Locked Stake your PRX on dAPP
Stake your PRX on Parex Chain and earn rewards!
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Stake your PRX on Parex Chain and earn rewards!
Last updated
Was this helpful?
As a crypto-fan, you can stake your PRX as part of a validator's stake, thus becoming a "staker". You earn more rewards in return for staking your share.
The prerequisite is to locked stake a MINIMUM of 50 PRX.
What is Locked Stake?
Locked Stake involves locking your crypto assets for a specific period. When applied to Parex ($PRX) coin, the Locked Stake process lasts for 365 days. During this period, you lock your $PRX coins by staking them for a set duration. Profits generated through Locked Stake are transferred to your stake wallet hourly after deducting a service fee equal to 7% of the stake amount. At the end of 365 days, it's not possible to retrieve or redeem the locked tokens because the total generated amount is transferred to the stake wallet in equal parts over the 365 days.
The first step to pledge your stake is to connect with your preferred wallet (here, MetaMask wallet is used).
Visit the Parex Stake dAPP v1 website.
Select Connect Wallet
You can use any EVM-based wallet to stake on Parex. Trust Wallet, Metamask, etc.
Go to your MetaMask Wallet and select the account you want to connect with your staking account. Click Next.
Select Connect.
To stake, you need to have as much WPRX as you want in your wallet. However, you also need to have PRX for network fees.
Additionally, since PRX is a mainnet coin, you should swap your PRX into WPRX tokens. You can do this via the Parex Swap dApp.
Select the amount to stake and press Locked Stake.
Authorize spending on Metamask.
Go to your MetaMask Wallet, verify the transaction details, and select Confirm.
The confirmation process takes a short time. You can further confirm transaction details including the timestamp on your MetaMask Wallet.
Staking rewards are deposited into your EVM wallet every hour, and you have the freedom to use them as you wish.
