This exclusive guide about the best places to stake Tomochain(TOMO) covers all details including fees, security, and ROI.
Over the past decade, we have witnessed the rise of cryptocurrencies and decentralized networks. Also, you may have witnessed the high volatility which is second nature for these very young assets. From an investor’s perspective, this was a good reason to stay away from these risky markets.
As a result of this, the Ethereum blockchain introduced a new way for investors to earn a passive income by holding coins. Moreover, this is a very popular concept that attracts a lot of new investors trying to be profitable in the cryptocurrency markets. Imagine, just the idea of earning additional crypto’s on your bags altogether with high yields makes them willing to take the step to this new industry.
The concept I’m talking about is called staking which in short allows cryptocurrency holders to earn additional cryptocurrency with low-risk.
In this guide, I’m going to discuss the best places to stake Tomochain or TOMO tokens. Also, a detailed plan to start staking TOMO tokens on the different platforms.
What is Tomochain staking?
Tomochain(TOMO) is a cryptocurrency with a limited supply of coins. In particular, because of their underlying Proof of Stake Voting (POSV) consensus mechanism, which uses 150 masternodes to participate in the network by validating transactions.
Also, token holders can participate by locking up TOMO coins on several nodes or cryptocurrency wallets on the network for a specific time interval. In return for locking up TOMO tokens, users are rewarded with additional cryptocurrency.
In other words, no specific technical expertise or investing in costly hardware devices are needed. You just simply lock up your TOMO coins in a wallet and get rewarded while you sleep! 😊
Best places to stake Tomochain
- Binance – World’s most popular cryptocurrency exchange with almost zero fees.
- Ledger Nano – The most secure cryptocurrency hardware wallet to store your crypto offline.
- Tomo Wallet – TomoWallet is the official mobile wallet of TomoChain to store TOMO and other tokens issued on the TomoChain network.
- Atomic Wallet – Software wallet that stores the private key on your device and stores 300 coins and tokens.
- Trust Wallet – Software wallet that also stores the private key on your phone and allows you to hold and stake 14 coins.
How does staking on Tomochain work?
As described above, the Tomochain blockchain is run by 150 masternodes that are all validating transactions on the network. If you want to start staking TOMO tokens from your wallet you have to vote for one of these masternodes first. Additionally, this can be done by just delegating your votes from within your wallet.
Particularly, the way this works is that each Masternode has the same absolute amount of rewards which is distributed equally by the number of votes on the Masternode. So, as more votes are placed on the same Masternode, the staking reward is divided further among them and therefore one vote receives fewer rewards.
Notably, besides 150 masternodes being in charge, there are also other masternodes that can be voted for, called masternode candidates. Moreover, if a regular Masternode falls below the top 150 most voted, it loses its Masternode status and automatically stops earning rewards entirely.
If it cannot get back into the top 150, you will need to unvote and wait for 96 epochs (approx 2 days) to be able to vote again. During this process no rewards will be earned. So though the rewards can be higher when voting for lower-ranked Masternodes, monitoring them regularly is a must.
As a result, voting for higher-ranked nodes with more votes on them earn fewer rewards, but can be safer to earn consistent rewards since they are less likely to fall out of the top 150.
Ultimately, rewards are being paid out every epoch(900 blocks) or every 30 minutes.
Best platforms to stake Tomochain(TOMO): Comparison
This comparison guide provides an overview of where to stake Tomochain to earn rewards and a passive income. The research is based on assessing the platform’s features, estimated annual yield, fees for buying crypto, and security.
|Platform||Estimated ROI||Minimum holdings||Locking period||Rating|
|Binance||9 – 21%||50 TOMO||7/30/60/90 days|
|Ledger Nano||7%||1 TOMO||1 year|
|TomoWallet||8%||1 TOMO||1 year|
|Atomic Wallet||7%||1 TOMO||1 year|
|Trust Wallet||7%||1 TOMO||1 year|
Staking Tomochain at Cryptocurrency Exchanges
If you already have an account at Binance, then the easiest way would be to start staking Tomochain there. Below I’ll explain the options you have there for staking Tomochain(TOMO) in more detail.
Based on daily(24h) trading volumes, Binance is the biggest cryptocurrency exchange in the world. Also, it has millions of cryptocurrency traders using its platform on a daily basis. Besides trading, Binance offers several other feature-rich products, including custodian wallets, crypto margin trading, lending service, and earning rewards with staking.
|If you want to know more about the difference between staking and crypto lending. Read the article we wrote about crypto lending vs staking. It explains very clear two very popular passive income strategies in the crypto industry.|
Trading a Binance can be done with almost zero fees(0.075%) and you can use this link when signing up. It will give you an additional 10% discount on fees for life 🙂
At the time of writing, Binance offers 25 staking products such as Tomochain for its users to enjoy free staking rewards by simply depositing and holding coins on Binance. Moreover, there are no fees involved when staking TOMO tokens on Binance.
Additionally, you can lock up your TOMO tokens for several periods starting with 7 days which will give an APY of 1%. Of course, if you want higher profits you can lock up for a longer period(See below).
