To position Islander as a learn-to-earn & affiliate marketing platform promoting crypto adoption, Islander is not only a place where retail investors can find and learn from potential projects but also provides informative news. Currently, our primary goal is to serve as a springboard for the top initiatives in the Avalanche ecosystem. So, with this “Avalanche How-to” series, we will provide you with the fundamentals of this potential ecosystem.
The next post in our “Avalanche How To’’ series is about Staking on Trader Joe.
Trader Joe is the biggest Defi platform on the Avalanche Ecosystem. They provide us with many Defi activities to earn more money while holding a $JOE token. In our previous article, we already showed you how to farm on Trader Joe. But farming is not what you’d prefer; you can try to stake $JOE.
So, first of all, what is Staking?
Crypto staking is the technique of locking up cryptocurrency holdings in exchange for rewards or interest. Blockchain technology is used to create a cryptocurrency, in which crypto transactions are validated, and the resulting data is kept on the blockchain. Validating those transactions on a blockchain is referred to as staking.
However, attaining that consensus requires the participation of others. Investors that actively maintain or lock up their crypto holdings in their crypto wallet are participating in the consensus-taking procedures of these networks. Stakers are the people who approve and verify blockchain transactions.
The networks reward those investors for doing so. The incentives will vary depending on the network. It may be beneficial to compare crypto staking to putting money in a savings account. While the money is in the bank, the depositor obtains interest as a reward from the bank, which utilizes the money for other reasons (lending, etc.). As a result, staking coins is similar to earning interest.
On Trader Joe, The JOE Ecosystem offers ‘Modular Staking’ to its users. The JOE Token has a wide range of applications: