Staking with the highly anticipated ICRYPEX TOKEN (ICPX) is now available on ICRYPEX! Thanks to ICPX Stake, ICRYPEX TOKEN (ICPX) holders have the opportunity to earn additional returns with advantageous APR rates.
First, let’s take a brief look at what staking as a financial product means globally and then explore the privileges of the ICPX Stake model.
Start Staking with ICRYPEX TOKEN (ICPX)!
What is Stake?
Staking is one of the most popular and sought-after financial transactions in the cryptocurrency markets.
It is when users lock a specific crypto asset for a certain period of time and are rewarded for doing so. That is, earning a return on crypto assets that are locked.
Another working method of staking involves users locking a specific crypto asset to contribute to a specific task on a cryptocurrency network or to increase the security of the network. Consensus algorithms such as Proof-of-Stake (PoS) and Delegated Proof-of-Stake (DPoS) are built on such a staking system.
In ICPX Stake transactions, users simply lock their ICPX tokens on the ICRYPEX platform. The locking of assets by users on ICPX Stake is not an effort to contribute to any cryptocurrency network or to increase the security of the network.
What is ICPX Stake?
ICPX Stake is a financial product created specifically for ICRYPEX TOKEN (ICPX). It is designed to benefit only ICPX token holders. ICPX token holders are rewarded for locking their assets. Although the operation of the system is similar to earn in ICRYPEX, ICXP Stake participants may receive a more favorable APR rate compared to other staking transactions. In this way, they will also increase their return. The biggest difference is that the ICPX Stake transaction takes place entirely on the blockchain. ICPX token is developed on the Avalanche C-Chain.
How Does ICPX Stake Work?
Users need to create a C-Chain staking address in order to start trading ICPX Stake. Afterwards, ICPX Stake transactions can be started.
The ICPX staking process works as follows:
- Users must first create a staking address on the C-Chain on the ICPX Stake page.
- Then, again via the ICPX Stake page, the amount of ICPX token from the spot wallet balance in ICRYPEX to the C-Chain stake address created in the first stage and the amount of the fee to be paid to the blockchain with Avax in transactions must be transferred. *The amount of AVAX to be transferred must be at least 0.2 (may vary).
- A user with enough ICPX tokens and AVAX at the C-Chain staking address can start trading ICPX Stake by visiting the ICPX Stake page.
Once the necessary conditions have been met up to this point, starting the ICPX Stake trade proceeds in a similar way to earn trades. For the ICPX Stake transaction, the process starts after entering the token amount to participate, selecting the lock period and confirming the transaction. Data such as rate and amount of return can be displayed before confirming the trade.
*It should be underlined that all transfers and staking transactions will take place and be visible on the C-Chain blockchain. Transactions made from the C-Chain staking address can be viewed on the ICPX Stake page in separate tabs as open or closed transactions.
The rate of return offered to users when they start trading ICPX Stake will be valid for the lock-up period of their choice. However, this rate may vary from day to day or within a day.
When ICPX Stake reaches the end of the lock period, the users’ reward (return) is automatically sent to the C-Chain stake address together with the locked ICPX tokens. This reward will be sent to the C-Chain staking address and the amount of tokens initially locked can be viewed on the ICPX Stake page.
It should be underlined that the ICPX Stake return to be sent to the *C-Chain stake address and the amount of tokens initially locked can only be viewed on the ICPX page. If users want to trade these assets, participate in Liquidity Gainsharing, etc., they need to transfer their balance from the C-Chain staking address to the spot wallet.
It’s an important point:
ICPX Stake transactions with the C-Chain stake address in ICRYPEX will automatically return the locked ICPX tokens to the C-Chain stake address.
How to Participate in the ICPX Stake?
In order to stake ICPX tokens, a staking wallet must first be created. The ICPX amount on the spot wallet is then transferred to this wallet and the staking process is initiated.
The process is detailed below:
Step 1 – Wallet Transfer
First, if you are not logged in to your ICRYPEX account, log in. Then visit the ICPX Stake page.When you visit the ICPX Stake page, your staking wallet address will be automatically generated. On this page you can see your staking address under Stake Wallet.
Then click on the ICPX logo in the ‘Cryptocurrency’ section under the ‘Wallet Transfer’ heading and enter the amount of ICPX tokens you want to send to the staking wallet you created for staking in the ‘Transfer Amount’ section below this field.
Then, after checking the transfer details under the ‘Transfer Summary’ heading in the block area on the right side, click the ‘Transfer’ button to complete the ICPX token transfer to the stake wallet. Repeat the same process for the AVAX cryptocurrency so that the blockchain fee on Stake transactions can be paid. To start the ICPX Stake transaction, at least 0.2 AVAX (subject to change) must be sent to the staking wallet address. This is the amount that needs to be held in reserve in the staking wallet to cover fluctuating network fees. After the procedure, this tatar can be recovered after deducting the costs.
Step 2 – Start ICPX Staking
After the transfer from the spot wallet to the staking wallet is completed, enter the amount of ICPX tokens to be staked in the ‘Stake Amount’ field under the ‘ICPX Stake’ heading.Staking can be started with at least 50 ICPX tokens.Then decide how many days you want to participate in the ICPX Stake in the duration section. The amount of return varies according to the number of days selected.
In the block on the right, under the ‘Details’ heading, you can view the staked amount, duration (days), YYY (Annual Percentage Rate), total amount of earnings. After checking this information, click on the box to the left of ‘I have read and approve the Staking Agreement’ to confirm the relevant agreement.Remember to read the Staking Agreement before giving your consent.