POS staking TOMO on Binance
The benefit of staking Tomochain on Binance is that cryptocurrency traders can opt to stake TOMO while waiting for a trade. Traders can benefit from the staking rewards in addition to potential trade profit.
Steps to start staking Tomochain on Binance
To start with staking Tomochain(TOMO) at Binance, follow these steps:
- Create a free account at Binance
- Navigate at ‘Finance’ at the top menu and choose ‘Binance Earn’
- Find TOMO in the Flexible Staking list(you have to scroll down a bit)
- If you don’t have TOMO funds in your wallet ‘market buy’ some or deposit
- Click ‘Transfer’ button and store TOMO tokens here
Staking Tomochain(TOMO) from Wallets
Next, a list of two wallets that allow you to stake Tomochain without leaving the coins at a third-party platform like a centralized cryptocurrency exchange. Also, these places to stake Tomochain gives you full control over your cryptos.
Ledger Nano hardware wallet
If you favor being in full control of your own cryptos then the Ledger Nano hardware wallet should be it. Particularly, the Ledger Nano wallet is a USB storage wallet with Bluetooth connectivity available.
Also, this way it’s possible to store your cryptocurrencies offline which is the most secure option. Furthermore, the wallet enables users to perform a wide variety of functions, including sending and receiving bitcoin from blockchains or running third-party apps on the device.
Besides staking from the wallet, users can also purchase new crypto because of Ledger wallet uses a built-in exchange feature. This feature uses a third party(Coinify) so buying comes at a cost: 4.5% credit card fees or 1.7% for bank transfers.
How to start staking Tomochain on Ledger Nano
- First, install the firmware of the Ledger Nano device
- Start installing the Tomochain App by opening the ‘Manager’ on Ledger
- Connect and unlock the Ledger device
- Now deposit at least one TOMO
- Staking will start immediately
|⚠️ Warning: Always make sure to buy your Ledger Nano devices from the official online store. In fact, third-party sellers have been known to tamper with Ledgers.|
Accordingly, if you favor to be in full control on both your keys as well as the masternodes you want to vote for, TomoApp Wallet gives you the best opportunity to do so.
This wallet is designed by the Tomochain project team and is, therefore, the official wallet of Tomochain. For instance, this wallet gives you the option to store Tomo tokens, voting, track rewards, and play games on the Tomochain Dapp network.
Moreover, it’s a software wallet available for the web as well as smart phones and available for download at Tomochain’s website.
In general, understanding users’ experience with TomoChain’s staking and incentive system, TomoWallet helps users to easily track their relevant rewards earned from staking and masternode running in real-time. Therefore, managing earnings and maximizing profits becomes more efficient.
How to start staking Tomochain on Tomo Wallet
- Download and install the Tomo Wallet on your device
- Deposit at least 1 Tomo into your wallet
- For staking, now choose ‘TomoMaster’ option
- Choose one of the candidates on the list
- Click Vote to continue
- Give amount of TOMO and press ‘Slide to confirm’
- Tomo staking will start immediately
Another decentralized wallet to hold your cryptocurrency tokens is Trust Wallet. Furthermore, Trust Wallet is available for download on desktop and for mobile devices. Many cryptocurrency users favor this wallet because of its ease of use over several blockchains and the number of cryptocurrency tokens it can hold(1K+).
Trust Wallet is a multi functional wallet and besides storing crypto or staking, it also has a built in exchange for cryptocurrency purchases. For example, buying Bitcoin can be done instantly(with credit card) at an additional cost of 5% for the entire transaction.
Staking crypto is also a feature of this multi-functional wallet where Trust Wallet supports 9 different cryptocurrency coins. Staking Tomochain can be done here at an annual ROI of 7%.
How to start staking Tomochain(TOMO) on Trust Wallet
In general, the process of staking Tomochain on Trust wallet is very simple:
- Visit the Trust Wallet website, start downloading and install the app
- Deposit TOMO or purchase it with the built-in exchange
- Once deposited, staking TOMO will start automatically
Atomic Wallet is a decentralized online cryptocurrency wallet available on desktop and mobile devices that supports more than 500 coins and tokens. The wallet is suited to crypto investors of all experience and provides a simple, safe, and convenient means to store digital assets.
Besides staking from the wallet, users can also purchase new crypto because of Atomic wallet uses a built-in exchange feature. This feature uses a third party(Changelly) so buying comes at a cost: 2% additional fees at a minimum of $10 each.
All in all, Atomic wallet supports staking for 15 different coins and Tomochain(TOMO) will be on this very soon.
How to Start Staking Tomochain(TOMO) on Atomic Wallet
Staking cryptocurrencies is currently a very popular method among crypto enthusiasts to generate passive income with zero risks. In this guide in which I covered staking Tomochain in greater detail, I also compared the different platforms in terms of rewards that can make a difference.
All in all, the idea of staking Tomochain(TOMO) is simple where every TOMO token will generate new tokens according to the amount being staked. If you believe in this project and own some TOMO tokens already, starting to stake Tomochain will be a solution for you to earn additional cryptocurrency.
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