Amp is a decentralized platform used for collateralizing asset transfers. To make things simpler, when you transfer an asset, it needs several confirmations before the transfer is approved.
Although confirmation is important to the security of an asset, it is not usually fast and, therefore, not ideal for instant payment.
However, with Amp, transferred assets do not need confirmation as it acts as collateral for their immediate release.
Amp token is Amp’s utility token. It is an Ethereum-based ERC-20 token used for mitigating risks associated with smart contracts by functioning as a collateral asset.
Amp is built purposely as collateral for the fast and effective transfer in smart contract applications.
Steps to Stake Amp on Flexa
The best place to stake your AMP token is on Flexa Network. Flexa is a digital payment solutions platform. It provides users, especially devs and merchants, with simple payment integrations.
Essentially, staking AMP on Flexa means token holders are entrusting their assets to the network and also improving Flexa’s security infrastructure.
Staked tokens serve as collateral for Flexa to process their transactions. In return, stakers get APY yield rewards.
To stake your AMP tokens on Flexa, visit the Flexa Capacity dApp, and connect your wallet. Then choose a staking option and dedicate your tokens.
Here’s a detailed guide on staking your AMP on Flexa:
- Log in to Binance
- Buy AMP tokens on Binance
- Transfer AMP tokens to Metamask
- Connect your Metamask to Flexa Capacity dApp
- Choose the staking option
- Input the amount of AMP you want to stake and confirm staking
1. Log in to Binance
To get started with staking AMP tokens on Flexa, you must fund your Ethereum wallet with the tokens.
You can use the Metamask wallet extension on PC devices or Trust wallet and Coinbase wallet for mobile iOS or Android devices.
AMP token is listed on major cryptocurrency exchange platforms, including Kucoin, Binance, and Coinbase.
For this guide, it is recommended to use Binance since it is easier and cheaper to use. All you have to do is go to Binance.com.
On the homepage, click on LOG IN to access your Binance account with your login details. If you’re a new user, tap GET STARTED from the homepage to sign up for a Binance account.
Continue sign up with your email or phone number and a strong password. Ensure you verify your sign-up details before proceeding to complete KYC verifications in your Account Settings.
For KYC verifications, you must submit a clear picture of your identity documents and utility bills.
2. Buy AMP tokens on Binance
After logging into Binance, you need to fund your account with USDT, Then exchange it with AMP tokens.
Navigate to ‘BUY CRYPTO’ and choose the preferred payment method from the top navigation bar. On the BUY CRYPTO page, choose USDT and the amount of USDT you want to buy.
Finally, submit your payment details and complete 2FA verifications to complete USDT purchase.
After funding your wallet with USDT, go to TRADE > BINANCE CONVERT from the top navigation bar. In Binance Convert, change your USDT tokens to AMP.
3. Transfer AMP tokens to Metamask
To fund your Metamask wallet with the AMP token you bought on Binance, log in to Metamask wallet. Click on the wallet address on the upper part of your wallet to copy the address.
Go back to your Binance account. On the homepage, click on Wallet > Fiat and Spot to go to your Binance wallet.
In your wallet, search for AMP token and click withdraw from the options provided in front of the token.
On the withdrawal page, paste your Metamask wallet address and choose Ethereum as ‘Network.’
Finally, input the amount of AMP tokens you want to withdraw. Finalize your withdrawal by completing 2FA verifications.
4. Connect your Metamask to Flexa Capacity dApp
Once you’ve funded your Metamask with AMP tokens, it’s time to go stake them on Flexa.
Navigate to app.flexa.network on your web browser. On the top right corner of the homepage, click on ‘CONNECT YOUR WALLET’ and choose Metamask from the options provided.
Sign the connection in the Metamask prompt that pops up to link your wallet to the platform.
5. Choose the staking option
Once your wallet is connected, click on ‘START STAKING AMP’ to display your AMP balance.
Hover to your AMP balance and hit STAKE to choose a staking pool.
Compare the APY yield and choose anyone you prefer.
6. Input the amount of AMP you want to stake and confirm staking
Input the amount of AMP tokens you want to stake and hit CONTINUE.
Approve the transaction in your Metamask wallet and wait for confirmation. Once the transaction is approved, you will see your staked AMP details from your Flexa dashboard.
The amount of ROI a staker earns from dedicating their AMP token to Flexa depends on a number of things.
Firstly, the amount of AMP tokens staked and duration of stake go a long way to determine a staker’s earning. Therefore, the higher the AMP tokens and the longer the duration, the bigger the reward.
Meanwhile, the APY rate of different staking pools also plays an important role.
Therefore, you should always carefully assess and choose your options when staking AMP tokens on Flexa.