Welcome to Kafycrypto, your number-one crypto news and marketing channel. In this article, we are going to be talking about renec staking
Remitano just recently launched their token in which many airdrop hunters made thousands of naira from and now Remitano have launched a staking option for their native token. which is what i am going to be showing you how to do in this short content
Withdrawal of the RENEC from the mining App will be enabled today
RENEC is the official cryptocurrency of Remitano exchange and the native token of Remitano Network Blockchain. 1,298,429. Miners. 48,087,859 RENEC.
You can start your RENEC staking experience with just a few basic steps:
How to stake on renec wallet Step 1:
To stake on Renec wallet, the first thing you need to do is to visit https://wallet.renec.foundation/. which is where you will be asked to restore your wallet or create a new one
How to stake on renec wallet Step 2:
Restore with seed phrase or create a new RENEC wallet. If you don’t have renec wallet before now, the next thing is to create a new wallet and if you already have one, all you need to do is to restore the wallet with your keyphrase
How to stake on renec wallet Step 3:
Select the Staking menu, select “Validator”, and press the “Stake” button.
How to stake on renec wallet Step 4 :
Select the amount of RENEC you want to stake and press the “Stake” button.
How are Renec staking rewards distributed?
Staking rewards are distributed proportionally to all participants who stake RENEC in the pool operated by validators. The distribution percentage depends on the ratio of RENEC you stake in the pool minus the validator pool participation commission.
Example: The reward for a block is 100 RENEC with a 10% pool commission. These 100 RENECs are distributed according to each participant’s stake as follows:
Commission received by Validator: 100 * 10% = 10 RENEC
All authorized person receive: 100 – Commission = 90 RENEC
After that, each delegate will receive their reward in 90 RENEC, corresponding to the % RENEC they stake in the pool.
Note: In addition to the commission, the validator receives a transaction fee on the blockchain