How to Stake $MAG on Base and Ethereum Mainnet
MagnifyCash introduces $MAG staking, allowing holders to earn rewards by securing the network and contributing to its growth. This guide walks you through the staking process on both the Base network
What is $MAG Staking?
Staking $MAG involves locking your tokens into the MagnifyCash staking pool. In return, you earn rewards based on the number of tokens staked and the duration of staking.
Key Benefits:
Earn Rewards: Passive income from staking.
Support Decentralization: Contribute to MagnifyCash’s ecosystem security.
Flexible Options: Stake on Ethereum Mainnet or Base network.
Step-by-Step Guide to Stake $MAG
1. Prepare Your Wallet
Supported wallets: MetaMask, Trust Wallet, Coinbase Wallet, and WalletConnect-compatible wallets.
Ensure your wallet is connected to the network you wish to stake on: Ethereum Mainnet or Base Network.
Make sure you have $MAG tokens and a small amount of ETH or Base-native gas token for transaction fees.
2. Visit the Staking Platform
Go to the staking platform at: staking.magnify.cash.
3. Connect Your Wallet
Click the "Connect Wallet" button.
Choose your preferred wallet and follow the on-screen prompts to connect.
Select the network (Ethereum Mainnet or Base) where you wish to stake.
4. Select Staking Pool
Choose the staking pool based on your preferred network:
Base Network Pool
Ethereum Mainnet Pool
Each pool may offer different reward rates. Review the pool details and select the one that suits your needs.
5. Stake $MAG
Enter the amount of $MAG you want to stake.
Confirm the transaction in your wallet.
Wait for the transaction to be processed on the blockchain. Once completed, your staked balance will be updated, and you will start earning rewards.
6. Monitor Your Rewards
The staking dashboard provides real-time updates on your rewards and staking balance.
Rewards are distributed periodically and can be claimed at your convenience.
7. Unstake (If Needed)
Navigate to the staking dashboard and select the "Unstake" option.
Enter the amount of $MAG you want to withdraw from the staking pool.
Confirm the transaction in your wallet.
Note: Some pools may have a minimum staking period or early unstaking penalties. Review the pool terms before unstaking.
Tips for Staking $MAG
Use the Base Network for Lower Fees: The Base network offers lower transaction costs compared to Ethereum Mainnet, making it ideal for smaller staking amounts.
Stake Long-Term for Higher Rewards: Longer staking durations may yield better rewards in certain pools.
Keep Gas Fees in Mind: Ensure you have enough funds to cover transaction fees.
Frequently Asked Questions
1. Is there a minimum amount of $MAG required to stake?
No, you can stake any amount of $MAG unless specified by the pool.
2. Can I stake on both Ethereum Mainnet and Base?
Yes, you can stake $MAG on both networks, but rewards are managed separately for each network.
3. How often are rewards distributed?
Rewards are distributed periodically, depending on the pool’s structure. Check the staking dashboard for updates.
4. What happens if I unstake before the minimum staking period?
Early unstaking penalties may apply if the pool specifies a minimum staking period. Always check pool terms before staking.
Start staking your $MAG today and earn rewards effortlessly! Visit staking.magnify.cash to begin.
Last updated