LYO Credit Token (LYO) staking is available on lyotrade.com. Users can lock a minimum of 50 LYO and a maximum of 100,000 LYO. Users receive rewards in the same currency they stake via their LYO Credit wallet.
Moreover, the LYO staking provides users option to lock their crypto-assets for 3 to 24 months. Participants receive interest rates on their locked tokens depending on their chosen lock period. Users can also choose to compound their locked tokens, where rewards can reach up to 36% a year.
Staking is a crypto-earing concept. Unlike traditional banks where customers savings gives a flat income, staking gives crypto lovers the option to lock their assets for a period of time to receive a bounty reward.
- The size of a stake is directly proportional to the chances of that node being chosen to forge the next block.
- If the node successfully creates a block, the validator receives a reward, similar to how a miner is rewarded in Proof-of-Work (PoW) chains.
- Validators lose part of their stake if they double-sign or attempt to attack the network.