This is my first post after the launch of the new user interface here @financeleo. I must say that its really awesome but then at the same time getting accustomed to it in the initial days is going to be a bit of hurdle. At the same time, we also have the Project Blank OFFICIALLY Been Released. Overall a lot of excitement and it would be great to see how things shape up in near future and can the $LEO token get back into the business of getting its spot back of being the Number 1 second layer token on the HIVE Blockchain. Let us know look in the basics of Liquid Staking and what happens in the background when you liquid stake your crypto assets.
Every time you liquid stake leveraging the STRIDE platform - what happens under the hood is as follows::
- Issues stTokens to your wallet immediately
- Stakes your tokens with qualified validators
- Compounds your rewards
With a single click of a button a user can liquid stake their crypto assets and the rest is left to the STRIDE platform protocol to do the rest for you. Lets us understand all of this with an example where you plan to liquid stake $ATOM
Once you have liquid staked your assets the STRIDE protocol with the help of IBC [Inter-Blockchain Communication Protocol] transfer $ATOM to Stride’s Interchain Accounts (ICA) on the Hub, and then use ICA every 6h to:
- Stake your $ATOM.
- Claim the rewards.
- Query how many rewards accrued using Interchain Queries (ICQ) → compound 90% of them.
The remaining 10% goes to folks who have stake their $STRD tokens on the STRIDE platform. Finally the main advantage of liquid staking is that one doesn't loose on their staking rewards for sure and at the other end one gets to use the same amount of token value which is liquid staked to enter the DeFi space. So its like a dual benefit that users gets for liquid staking their crypto assets. I have been already using the STRIDE platform and so far the journey had been great. I am on a daily basis getting $STRD tokens as well that at the moment I am converting it for $QCK aka QuickSilver - which is another emerging Liquid Staking Platform. My main objective here is to leverage my earnings liquid staking and enter other emerging crypto project... cheers
Have your say on STRIDE and Liquid Staking...
Do you know about liquid staking? Are you leveraging the liquid staking facility on the STRIDE platform? Let me know your views in general about STRIDE and its $STRD token. cheers
COSMOS Liquid Staking on STRIDE Platform - Understanding the Basics of Liquid Staking...
Image Credits:: stride.zone, twitter,