Then you can start ICPX Staking by clicking on the ‘Stake’ button below. The cost indicated here is the network fee. To start the ICPX Stake transaction, at least 0.2 AVAX (subject to change) must be sent to the staking wallet address. This amount is subject to change, it is the amount that needs to be held in reserve in the staking wallet to cover network fees as mentioned in the ‘Wallet Transfer’ section.
That’s how to start trading ICPX Stake! You can view all details about ICPX Stake transactions in the ‘Open Transactions’ section on the ICPX Stake page.
Can ICPX Staking be Canceled?
In order to cancel ICPX Stake, 14 days must pass from the start of the staking process. In addition, those who want to cancel ICPX Staking must have an average of 0.2 AVAX in their C-Chain staking address. This amount cannot be transferred to the spot wallet if there is an active staking transaction. However, if there is a balance of more than 0.2 AVAX in the staking address, the balance of more than 0.2 AVAX can be transferred to the spot wallet even if there is an active staking transaction, leaving 0.2 AVAX in the staking address. During ICPX Stake transaction cancellation, 0.020 AVAX is deducted from the users’ C-Chain staking address. This deduction will be claimed by the AVAX network.
Meeting the above requirements users, follow these steps to cancel the ICPX Stake transaction they can follow.
Step 1 – The Cancellation Process Initiation
ICRYPEX Stake page ICPX token stake, which continues from the ‘Open Trades’ section below You can view your transactions. Which transaction you want to cancel, Under the ‘Action’ heading, click on the corresponding ‘Cancel’ button. If ICPX If it has not yet been 14 days since the start of the staking transaction, the ‘Transaction’ heading the ‘Cancel’ button will not appear.
Step 2 – Cancel Confirmation
Cancel from the screen that appears You can view the details of the ICPX Stake transaction you want to make. After performing the necessary checks, click the ‘Confirm’ button to trade ICPX You can cancel the Stake transaction. To cancel ICPX Stake The C-Chain stake address must be 0.2 AVAX.
After canceling the ICPX Stake transaction then the principal will be credited to your C-Chain staking address within a few minutes will be sent. After that, the principal can be transferred to the spot wallet. ICRYPEX You can also cancel from the ‘Closed Trades’ section at the bottom of the Stake page. ICPX Stake transactions can be displayed.
What is the C-Chain Stake Address Used in ICPX Staking and Why is it Necessary?
The C-Chain staking address is an address generated for users to start trading ICPX Stake. It is generated automatically when the ICPX Stake page is visited. This address is used so that transactions can be carried out securely and the user can track their transactions.This address is automatically generated when entering the Stake page.
What is the Minimum Number of ICPX Tokens Required to Participate in the ICPX Stake?
ICPX Stake transactions can be participated with a minimum of 50 ICRYPEX TOKENS (ICPX).
What is the Rate of Return on ICPX Stake Trades?
Users who want to participate in the ICPX Stake transaction can evaluate their assets with advantageous APR rates. These rates of return vary depending on the number of days to be selected in ICPX Stake transactions. To view the advantageous APR rates offered exclusively for ICRYPEX TOKEN (ICPX), please visit the ICPX Stake page.
Can the Rate of Return Change in ICPX Stake Trades?
The rate of return on ICPX Stake trades may vary from day to day or from day to day. However, the rate of return offered to users when they start trading ICPX Stake remains unchanged. This means that the rate of return promised to users by ICRYPEX will still be valid at the end of the lock-up period.
What are the Day (Duration) Options for ICPX Stake Trading?
Users who want to stake with ICRYPEX TOKEN (ICPX) are offered 4 different options in terms of days (duration). Each user is free to choose their staking period according to their strategy, from 30, 60, 90 or 120 days. The rate of return changes as the number of days to trade stakes increases.
Are Users Charged a Commission for Participating in ICPX Stake Trades?
Yes, users will be charged 1 ICPX token for each ICPX token transfer to the C-Chain staking address to start ICPX Stake transactions. In addition, users need to pay a network fee for AVAX assets to be sent to the C-Chain staking address. However, this amount is not claimed by ICRYPEX.
Why Users Should Have a Minimum of 0.2 AVAX in their C-Chain Stake Address?
When starting ICPX Staking, users must have a minimum of 0.2 AVAX in the C-Chain staking address. This is because network fees vary depending on the status of the AVAX network. Therefore, in order for users to have no problems participating in the ICPX Stake, a minimum of 0.2 AVAX must be present in the C-Chain address. This can be recovered after deducting the costs of the Stake transaction.
Can the Stake Transaction Initiated with ICRYPEX TOKEN (ICPX) be Canceled?
ICPX tokens that are locked after the ICPX Stake is initiated remain locked for the selected number of days. It is not possible to cancel the transaction. Unlike earn trades in ICRYPEX, ICPX Stake starts earning returns as soon as the trade is initiated.
Which Cryptocurrency are Stakers Rewarded with ICRYPEX TOKEN (ICPX)?
Each user participating in the ICPX Stake is rewarded with ICRYPEX TOKEN (ICPX) in exchange for the ICPX token they lock.
Where to See the Stake Reward Earned with ICRYPEX TOKEN (ICPX)?
The prize won as a result of ICPX Stake transactions participated by creating a C-Chain stake address in ICRYPEX is delivered to the C-Chain stake address of the users. You can visit the ICPX Stake page to see this. Users can view the return generated by reviewing their wallet.
Can You Participate in ICPX Stake Trading via Wallet Applications?
The possibility to participate in ICPX Stake transactions through various wallet applications will be available to users very soon.
