In the fast-evolving world of decentralized finance (DeFi), staking has emerged as a powerful tool for users looking to earn passive income on their crypto holdings. This guide will walk you through the process of staking PLP tokens on the FuturX platform, a notable decentralized exchange. We’ll keep it straightforward and professional.

Staking Essentials

Staking is the process of holding cryptocurrencies in a wallet to support the network’s operations and, in return, earning rewards. For POSI and PLP tokens, rewards may include a share of trading fees.

Pre-Staking Steps

Firstly, You need to Connect Your Wallet to FuturX Platform

To interact with the FuturX platform and manage your staked PLP and POSI tokens, you need to connect your wallet.

Locate 'Connect Wallet' Option: Once on the FuturX platform, find the "Connect Wallet" option, usually situated at the top right corner of the page.
Select Your Wallet: Choose your wallet and connect it
Select the appropriate network which currently is Arbitrum

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How to stake PLP

Acquire PLP Tokens

Before we delve into staking, you need PLP tokens in your possession.

Navigate to FuturX: Visit the FuturX platform, launch app, and open Buy page, where you can purchase PLP tokens. The fees for purchasing them will depend on the assets included in the index. Take some time to explore the Buy page and choose the assets with the lowest fees.
Purchase PLP Tokens: On the FuturX platform, choose the token paid then enter the amount to buy, the quantity of PLP tokens will be displayed.
Click on ‘Buy’ button and confirm the transaction to buy PLP
After buying PLP tokens on FuturX, they're automatically staked and earn EscrowedPOSI and other rewards

**** Notably, PLP tokens are automatically staked upon purchase, which means they start earning rewards immediately without any further action.*

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By following these steps, you can efficiently stake PLP tokens on the FuturX platform and potentially earn rewards. As always, exercise caution and ensure you fully understand the risks involved in staking crypto assets.

How to stake POSI

If you're interested in staking POSI, but don't know where to start, don't worry. This guide is specially tailored for beginners, and we'll break down the process into simple, easy-to-follow steps.

Get Some POSI

Get POSI on decentralized exchanges such as Position Exchange, PooCoin or Dexguru.
Or grab POSI on centralized exchanges as Kucoin, Gate.io, Bibox, CoinEx.
You can view more detail at: Buy POSI page

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Bring it to Arbitrum

Given POSI is mostly on BSC or POSI chain, it is necessary to bridge POSI from BSC or POSI chain to Arbitrum so that you can stake on FuturX.
You can bridge POSI at Position Bridge

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Stake Your POSI

Navigate to FuturX: Visit the FuturX platform, launch app, and open Earn page, where you can find POSI pool
Start staking buy enter amount you want and confirm transaction

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You have successfully staked your POSI tokens and are poised to earn rewards. Monitor your earnings and relish being an integral part of the FuturX community.

Earn Rewards

Navigate to Earn page: On the FuturX platform, locate Earn page and rewards section.

View Your Rewards: Here, you can observe the rewards earned by your staked PLP tokens. Keep in mind that the rewards may include a share of trading fees collected by FuturX, among other things.

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Stay Informed

Given that the world of DeFi is dynamic, it is crucial to stay updated with the latest developments and changes.

Keep an Eye on Announcements: Regularly check for official communications and updates from FuturX regarding changes in staking conditions or rewards.
To obtain accurate and detailed information on PLP and POSI staking, it is recommended to review the official documentation provided by FuturX.

Frequently Asked Questions

Staking FAQs

What is staking?

Staking involves holding a specific cryptocurrency to contribute to network validation processes and earning rewards in return. In the context of POSI and PLP, staking enables you to earn a percentage of trading fees.

What are the benefits of staking POSI and buying PLP?

By staking POSI, you can earn trading fee revenue, contribute to the growth of the FuturX platform, augment network security, and potentially stabilize token prices. As PLP holders provide liquidity for leverage trading, they profit when leverage traders incur losses and vice versa.

How much can be earned by staking POSI and buying PLP?

Earnings from staking POSI depend on several factors, including the number of staked tokens and FuturX platform trading volumes. A staking calculator can provide rough estimates based on variables like staking duration and token quantity.

Can tokens be unstaked?

Yes, tokens can be unstaked. However, there might be a waiting period before withdrawing from the staking pool. During this period, tokens will continue to earn rewards.

Is staking in FuturX secure?

FuturX has implemented various security measures to ensure the safety of its users' funds, such as using advanced security protocols. However, as with any investment, there is no guarantee of absolute safety. It's always important to do your own research and exercise caution before staking your funds on any platform.