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  • Home
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  • The Stellar Saga
  • Stellar Saga 3
    • I* The Winged Nut
    • 2* The First Flight
    • 3* The Five Clans Return
    • 4* The Stellar Cup
    • 5* The Eclipse Engine
    • 6* The Relic of the Wise
    • 7* Gathering of the Wings
    • 8* The Eclipse War
    • 9* Rebirth of the Forest
    • 10* Seeds of the Future
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About Squirrel Away Bushy Stellar

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SSQ Token and

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Industry Lingo and terms

Staking

 In crypto and NFT contexts, "staking" refers to locking up cryptocurrency or NFTs to validate transactions or participate in a network's operation, earning rewards in return. Here's a more detailed explanation:

  • What it is: Staking is a mechanism used by many blockchain networks, particularly those using a Proof-of-Stake (PoS) consensus mechanism, to secure the network and process transactions. 
  • How it works:
    • Locking Assets: Users "stake" their cryptocurrency or NFTs by holding them in a specific wallet or platform that supports staking. 
    • Validating Transactions: Stakers help validate transactions on the blockchain and contribute to the network's security. 
    • Earning Rewards: In return for their contribution, stakers receive rewards, which are often more of the cryptocurrency or NFT they staked. 
  • NFT Staking :NFT staking is a similar concept, where NFT owners can lock their NFTs to earn rewards, potentially adding utility and value to their NFTs beyond mere ownership. 
  • Benefits:
    • Earning Rewards: Staking allows users to earn passive income by holding their crypto or NFTs. 
    • Supporting the Network: Staking helps secure and maintain the blockchain network. 
    • Adding Utility to NFTs: NFT staking can provide additional value and utility to NFTs beyond their ownership. 
  • Examples:
    • Cryptocurrency Staking: Users can stake cryptocurrencies like Ethereum, Cardano, or Solana to earn rewards. 
    • NFT Staking: Users can stake NFTs on platforms that offer staking programs to earn rewards or access exclusive benefits. 

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