Yesterday the IOTA Foundation announced: staking in the popular cryptocurrency is starting! Since December 21st, MIOTA token holders can start the pre-staking process and receive the first rewards after one week. Here you can find out everything you need to know about IOTA staking.
IOTA introduces staking
The cryptocurrency IOTA was one of the big stars during the bull market in 2017. In the following years, however, the network became quieter. The great expectations of the “Internet of Things”, which were met through major partnerships with, among others, the Bosch company, could never be fully met. So the value of the MIOTA Coins could never match those times.
However, IOTA still has an extremely large fan base. These fans now see themselves confirmed that the IOTA Foundation has now taken an important development step and is now introducing IOTA staking. This is intended to increase the adaptation of the recently introduced Shimmer and Assembly networks.
How does IOTA staking work?
IOTA provides for a token drop. Shimmer tokens (SMR) and assembly tokens (ASMB) are paid out to IOTA users after a staking phase. This token drop has 2 phases:
– a pre-staking phase: the IOTA token holders should transfer their MIOTA to the Firefly wallet.
– a staking phase: by staking their tokens, they create SMR and AMSB tokens. Upon reaching certain staking goals, they can receive the airdrop.
The pre-staking phase began on December 21st and lasts for a week through December 28th. The actual staking then takes 90 days.
The IOTA Foundation has published specific instructions for pre-staking on its Twitter account:
How can you take part in the Token drop promotion?
Then you follow the above instructions from IOTA. Get the in-house Firefly Wallet and start pre-staking! Then provide enough tokens so that you meet the requirements to receive the staking rewards!
- PEPE Coin Price to Reach $5 in the Next Seven Days?
- IOTA Guide – Everything you need to know about IOTA Crypto
- IOTA Price Prediction- How High will IOTA Price Reach in 2025?
- New Zealand Crypto Exchange Cryptopia Hacked
- How IOTA Smart Contracts Could Skyrocket the Value of MIOTA?
- Does IOTA still have a Future in the Crypto Market?
- IOTA Price Prediction: Does IOTA have a Future?
- IOTA Price Prediction 2023: IOTA Price To Touch $1 Soon?
- IOTA Prediction 2022: What happens after the FTX crash?
- What is NEAR Protocol Token? What Makes This Project Unique?
- IOTA News: Expansion in Abu Dhabi causes IOTA Price to BOOM +40%?
- What is the Internet of Things? Meet the Top 3 IoT Crypto Projects!
- IOTA Price Prediction 2024: Is IOTA DEAD? Should you buy IOTA in 2024?
- IOTA News: How High Will IOTA Price Go?
- How to Stake Ethereum on ETH 2.0 using Binance
- South Korea Mulls Lifting ICO Ban and ‘Blockchain Island’
- Master Guide to Must-Know Airdrops in 2024: Your Path to Become a Crypto Millionnaire
You might also like
More from Crypto
LUNC community has come up with yet another proposal. Will this proposal trigger the bull run? Let's take a look …
In this article, we delve into XRP's recent price surge, backed by bullish on-chain metrics and critical legal developments, highlighting …