How to Stake POWR on Powerledger

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Bittime - Powerledger is a DeFi (decentralized finance) platform that enables peer-to-peer trading, tracking, and management of renewable energy. Powerledger uses a Proof-of-Stake (PoS) blockchain that can process more than 50,000 energy transactions per second worldwide.

By joining the staking of POWR, Powerledger's native token, you can contribute to securing the Powerledger blockchain network while earning rewards in the form of new tokens. In addition, you can also participate in a cleaner and more sustainable energy transition.

What is POWR Staking?

POWR staking is the process by which you lock or store your POWR tokens in an Ethereum smart contract connected to the Powerledger blockchain network. By staking, you can receive native Powerledger tokens equivalent to the amount of POWR you locked. These native Powerledger tokens can then be used for staking on the Powerledger blockchain network, which uses the same program as Solana, one of the fastest and most secure PoS blockchains today.

By staking on the Powerledger blockchain network, you can help validate transactions and create new blocks on the network. In return, you will be rewarded with native Powerledger tokens that can be exchanged for POWR or used for other services on the Powerledger platform. These rewards will be paid out every 24 hours, and the amount depends on the number of tokens you stake, the performance level and validator commission you choose, and the level of staking participation in the network.

How to Stake POWR?

To stake POWR, you need the following:

• Ethereum wallet that supports MetaMask with POWR and ETH (for gas fees)
• Phantom or Solflare wallet (Solana). SOL is not required.

Once you have prepared the above, you can follow these steps to stake POWR:

1. Visit the Powerledger website on https://www.powerledger.io/staking and click the "Stake POWR" button.
2. Make sure you check the URL carefully to protect yourself from fraud.
3. Connect your Ethereum wallet with MetaMask and your Phantom or Solflare wallet by selecting the appropriate option.
4. Select the validator you want to stake with from the drop-down menu. Make sure you choose a validator with low commissions and high performance.
5. Enter the amount of POWR you want to stake and click the "Stake" button.
6. Confirm transactions in MetaMask and your Phantom or Solflare wallet. You will be charged gas fees in ETH for this transaction.
7. Wait for the transaction to complete and check the balance of your native Powerledger token in your Phantom or Solflare wallet. You can also view your staking status on the Powerledger website.

You can watch the "How to stake POWR" video on Powerledger's official website and follow the step-by-step instructions.

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How to Unstake POWR?

If you want to stop staking POWR and withdraw your tokens, you can follow these steps:

1. Visit the Powerledger website on https://www.powerledger.io/staking and click the "Stake POWR" button.
2. Reconnect your Ethereum wallet and the same Phantom or Solflare wallet you used for staking.
3. Once connected, your staking and your earned rewards will appear next to the "Undelegate" button.
4. Click the "Undelegate" button and confirm the transaction in MetaMask. You will be charged an undelegate fee in POWR (approximately 25 - 50 POWR) which will be deducted from the total POWR you stake. This fee depends on current gas prices so it can fluctuate under heavy network conditions.
5. Wait for the transaction to complete and check the 7-day countdown that will appear. This waiting period is enforced for added security. You are not eligible for rewards during this period.
6. After 7 days have passed, return to this page, reconnect your wallet and press the "Withdraw" button.
7. It will ask you to approve the transaction from your Phantom or Solflare wallet first, then confirm the withdrawal transaction which will return your staked POWR and rewards. It will be deposited to the same Ethereum wallet address you staked. There are also gas fees in force, payable in ETH.

What are the Benefits and Risks of POWR Staking?

POWR staking has several benefits and risks that you need to be aware of before deciding to join. The following are some of them:

Benefit:

• You can support Powerledger's vision to create a cleaner, affordable, and democratic energy system by using blockchain technology.
• You can earn rewards in the form of native Powerledger tokens that can be exchanged for POWR or used for other services on the Powerledger platform, such as renewable energy trading, energy certificates, or carbon credits.
• You can take advantage of the potential price increase of POWR and native Powerledger tokens in the future, as their demand and adoption will increase as the Powerledger project grows.

Risk:

• You have to lock your POWR tokens for a certain period of time, which means you can't sell or use them for any other purpose during that period.
• You will have to pay gas fees in ETH for staking, undelegate, and withdrawal transactions, which may vary depending on the conditions of the Ethereum network.
• You should choose a reliable and professional validator for staking, as their performance and commissions will affect the rewards you get. If validators experience downtime or do not secure the Powerledger blockchain network, they will get less or no rewards, which will negatively impact the stakers who have staked with those validators.

Conclusion

POWR staking is one way to participate in the Powerledger project, a DeFi platform for renewable energy. By staking POWR, you can secure the Powerledger blockchain network while earning rewards in the form of native Powerledger tokens.

To stake POWR, you'll need an Ethereum wallet and a Phantom or Solflare wallet, and follow the steps described above. Staking POWR has benefits and risks that you need to consider before deciding to join. If you are interested in staking POWR, you can visit the Powerledger website at for more information.

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Also Read:

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Powerledger (POWR) Price Predictions 2024

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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.