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DeFi stands for Decentralized Finance. It describes the idea of not needing a trusted third-party to execute financial services, but with a blockchain in its place to enable people, and in the future, machines to become their own bank for these services, removing counterparty risks.
How to stake DeFiChain
There are two ways to stake DeFiChain:
- The easiest way is to use different staking providers such as Cake DeFi.
- The second way is to run your own masternode
Setting up a masternode on DefiChain allows you to participate in the consensus protocol and receive staking awards. One thing to note is that in order to set up a masternode, you must have a minimum of 1 million DFI tokens.
Please note that you need to have some basic familiarity with the Linux terminal to do it.
Here is the official instruction on how to stake DeFiChain.
A blockchain dedicated to fast, intelligent and transparent decentralized financial services, accessible by everyone.