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Liquid staking is becoming a popular option and choice for stakers. It allows you to earn rewards in DeFi, on top of your staking rewards. You receive new tokens, representing your staked tokens. A tokenized version of your staked assets.
Stader Labs now offers Fantom liquid staking. Their newest addition is the iTokenWallet. This is a non-custodial wallet by Huobi Global. So, let’s have a look at Stader Labs, FTM liquid staking, and the iTokenWallet.
Dear #FantomFam:
We’re thrilled to announce that now…
You can stake your FTM and mint sFTMX directly on your @iTokenWallet…
The secure and professional DeFi wallet powered by @HuobiGlobal…
One of the leading exchanges in the cryptomarket.
Here’s what you should know:
pic.twitter.com/bT7A6bpS9X
— Stader.Fantom (@stader_ftm) July 26, 2022
What Is Stader Labs?
Stader Labs offers a variety of staking solutions. They are a non-custodial, smart contract-based staking platform. One of the services they offer is liquid staking. Amitej Gajjala, is the CEO and Co-Founder of Stader Labs. He recently was a panelist at the GeckoCon 2022. We wrote an article about ‘The future of liquid staking‘ discussion, in which he took part.
You can compare staking to putting your money into a savings account with a bank. However, banks nowadays don’t offer a high interest rate. Staking, on the other hand, does. At least, in most cases, at better rates compared to a bank.
With liquid staking, you can gain double rewards. First, you stake your coins, as usual. But with liquid staking, you receive a new token. These new tokens represent your staked tokens. As a bonus, you can use these new liquid tokens, in DeFi. In other words, you can buy, sell, or trade them. In contrast to PoS staking, there is no lengthy unlocking process. With your liquid tokens, you can retrieve your staked tokens. That is, once they become available again from their locking period.
Source: Stader Labs
The iTokenWallet
Now, Stader Labs offers liquid staking for Fantom on the iTokenWallet. This is a professional multi-coin light wallet by Huobi Global. Formerly known as the Huobi wallet. It comes with an uncomplicated UX/UI. In other words, it’s user-friendly. What makes it special, is the fact that this is a non-custodial wallet. So, you are in full control of your assets. No middlemen, no policies, or small print. What you see is what you get!
The wallet offers storage, transfers, and cross-chain swaps. It comes as a mobile version only, on both iOS and Android.
It is a secure wallet; however, you need to back up your mnemonic phrase. As of now, this wallet supports the Stader Labs Fantom dApp. This means that you can stake Fantom and receive sFTMX. These are the liquid staking tokens that you mint, once you stake your FTM on this wallet.
With the sFTMX tokens, you can now start DeFi strategies and earn extra rewards. What’s more, you earn on top of the FTM staking rewards. You can use your sFTMX in many places in the Fantom ecosystem including SpookySwap, SpiritSwap, Market.xyz and more.
Stader locks your staked Fantom for 12 months. Upon maturity, this rolls over for another 12 months. Thus, giving Stader the chance to optimize your rewards. They also auto-compound all rewards, resulting in a ~13.5% APY. It is worth noting that Stader charges a 10% commission on staking rewards earned as protocol fees. This doesn’t apply to your staked FTM. It applies only to earned staking rewards.
Source: iToken
Conclusion
Liquid staking keeps making waves. Stader Labs is at the forefront of liquid staking. As of now, you can stake FTM tokens on the Huobi Global’ iTokenWallet. Once you stake FTM, you mint your sFTMX liquid tokens. As a result, you can use these now in DeFi and generate extra income with DeFi strategies.
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