How to stake CRO in Crypto.org chain with >20% APR
UPDATED 14/Apr/2021: The steps at the end of this article to use desktop wallet is no longer needed, the easiest way to enjoy low commission via the Defi Wallet App, which now allows you choose community validator with high reliability and low commission.
— — — — — — — — — — — — — — — — — — — — — — — — — — — — -
This is a quick guide showing how to stake CRO on crypto.org chain, which recently launched its mainnet. The staking reward is >20% at the time of writing.
Download and install the mobile DeFi Wallet. Create a wallet and make sure you keep the recovery key phase in a safe place as you will need to recover your fund, or if you want to use the Desktop wallet (a bonus step, you need this later to choose differnt validators with zero commission)
Once DeFi Wallet is set up, connect it to the main Crypto.com App. This will make it easier to transfer CRO into the DeFi wallet. You will find this option in the Setting:
Next go to Cypto app and open CRO wallet, and click Transfer -> Withdraw -> Crypto -> Crypto.com Wallet. Here make sure to choose “CRO” instead of “ERC20”.
The transfer is usually done in a few minutes but during busy network times it can take a few hours.
And that’s it, you can now use the DEFI Wallet EARN to stake the CRO.
BONUS:
The Defi wallet by default uses Validators that charges 10% to 15% commision. You can change validator by using the Desktop wallet. (future version of the Defi wallet will support choosing validator as well).
The desktop wallet can be downloaded here. Choose the latest version.
Once installed, choose “Restore wallet” and put in the Recovery Key phase you saved when setting up the Defi Wallet above. Again make sure you keep the Key safe.
Once this is done you should be able to see the wallet details. To choose a validator to stake your CRO. Go to “Staking” tab: and click “Delegate Funds”
In the validator address it is recommended you choose one who charges a low or zero commission. This is one running by a group of friends of mine which charges zero commission: crocncl1pp424fvuk8k4z8phdlkuw5jze0a38xgnc9uqrh
This page shows details of this validator: https://crypto.org/explorer/validator/crocncl1pp424fvuk8k4z8phdlkuw5jze0a38xgnc9uqrh . You can also go to the validator explorer (https://crypto.org/explorer/validator) to see a full list of validators. Be careful when choosing validators. Make sure you are not overpaying the commission, nor pick one that has low reliability record.
Supporting independent validators based on the above criteria will help to promote the decentralisation of the network.
