Here's everything you need to know about staking on the Luno app.
How Luno Crypto Staking Works in Nigeria
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 the…
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Temmy is the founder of Budgetrend. He is a seasoned journalist with extensive experience in business of technology, economy, finance, business, money, politics and education. He is currently studying Accounting at the Federal University of Oye-Ekit…
