This is how I stake SCRT token at 23% APR

We previously spoke to you in depth about Secret Network. Even if we showed you the useful platforms for using your SCRT token, we will review here in a short tutorial how to do it concretely.

This is a tutorial to show you how to stake the SCRT token and therefore earn 30% in passive income.

Generate additional tokens passively

Before staking SCRT tokens, of course you must be sure that it is a cryptocurrency in which you want to invest. Indeed, when we do staking, we are trying to generate additional tokens of a token that we already own.

🤩 So, follow this tutorial only if you know secret network and that you believe in its growth potential.

Step One: Download the appropriate wallet

The first step to properly using the SCRT token is to have a wallet adapted to the network.

The most used and recommended wallet is certainly the Kpler portfolio (click on “Install on Chrome” or go directly as extension on Google Chrome for example, here.

Kpler is a wallet that you can use on different networks including those of Cosmos.

Once you download the wallet, you will see the “K” logo on your chrome navigation bar.

Now you have several choices to create your account. You can do this by logging into Google (by clicking sign in).

You can also do it in a decentralized way by clicking on "create a new account". There you will see a sentence of 12 or 24 words (even more secure than choosing the 24) that you must write down somewhere safe.

Never disclose your mnemonic phrase because it is the one that allows you to open and access your account. Likewise, write it down safely in a notebook that you can find. Without this series of words written down in order, you will NEVER be able to access your account again.

Also enter your account name and a password. All this must also be noted in terms of security.

🥳 Congratulations! You now want to own a Kpler wallet.

You will be able to "switch" and move from one network to another. You can click on "Cosmos Hub" and choose the "Secret Network" network.

Subsequently, once you become familiar with it or opt for other tokens, you can reproduce this tutorial for other networks.

Now you need to add tokens to your wallet.

So this is step 2.

Second step: Buy SCRT tokens

For this step, there are really several possibilities open to you.

We will present the simplest method to you and you will be able to use the options that you prefer, depending on your experience in DeFi.

On your wallet – under the Secret Network – you need to click on the “deposit” button. This is how you can deposit tokens to your address. You will see a QR code with your deposit address.

If you are not comfortable with QR Codes, you can simply copy and paste your address which appears under your account name.

Your Secret Network address looks like this: secret1zynXXXXXXXXXXXXXX

The simple method is to go to an exchange platform like Binance for example, on Kraken or on Huobi. These are the platforms where you can buy SCRT token.

binance buy scrt token — You can buy the SCRT token on SCRT/BTC, USDT, BUSD pairs or even against ETH.

->Buy SCRT on Binance

Once you have purchased SCRT token, you can send it to your Secret Network address.

To make your withdrawal, nothing could be simpler. You go to your SPOT account and when you see the SCRT token, you click on “withdrawal”.

Be careful to select the Secret network to send your tokens.

In general, the fees are around 0,1 SCRT. However, it can happen that the network is "congested". This is for example my case when I want to make my withdrawal 🥲.

In this case, you will have to wait until the network regains its fluidity. This means that there are a lot of people trading on the network. This may then take longer.

But, it generally goes by quickly 😉

Third step: Staking

After a few minutes, you will see your tokens deposited on your wallet. Now, you need to click on the "staking" button.

Now, you will arrive on the dashboard where you will see the available validators. You will also see the commission rates they take. Generally, they charge 5%.

You have several choices and we have chosen the “Citadels” validators which we have been using for several months without any difficulties.

You click on "delegate" and enter the amount of your choice. Moreover, just like me, you can choose to delegate a given amount to one validator and another to another. This allows you not to put your eggs in all baskets.

Note: The process of withdrawing your tokens will take 21 days. Keep this in mind if you need liquidity quickly. Only put in an amount that you can afford to wait before withdrawing.

How to withdraw your winnings?

If you have followed all the steps, your staking will start to earn you money.

To claim your winnings, nothing could be simpler. You will need to log in to your account and click on "claim". This is a button that appears on your wallet as soon as it is displayed.

You can withdraw them by placing new ones in staking to increase the compound interest of your staking. You can also withdraw them, exchange them for other tokens and do whatever you want with them. This will depend on your strategies, of course.

Likewise, by going to your dashboard, you will be able to see all the earnings that you have generated on the Secret network and on the other networks that you have.

For example, we also did staking on the Osmosis network (I am preparing an article for you on the subject as well. It will be a tutorial).

How much can you earn by staking SCRT tokens?

The current staking (at the time of writing this article) is 23% APR. The rate may vary during the year).

Today, 1 SCRT is worth $4,92.

In raw terms, and in SCRT token, here is what you can concretely earn and I take rounded figures.

By depositing 100 SCRT (this will cost you the equivalent of $492).
With 23% APR, you will then receive 23 additional SCRT tokens (i.e. $113).

However, in this absolute calculation, we assume that the price of the token does not change. If it goes up, naturally your 23 SCRT will be worth more. Conversely, if the token goes down, your 23 SCRT will be worth less.

Everything then depends on the evolution of the price of the SCRT token.

There you go, I hope you enjoyed this little tutorial. Others are in preparation, so don't hesitate to subscribe to the newsletter.

Go further? You can look at the networks that interest you the most that are supported on the Kpler wallet. There are much more interesting rates of return than the 23% for the SCRT but the tokens are perhaps less “safe”…

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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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