Today, we are excited to announce the launch of dApp staking on Astar!
As mentioned in the previous article, for great dApps to be built, developers need to build them. For developers to build great dApps, they need financial incentives. That’s where dApp staking comes in.
On the Astar and Shiden Network, dApp staking is how developers who build dApps can get compensated. By having a basic income, developers can keep building and improving their dApps.
At its core, dApp staking is similar to staking on validators, but in this new paradigm, dApp stakers — also known as nominators–can nominate their Astar/Shiden tokens on dApps they want to support.
If you have not read part 1, I suggest you start here.
This is part 3 of our article series on dApp staking, and in this article, we will go over the benefits of dApp staking and provide instructions on how you can begin staking on Astar dApps today!
Benefits of dApp Staking
There are three primary benefits to staking Astar/Shiden tokens on dApps
Web3 Developers Can Earn An Income
The first is that it enables developers to earn a basic income from the rewards that are generated from the staked tokens. By having an income, developers can support themselves as they improve their dApps and this, in turn, attracts more smart contract developers to the ecosystem.
Nominators Can Earn Staking Rewards
The second benefit is that dApp stakers–also called nominators–are able to also earn staking rewards and earn high APIs for their staked tokens while supporting Astar dApps. Having nominators staking on dApps gives more stability to the ecosystem.
Less Tokens Circulating Means Higher Price
The third benefit is that the more tokens are staked, the fewer tokens are in circulation, which puts upward pressure on the token price since there is less supply. For those who are looking to invest in Astar, this is undoubtedly an important factor.
Closing Thoughts
Ultimately, our dApp staking #Build2Earn campaign will benefit dApp users, nominators (i.e. dApp stakers), and dApp developers. DApp staking is a crucial component for Astar Network to be successful.
How to Stake on Astar dApps
Instructions
Step 1
Go to our portal: https://portal.astar.network/ and click on ‘Staking’.
Make sure you are connected to the correct network.
- Shibuya Network: testnet
- Shiden Network: mainnet on Kusama
- Astar Network: mainnet for Polkadot
Select the network you want to stake on
Step 2
Look for your favorite project. You can click on the name to see more information about the project. Other great resources you can use are our forum, DefilLama, and DappRadar.
To add your staking amount, just click on ‘Stake’ in the box of your favorite project.
Step 3
Add: you can add more tokens in dApp staking.
Unbond: here you can select how many tokens you want to unbond from your staked amount.
Claim (top of page)
About Astar
Astar Network is the #1 TVL Smart Contract Hub for WASM + EVM on Polkadot. Since winning its Parachain auction in January 2022, Astar Network has become the top Parachain in the Polkadot ecosystem in Total Value Locked and most Ethereum assets transferred over. Astar Network is the leading smart contract hub that connects the Polkadot ecosystem to Ethereum, Cosmos, and all major layer 1 blockchains. Astar Network supports dApps using multiple virtual machines — namely WASM and EVM — and offers the best technology solutions and financial incentives via its Build2Earn and Astar Incubation Program for Web3 developers to build on top of a secure, scalable, and interoperable blockchain.
#Build2Earn: Benefits of dApp Staking and How to dApp Stake on Astar was originally published in Astar Network on Medium, where people are continuing the conversation by highlighting and responding to this story.
