Staking with Celovote
Staking? Celovote?
Celo network as part of its proof-of-stake protocol allows holders of CELO tokens to earn rewards if they participate in securing the network by locking the CELO tokens and voting in the elections.
You can read more in-depth technical documents about all this from official cLabs documentation pages:
Celovote provides a service that allows CELO holders to earn these rewards by delegating the voting rights to the service. Celovote performs all the voting on behalf of the user and optimizes votes for maximum returns. Users still retain full custody of their own CELO tokens and can stop using the service at any time.
Read more about Celovote in its FAQ: https://celovote.com/faq
Staking in Celo Terminal
Step 1: Lock CELO
To use Celovote service, you will need to lock at least 10 CELO. Use Locker app to lock up desired amounts of CELO.
Step 2: Authorize with Celovote
Install Celovote app by clicking "More apps" and adding Celovote app to your Terminal. Once you authorize Celovote, you should see votes being cast on your behalf. Votes will be activated automatically after an epoch to start earning rewards.
Step 3: Locking more CELO or unlocking CELO
You can lock up more CELO at any time. Celovote will automatically cast votes and activate them on your behalf. You can also unlock CELO at any point in time. However, unlocking takes 3 days to process, so you will need to wait 3 days before you can withdraw back your CELO tokens.
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