Young Platform

Guide to activating Staking on Young Platform

Filippo Iachello

October 7, 2024

5 min

Learn how to activate on-chain staking and earn new cryptocurrencies as rewards automatically and regularly.

What is Staking?

Staking allows cryptocurrency holders to participate actively in a blockchain network by “locking up” a portion of their assets for a certain period in exchange for rewards. Simply put, by staking, you’re contributing your crypto to support the network’s functionality and security, and you earn new crypto in return.

In staking, the right to validate transactions is linked to the number of coins “locked” in a wallet. Like mining in Proof of Work (PoW), stakes are rewarded for verifying transactions or finding new blocks. This reward is paid in the form of new tokens.

Note: Staked assets cannot be traded or used for buy/sell orders during the staking period, as they are locked on the blockchain.

Why does staking offer rewards?

Staking rewards come from the consensus mechanism of specific blockchains, such as Proof of Stake (PoS). By staking, you help validate transactions and maintain the network’s security, ensuring its decentralised and secure operation. In return, you earn new tokens, depending on how much you stake and how long it’s locked.

Note:

The more tokens you stake, the greater the rewards.
The longer you stake, the higher the rewards.

Staking on Young Platform

Young Platform offers two types of staking:

Liquid Staking on Ethereum (ETH)
Proof of Stake on Solana (SOL) – COMING SOON

Buy and stake ETH

Benefits of staking with Young Platform

Ease of Use: Young Platform’s centralized platform provides a simple staking experience, making DeFi accessible even to those unfamiliar with the space.
Convenience: Easily stake your idle assets and receive new tokens proportional to the staked amount.
Regular Payments: Earn rewards according to the blockchain protocol.
Flexibility: Closing your stake at any time after activation.
Security: Young Platform uses industry-leading providers to ensure safety.

Minimum and maximum staking mmounts

Ethereum (ETH): Minimum 0.02 ETH; Maximum 3 ETH per single stake.
Solana (SOL): Minimum 0.3 SOL; Maximum 70 SOL per single stake.

For larger amounts, you can create multiple stakes of the same cryptocurrency.

Total Maximum Amounts

Ethereum (ETH): Total quantity maximum in stake 300 ETH

Use the converters below to see the equivalent value in Euros:

How to activate staking on Young Platform

Step 1: Buy Cryptocurrencies

You need a minimum amount of crypto to activate staking. Here’s how:

Deposit funds to your account via bank transfer or card (read the guide).
From the homepage, click “Buy”.
Select Ethereum or Solana.
Enter the amount.
Click “Continue” to complete the purchase.

Note: You can stake a single coin or multiple coins simultaneously.

Step 2: Choose Staking

Access the “Staking” section from the homepage. Alternatively, enter the dedicated section for these cryptocurrencies from the SOL or ETH Market Page or your wallet.
Select the type of staking: Proof of Stake or Liquid Staking. If the cryptocurrency supports both types, you can activate both.
Understand the APY (Annual Percentage Yield): You’ll see an APY figure representing the potential yearly yield during the selection. It’s an average of the last 30 days (for Ethereum) or recognised by the network at that precise moment (for Solana) and may vary depending on market conditions. Therefore, this value may vary over time. The APY is shown after the applicable fees.

Note: Rewards are credited to the staked cryptocurrency. If you stake ETH, you earn new ETH tokens.

Step 3: Activate Staking

After selecting the type of staking, you’ll see its details, including:

Club Reward: Members of our Club receive extra rewards in YNG tokens.
Activation Time: The time required for staking to go live on-chain after creation. During this period, no rewards are earned.
Reward Credit: Frequency of rewards and whether they’re compounded automatically.
Closing Time: The time needed to unlock your assets and transfer them back to your main wallet upon stake closure.

For a complete overview, check out the Fees and Pricing page.

Note: Each protocol has a different structure and staking mechanism. These protocols are maintained and supported by various third-party projects that are distinct and separate from Young Platform.

Step 4: Insert Amount

Read the information sheet and enter the amount of crypto you want to stake. Remember to check the minimum required for each coin. Thanks to the euro equivalent displayed, you’ll know exactly how much you’re staking in traditional currency.

Once confirmed, review the summary and finalise.

Note: The euro value of the rewards is calculated by applying the APY to the staked amount. However, this is only an estimate—actual rewards may vary due to market conditions and the network status.

Monitoring your staked assets

Once activated, monitor your stakes in the Active Staking section. You can also view the stake’s history, current status, and any earned rewards. Possible states include:

ACTIVATION: Staking is being activated on the blockchain.
ACTIVE: Staking is live, and you’re earning rewards.
CLOSING: You’ve requested to close the stake; the assets are unlocking.
CLOSED: Staking is fully closed, and rewards are no longer earned.

In this summary screen, you’ll also see:

Staking Reward: the total new crypto you have received as a reward.
Club Reward: YNG tokens earned.
History: Includes creation date, activation date, first reward date, and more.

Rewards begin accruing only after the validator activates and processes staking. If you withdraw early, rewards may not be paid. Rewards are based on estimated validator earnings, which are the gross of the Young Platform’s fees.

Young Platform does not guarantee specific rates or returns. The first reward might take longer due to activation time and validator performance.

What’s next?

Great job getting this far! Now, it’s time to aim higher. Move on to the next chapter:
Guide: creating new stakes for adding funds to existing ones