This increased security means you do not have to rely on a third party to manage your FTM tokens and are free to control them as you wish.
Quick and Inexpensive Transactions
The Fantom blockchain is renowned for its extremely high throughput as well as very low transaction fees. Phantom Wallet aids users in staking FTM with almost no transaction fees, which allows users to get the most value out of their staked tokens.
Integrated Staking Option
Users can conveniently stake and manage their FTM tokens directly from the wallet interface without relying on third party platforms. This incorporation of staking into the Phantom Wallet saves valuable time and simplifies the entire process for users.
Validator Selection
Users of the Phantom Wallet can easily search and select from a dataset of reliable validators. The wallet enables users to receive all pertinent data on the validators, including their staking rewards, execution, and commission, enabling them to make choices that are rational.
Security Features
To protect your funds and keys, Phantom Wallet employs robust encryption. By utilizing biometric login and supporting hardware wallets, Phantom makes sure that your staked FTM is safe while you stake.
Seamless Integration with Decentralized Apps (dApps)
Users can conveniently manage their staked tokens, engage in DeFi activities, and get more incentives with ease as Phantom Wallet dabbles with other decentralized applications within the Fantom network.
Risks and Considerations
Validator Downtime: If a validator of your choice goes offline, you may not get fully paid for rewards or may get slashed.
Slashing: If a validator violates the network’s guidelines, the validator may get slashed which will have an impact on the rewards you receive.
Locked Tokens: Staked FTM tokens will, for the most part, remain locked, meaning that during the bonding and unbonding process, the tokens will be unable to be withdrawn.
Validator Performance: A validator can perform poorly resulting in being paid less, therefore, it is imperative to find a good reliable validator.
Network Risks: Delays and loss of rewards can be caused by bugs and attacks on the server so these risks must be mitigated as well.
Fees: Not all validators will charge fees but some may so it is always good to check for a comparison before choosing a validator.
Rewards Volatility: Factors such as health of the network, activity of the validators and other participants will dictate how much the reward will be.
