This article shall provide a detailed account of what is Graph Token(GRT) and GRT Staking. After that, we’ll also discuss where and how one can Stake GRT. Furthermore, we’ll guide you through various crypto exchanges or wallets where you can stake GRT, and we also talk about the procedure to follow.
- GRT is a token that empowers a decentralized protocol called the Graph.
- Its primary function is to index data from blockchain protocols.
- Anyone can create subgraphs and index blockchain data and also access data from existing subgraphs.
- You need to pay in GRT to query the subgraphs.
- Staking services are now available on the majority of cryptocurrency exchange platforms, such as Binance, Network Beta DApp and many more.
- Staking can be done both on mobile devices and on desktops.
- An option to unstake your staked GRT is also available, however, the staked tokens can be released only after 28 days from staking day.
- Several risks are associated with staking and hence it shall be done only after thorough research and gaining enough information about the same.
Table of contents
- Summary (TL;DR)
- What is The Graph(GRT)?
- What is Staking?
- What are network indexers in Graph?
- Where to stake GRT?
- How to Stake GRT on Binance?
- How to Stake GRT using Metamask?
- Best Platforms to Stake GRT: A Comparison
- How to unstake GRT?
- Why should you Stake GRT?
- The risk involved in Staking GRT
- Choosing the right Validator node
- How to stake GRT: Conclusion
- Frequently Asked Questions
What is The Graph(GRT)?
GRT is an Ethereum token that empowers a decentralized protocol called the Graph. This protocol indexes and queries data from the blockchain. Furthermore, the Graph does indexing of all the blockchain data from platforms such as Ethereum, Fantom, and Filecoin.
Anyone can create subgraphs and index blockchain data and also access data from existing subgraphs. You need to pay in GRT to query the subgraphs.
GRT is the token of the Graph network.
The Graph is currently the only decentralized querying and indexing project present in the cryptocurrency market.
What is Staking?
The active participation on a proof-of-stake consensus in a transaction validation is known as Staking. Different cryptocurrencies have a varying minimum required balances necessary before one validates the transaction and proceeds towards earning a Stake reward.
Furthermore, to be eligible to earn rewards, one must minimum the required balance for that particular cryptocurrency, and must hold the concerned cryptocurrency on the particular platform or wallet where you would be staking.
What are network indexers in Graph?
Indexers are the ones who stake the Graph tokens (GRT) and are the node operators in the network. They provide query and indexing services and be delegated stakes from delegators to contribute to their work. As a result, they get query fees and indexing rewards for the services they render.
Where to stake GRT?
For all the GRT holders, staking is now an easier task than before. If you want to earn rewards without indulging in the hassles involved in running a node, you may simply delegate GRT to network indexers. Furthermore, you can delegate or stake your token on the Graph by using Metamask or WalletConnect for any other wallets. Furthermore, using WalletConnect enables you to stake directly from your hardware wallets, such as Ledger using the Ledger Live app. Hence you will have an added layer of security.
Cryptocurrency exchange platforms such as Binance and Staked have realized the rise of the Graph and hence have expanded their staking services to include GRT also.
How to Stake GRT on Binance?
Binance has now started providing GRT staking services to its users as well. Furthermore, since Binance is one of the biggest platforms in terms of volume staking at Binance gives an assurance of security. Furthermore, you can log into your Binance account on the official website using your desktop or mobile to stake GRT.
Steps to Stake GRT at Binance
- Sign up or sign in to your Binance account using your phone number or email.
- Now, select the “Finance” option and then the “Binance Earn” option.
- Come down to the “Locked Staking” option and then click on the “View more” button.
- Select GRT from the list of assets that you can stake, fix the duration and then click on “Stake Now”.
- Confirm the details of GRT such as Duration and Available amount.
- Enter the amount you would want to stake and click on ” Confirm purchase”.
- To view past locked staking activities select “Wallet”, then click on “Earn” and select “Locked Staking”.
- You can redeem your assets in advance by selecting the “Redeem Earlier” option. However, you won’t receive the earned rewards if redeemed earlier in case of locked staking.
- Max 20000 GRT allow for 30 days locked staking, Max 10000 GRT allowed for 60 days locked staking and 5000 for 90 days locked staking.
- Read more about staking GRT at Binance here.
Pros and cons of taking on Binance
- Pros: It provides an opportunity to earn higher returns. Moreover, it is the safer option.
- Con: Most of the opportunities in staking assets are usually sold out and hence limited.
How to Stake GRT using Metamask?
Owing to the growing popularity of staking activities, it is possible to stake GRT using your laptop and mobile devices. It is supported on both Android and iOS and Chrome extension. In addition, you can download the Metamask App as it facilitates you to continue with a safer and more secure Ledger Nano wallet.
Also, read Set up MetaMask for Binance Smart Chain.
Steps to Stake GRT using Metamask
Follow these simple steps to stake GRT using Metamask:
- Ensure that you have the latest version of the Metamask Browser extension and sufficient ETH in your wallet.
