I decided to create this short guide on how to stake Telos into REX and receive additional income.
Why do I put additional income as 10-20% APR? Because that’s the subject of change, right now as I’m writing these lines it is 11.31% APR, but I remember the times when it was 18%. Basically, it’s ruled now by supply/demand. The more people stake – the smaller interest is for everyone.
After staking your loan will be processed for 3 days, and then it’s liquid – it means that any time you can withdraw your Telos back and use it. The interest is added every half an hour. Also in order to be able to stake in REX, you need to vote for Block Producers (BPs), you can do it in Anchor wallet in the “Governance” tab and select up to 30 block producers. Also Make sure you have CPU, NET and RAM.
So right now the easiest way to stake is via Staker.One
Connect with Anchor wallet or Scatter (the link on the top right)
Achor wallet you can find here: https://greymass.com/en/anchor/
And Scatter here: https://get-scatter.com/
I’m using the Anchor wallet, but with Scatter the process is similar.
After clicking you will see this window
So “Open Anchor app” if you are doing this with a laptop like this tutorial shows. (There is also a mobile version on Anchor, then you’ll need to use Qr-code. As for now only iOS version is ready, Android version is in the development)
Approve the request by clicking the lock image (You are logging to the site with your credentials)
Enter your Anchor wallet password
You are connected to your account. Click “Telos staking rewards” in the top menu or click “Start Earning” below
Choose the amount of Telos which you want to stake and click “Start Earning”
Step 7. Sign your transaction by Anchor wallet (click on the green button)
Congratulations, that’s it! You will see the transaction confirmation, and very soon your Telos amount will generate additional income for you.