Validator Locked
Last updated
Last updated
Parex Network is a decentralized network that ensures the security and functionality of the blockchain ecosystem. Serving as a validator in this network means participating in the validation processes to contribute to the network's security and earn rewards. To become a validator on Parex Network, you need to follow specific steps. This article will outline how to become a validator and what steps to take during this process.
Step 1: Obtain 77,000 PRX Tokens
The first requirement to become a validator on Parex Network is to have 77,000 PRX tokens. These tokens are necessary to initiate the validator process.
Step 2: Swap PRX Tokens to wPRX
Before starting the validator process, you must swap your 77,000 PRX tokens to wPRX (wrapped PRX) tokens. This conversion is done through the Parex Network's swap dAPP (decentralized application). The swap dAPP is an application that swaps your PRX tokens to wPRX tokens at a specific rate.
Obtain wPRX or PRXStep 3: Connect Your Wallet to the Validator dAPP
To begin the validator process, you need to connect your wallet to the Validator dAPP. Ensure your wallet contains 77,000 wPRX tokens and a small amount of PRX for network fees.
Step 4: Lock wPRX Tokens
Once your wallet is connected, follow these steps:
Click on the "Become Validator" button.
Complete the necessary confirmation steps.
After these steps, your 77,000 wPRX tokens will be locked for 1 year. Locking the tokens means you will keep them in the network for a specified period while serving as a validator. During this period, your tokens will help secure the network, and you will earn rewards in return.
Step 5: Decide Whether to Continue as a Validator
After unlocking your tokens, you have two options:
Continue as a Validator: If you wish to continue serving as a validator, you don't need to take any additional actions. Your tokens will remain unlocked, and you can keep performing validator duties.
Stop Being a Validator: If you decide to stop being a validator, you need to wait 30 days after unlocking your tokens. After this 30-day waiting period, you can withdraw your PRX tokens and use them for other purposes.
At the end of the 1-year locking period, you can unlock your tokens through the Validator dAPP. Unlocking the tokens will release them and make them available for use again.
Conclusion
Becoming a validator on Parex Network is an excellent opportunity to contribute to the network's security and earn rewards. Anyone with 77,000 PRX tokens can convert them to wPRX, lock them for 1 year, and serve as a validator. At the end of the year, you can decide whether to continue or stop being a validator. By following the correct steps, you can become a part of the Parex Network and support the blockchain ecosystem.
