Crypto staking is the process of actively participating in the validation of transactions (similar to mining) on a proof-of-stake (PoS) blockchain. In simpler terms, staking involves locking up a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. In return, participants—called stakers—earn rewards in the form of additional coins or tokens.
Luno is the first active platform in Nigeria to offer staking services in Nigeria’s crypto space. With Luno's staking feature, you have the opportunity to generate passive income by putting your crypto holdings to work. The platform currently allows staking for four proof-of-stake assets: Cosmos (ATOM), NEAR Protocol (NEAR), Solana (SOL), and Polkadot (DOT).
However, it is important to note that ATOM, NEAR, SOL, and DOT are the crypto assets currently supported by Luno for staking in Nigeria. In other countries like South Africa and Malaysia, Ethereum (ETH) and Cardano (ADA) are added to the list of their supported crypto assets. There are no deposit or withdrawal fees for staking/unstaking, though Luno takes a service fee deducted from the staking rewards.
Meanwhile, it's important to note that the asset you're staking on Luno determines how much annual reward you get. But potentially, you can earn up to 18% per annum. This interest rate is wild compared to savings accounts that local banks offer. In addition to the amazing and competitive interest rate, the Luno staking also comes with flexible staking and liquid staking in the sense that there are no lock-up periods, no minimums, and users can unstake anytime.
Another thing to note about the Luno crypto staking is that rewards are distributed every few days and automatically added to your staking wallet. This will allow you to compound your earnings and growth. The Luno staking is available on the Luno mobile app, which is available for download on the Google Play Store for Android phone users and the iOS App Store for iPhone and iPad users.
Related: How to Trade on Luno and Make Profits.
How to Stake Crypto on the Luno App
Follow the steps explained below to successfully stake your crypto asset on Luno in Nigeria and earn rewards:
- Download the Luno Mobile App on your app store.
- Launch the app and open it to sign into your Luno account.
- If you don't have a Luno account, you can easily register a new account on the crypto app.
- Once you've successfully logged in to your Luno account, tap on "STAKE." It's located near the top of your Portfolio screen in the Luno app.
- Read the information about the stake features, and after you've understood it, tap "Next" to continue.
- You'll be prompted to make a deposit, buy crypto, or convert your existing crypto to supported ones for staking if you don't have funds to stake. Currently, Nigerians can only stake these crypto assets on Luno: SOL, NEAR, ATOM, and DOT.
- Enter the "Amount" you'd like to stake and select NEXT. The amount staked will be deducted from the asset wallet you chose, and rewards will begin immediately but be distributed every few days—typically every five days or weekly.
Summary Table
| Feature | Description |
|---|---|
| ✅ Supported tokens | ATOM, SOL, DOT, NEAR (plus ETH and ADA in other regions) |
| ⚡ ARP (Annual Rewards) | Up to ~18% (promotional), ~11% thereafter |
| 🚫 Minimum stake | None |
| 🔓 Lock-up period | None—instant flexibility |
| 💸 Fees | No stake/unstake fees; service fee deducted from rewards |
| 📅 Reward frequency | Every few days/week, auto-compounding |
| 🧠 Validator partner | Uses third-party infrastructure (e.g., Blockdaemon) |
| 🛠 User experience | Fully in-app setup; no technical knowledge required |
| ⏳ Waiting times | Initial delay before first reward/unstake; notified upfront |
In conclusion, the essence of staking crypto lies in earning rewards while also supporting the security and efficiency of a blockchain network. It’s a win-win mechanism that benefits both individual token holders and the entire crypto ecosystem.
