#WAX blockchain features a versatile economy in which people are allowed to stake, vote, and earn respective bonuses. For those who are already involved in the $WAXP community or those who just began their journey, this guide will help to explain how WAXP token staking can deepen your experience with the platform and make the most out of it. Well, let’s understand what staking is and how it can be of an advantage.
At its simplest, staking can be defined as the process which will enable the locking of your WAXP tokens to help the network with its security and decision-making. In return, participants earn incentives that, depending on the platform, maybe rather profitable on @WAX . The annual voting rewards percentage is 8% and it means if you actively stake and vote for block producers it not only supports the community but also pays off. Such incentives can be reallocated back into the ecosystem making it easier to participate in NFTs, memecoins, or any other digital asset class.
Voting applies as a mechanism in the staking process Voting is an essential feature of the staking process. As a stakeholder you get some say in selecting who the block producers are (those who are responsible for checking on the chains’ transactions). This is a reason why your vote is important because it will ensure the decentralization of the network with high performance and security.
But there's more! #SocialMining makes it more fun. Compared to the conventional mining technique whereby computer resources determine the pace of mining, social mining has an emphasis on the social interaction process. By generating the content, commenting, expressing your opinions, or engaging in debates, you support the development of the network.
Staking and social mining when combined make the deal beneficial to the users who get to be an active participant in a blockchain environment and get real value for their contributions. Staking is perfect for those who want to start in the community and build up their $WAXP or expand it if they already possess some.