- GRT delegation operations need to be set up by you:
- Select the “Add Token” option on Metamask.
- Click on the “custom token” tab.
- Fill in your details under Token contract address, Token symbols, and Decimal precision.
- Select the “Next” option and then click on Add Tokens.
Delegate GRT from the Graph explorer
- Visit the Graph explorer section.
- In the pop-up menu select “Connect wallet” and then select “Metamask”.
- Select the address you would like to choose from the Metamask notification window.
- Select the “Next” option and then click on “Connect”.
- Your account can now be seen in the upper right corner of Network Beta DApp.
- Choose an indexer to whom you would like to delegate and click on the delegation icon in the very right of that indexer.
Start managing your GRT trading activities
- You can manage various delegation operations by clicking on your address in the upper right corner of the dashboard.
- You will find an overview of the indexers you are delegating to. Here you can choose to delegate more GRT or undelegate it as well.
Pros and cons of staking using Metamask
- Pros: It has an open-source network; therefore, transparency and clarity is provided to everyone.
- Con: The time taken to process payments and transactions is more than other apps because of its slow speed.
Best Platforms to Stake GRT: A Comparison
- Stake.fish: It is one of the leading staking service platforms in the industry. It provides validation service to the industry’s top proof of stake blockchain.
- Staking facilities: It is a validator, node operator, and service provider with secure physical infrastructure for next-generation blockchain to function. Non-custodial staking services are provided to prove of stake token holders.
- Staked: It is a decentralized network of independent blockchain, which has been powered by proof of stake-based BFT consensus algorithm.
- Figment: Figment currently serves the world’s largest GRT holders population. It has a multi-cloud staking infrastructure.
- Staking Rewards: It is the leading data provider for staking.
|Stake.fish||Staking facility||Staked||Figment||Staking Rewards||Binance|
|Lockup period||28 Days||28 Days||28 Days||28 Days||28 Days||30 Days|
How to unstake GRT?
You can unstake the tokens that you have staked at any time; however, you might not receive the earned interests if it’s locked staking. Furthermore, after the locking period, generally 28 days, the staked tokens are released. Proceed with these steps if you wish to unstake earlier:
- Go to the specific indexer and select the “Undelegate” option.
- Enter the amount of token that you would like to Undelegate and submit your transaction.
- After the transaction is successful a reverse timer will start, which is generally of some more time than the bonding period.
- When the timer gets over your tokens will be unstaked.
Why should you Stake GRT?
Staking GRT is beneficial in various aspects. Firstly, it provides an opportunity for GRT holders to earn significantly higher APY than traditional cryptocurrency holders. Secondly, there are two kinds of rewards that you may earn during staking. Firstly, the rewards which one gets benefited from staking GRT, indexing rewards. Secondly, a portion of query fees.
The risk involved in Staking GRT
Market volatility is a potential risk factor as the prices can go up or down at any time. The coins which are locked at a particular point in time can not be traded, and their prices might decrease.
Secondly, there are chances that you may incur penalties in case the validator node misbehaves. These penalties may impact the overall staking returns. Therefore analyzing a node’s previous performance is of utmost importance before you stake in a particular exchange.
Choosing the right Validator node
It is inherently important to choose the right Validator node as a trustworthy one that would keep your funds secure and help them grow fairly. Therefore, the following points should be kept in mind while choosing a Validator node:
- The amount of time a validator remains available online will determine his reliability.
- Experience and years of operation-
- Before selecting a validator, another important thing to note is their work experience and years of actively performing this particular task.
- Validators team: Check out the team page and Twitter collaborations of the validator. This would help you know if they had provided services to renowned founders and thus will surely keep your money secure.
To learn more, read Staking Crypto – An Ultimate Guide on Crypto Staking.
How to stake GRT: Conclusion
The world of digital assets and cryptocurrencies is ever-evolving and changing. Recently, staking has emerged as a profitable and optimum utilization of one’s resources, i.e., GRT coins that are lying idle in your wallet. It facilitates an easy and safe way of earning rewards and other remuneration by simply sitting at home. Hence it is important to gain some authentication and reliable information about the same.
Frequently Asked Questions
Yes, staking GRT is non-custodial. This means that all through the staking process, the funds and private keys will be in your control. You can withdraw funds or unstake/ undelegate whenever you want after fulfilling the lock-up requirements.
Staking GRT comes with its package of risks. Nothing is foolproof, especially in the world of cryptocurrencies. Having said that, what’s life without a few risks! And you can easily earn rewards by staking GRT if you do proper research and take adequate precautions.
Coinbase, one of the most prominent cryptocurrency exchange platforms, has extended its services to include buying, selling, and trading GRT. However, GRT holders still cannot stake GRT on Coinbase.
WazirX has suspended all activities related to staking cryptocurrencies. You can still buy, sell and trade cryptocurrencies on wazirX, but you cannot use this platform for staking purposes.