Eggg Yolk, what is going on with my people, my crowd..who I like to call the viewers of
the tube!
If it’s your first time here, my name is Tyler the host of the crypto channel that
hopefully doesn’t put you to sleep like this putty tat getting beautifully lullabied
by his master….WAKE UP.
Cuz it’s time for Chico Crypto!
Staking cryptocurrency.
It’s one of the easiest ways in the industry to earn passive income, by just doing what
you usually already do HODL.
With the smart contract king Ethereum on it’s way to proof of stake, the case for staking
is going to get a significant boost as this will be the first times, a robust DECENTRALIZED
network with many dapps, users, and actual transactions will be functioning as proof
of stake and not proof of work.
So I mentioned before my break I was going to be diving into my favorite stackable coins
besides what will be Ethereum, and that is what we are going to do today...plus some
tips and tricks for each of them.
So let’s begin with one of my newest holds, which I haven’t made a fully produced video
on, but has been mentioned in my livestreams.
Which keep on getting shadowbanned so if you don’t tune in for those, MAKE SURE NOT TO
MISS THEM!
What coin is that?
Energy Web?
Nope but it has something to do with them.
The coin is Kusama, and as they always say, the coins tagline….EXPECT CHAOS!
So what is Kusama?
It’s the experimental, developer version of Polkadot….Gavin Woods interoperability
protocol.
yes the Gavin Wood, OG founder of Ethereum who led the creation of Solidity and the Ethereum
Virtual Machine.
So experimental version Chico?
Do you mean like a testnet for Polkadot?
Well yes & no.
Kusama is more than a testnet, as it’s live and the tokens have value.
There are real world economic consequences, for holes in dapps, smart contracts, and the
code developed.
So no it’s not a testnet, like Ethereums’s Ropsten or even Eth 2.0 as those tokens are
worth zilch.
This is a proving ground for robust, enterprise level dapps and smart contracts because it
allows the teams and developers who will eventually build them to first build and deploy a parachain
or try out Polkadot’s governance, staking and validation functionality in a real environment...the
Kusama environment.
So, what I like to think of Kusama as, is a place where true innovation will happen
as that is what Kusama was built for, to reward developer innovation for the Polkadot network.
Kusama is the pre-production environment for any new Polkadot feature…
So staking how in the hell do you do it with Kusama?
Well since Kusama, is in its infancy stages the solutions built, are the in house ones,
which require a bit of crypto knowledge.
So if you are just looking for a wallet, that automatically does it for you….you aint
getting that with Kusama.
YET.
So, the first thing we need to do is download Polkadot and Kusama’s browser extension...basically
their version of metamask.
You can download it from the google play store and for the firefox browser, links are in
the description!
Once downloaded, run through the setup of a new account, which are steps you should
remember, like a seed phrase, and more.
Once you have your address, it’s time to get Kusama sent to it.
Not going to recommend any exchanges, but you can use Coingecko to see where it is trading.
Once you have some Kusama at your created address, it’s time to start staking!
To do this, we need to open up the polkadot web application, the link for that is also
in the description.
Once you are here, it will ask to connect to your address, allow it...and next we need
to change from polkadot to the kusama network, the first on the list is aOK!
Click save & reload.
Once connected to Kusama, go to staking on the left menu...and then on the top menu,
click account actions.
To the right there will be a stash button with a plus symbol, click that.
Now in the pop menu, you will enter the number of Kusama you would like to stake in the value
bonded section.
We will do 100 as the amount you stake should be no larger than 95 percent of your available
amount, they warn you right there.
Now click bond to continue, make sure you have the slider set to sign, confirm and then
sign the transaction through your address.
Finally wait a bit but look how fast that is confirmed.
Now we have a stash, and it’s time to nominate who we will be staking with.
Click nominate, and built in they will pick the most profitable validators to stake with
in Kusama, but you can also deselect and stake with whoever you choose.
We will do the automatic, confirm and sign….then wait, and it should confirm after a bit!
And we are staked, which we can see the details of, and stop at anytime...one thing I really
like about Kusama, is the ability to drop a stake in an instance.
Stats on this are to be seen, but I will make sure to come back to all coins talked about
in this video.
Now..The next coin I would like to highlight is that good ole 0x protocol as I’m sure
some of you hold the tokens, but aren’t staking them when you should be because it’s
super easy & they have awesome tools built to help you pick the most profitable pools
to stake with...and that is the 0x staking wizard, link for that is also in the description.
So, 0x is an erc20 token, and the staking wizard directly connects to a metamask or
coinbase wallet, simple easy and quick.
That is what we like to see.
Then it asks you your stake amount, you can manually put it in, or select a percentage.
We will do 100 percent for this example...ten it shows you, throught the wizard, the most
profitable market maker to stake with...and that is VollyFire in our example, and they
are sharing 33 percent of their market making staker fees, with those who stake with their
pool.
So lets do it!
Just click next, and then approve tokens.
Sign the transaction, from your ledger or wallet, wait a bit…...then it will come
up with a confirmation, and as we can see the next epoch starts in 5 days, which means
that is when our stake begins.
Staking rounds go for 1 week, so in total our ZRX will be locked for 12 days, and by
staking with volley we are giving 50 percent of our voting power away.
If you accept, click stake...wait for a bit, and you should get a congrats...you can go
to the dashboard, and check your account to make sure your stake is pending.
We are good to go!
And finally, your boi Chico has to end it with a coin, that’s going to get the major
upgrade of staking and the rewards come in the form of ethereum.
You talking about Ethereum staking swope?
Nope, as I have recently covered just that.
Rocketpool?
Nope as I covered just that too.
I’m talking about Kyber network, and their Katalyst upgrade hopefully coming by the end
of the month.
So this upgrade yes has staking for KNC holders like myself and thus value creation, but it
also does 2 other things, which create a self reinforcing loop.
Powers network growth, and improves the decentralized liquidity for the network ecosystem.
Which means the goal of this upgrade, is for Kyber to become the single liquidity point,
where DEXs, Swap protocols, automated price reserves, and the kyber reserve all power
the dapps and products of the growing web3 ecosystem.
But there is one thing at the heart of the upgrade, which is misunderstood.
The KyberDAO, where certain parameters and changes of the protocol will be left to the
community to vote on and decide the outcome & for their participation they will be rewarded
with staking rewards from the networks fees.
So in Kyber right now, over 70 percent of collected fees from token swaps on the platform
are used to purchase and burn KNC tokens, while the other is distributed to top performing
reserves...which from kyber tracker we can see from the over 6.8 million in collected
fees, over 4.9 million of those have been burned and destroyed.
But with Katalayst this changes the fee allocation model from 2 parts to 3, you have of course
the burn, and rewarding reserves, but also staking...and the DAO votes on how this allocation
is broken up percentage wise.
For example, 10 percent burn, 10 percent for reserves, and 80 percent for staking, which
of course are paid in that sweet sweet ethereum.
Which once the beacon chain launches, and ETH 2.0 gets rolling, you could then stake,
your staking rewards.
So, I gotta end this video with a tune...YEEEAHHHH Stake it up baby now, stake it baby….Chico’s
out, Chico’s out...come come come swap it now, come on baby.
Cheers I’ll see you next time!