HOW TO PARTICIPATE IN STACKING
How to Stack
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| credits: stacks.co |
Hi there, if you have been following my recent posts here, you are probably asking yourself how to take the next step and stack with Stacks, and if you are new, you are not lost either, this will be very easy to grasp though I would highly recommend you to check my past posts here and here to get a general idea on what stacking is and what STX is. So without wasting any time let us delve right into it!
Which Stacking methods are there?
Generally, there are two methods in which you can participate in Stacking and these are :
- Delegated Stacking
- Self Stacking
So to know which one best suits you, let us look at them individually.
Stacking as an individual
This is when you meet the required minimum (currently around 80,000 STX) as shown in the screenshot below:
To participate in self stacking there are several ways one can make use of, examples of wallets one can use are the Hiro wallet which you can download here, and also for mobile there is Xverse wallet available for download here. Through the wallet, you can choose to lock your STX for a specific number of cycles (one cycle lasts about 2 weeks). The rewards from stacking are paid out in BTC and the amount of BTC to be earned varies with different factors that affect this outcome (you can read more about that here.
Delegated Stacking - non-custodial
This is whereby one has some STX they want to stack but it does not meet the required minimum to stack, so it works by different STX holders pooling their funds together to be able to reach the required minimum, the good thing about it too is that it is very secure and guards against scams, because the stacked funds do not leave your wallet but, are just locked up in that very wallet for the number of cycles you choose. To participate in this way of Stacking, you would need to first set up an STX wallet either on Hiro or Xverse wallet. There are several pools available to participate in and I'll list a few here and their respective websites and minimums:
Check out the above to see which best suits you.
Delegated Stacking - Custodial
This is whereby one wants to stack but does not meet the required minimum to stack by ones' self, so some services help with pooling of funds together to meet the minimum. The difference between this method and the noncustodial is that here the one stacking has to send their STX to a specific wallet then later can then withdraw. Examples of services offering this are:
Most custodial delegation stacking pools do not have fees and payments are done daily from the start of a new cycle.
Conclusion
From the information I have been getting from fellow STX holders, people seem to have different preferences when it comes to which way is the best way to Stack, though I personally favor the delegated non-custodial Stacking. 😀
If you need to learn more about Stacking, check out this link. Happy Stacking!!!
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