Complete guide to staking KOMODO, how to earn passive income with KOMODO
What is Komodo?
Komodo is a ZCash fork centered on privacy. Komodo’s multi-chain design allows projects to build their own ecosystem via Komodo’s scalable infrastructure. Komodo is secured with the hashing power of the Bitcoin network by stoing a blockhash onto the Bitcoin ledger every 10 minutes.
How much can I earn from holding Komodo?
On Komodo’s official wiki site, the Komodo stake/reward is listed as 5%. However, after block height 1000000, there is a slight change in the reward where the payout is made monthly and with compounded interest, total rewards will be closer to 5.1%.
How do I stake my KOMODO coins, and how do I earn rewards?
The staking reward starts accumulating 1 hour after you hold over 10 KMD in your wallet. To get these rewards, your wallet does not need to be online. The only requirement (aside from the minimum 10 KMD tokens) is that you hold your private key – keeping your coins on an exchange will not get you your share of the minted rewards.
First, you must purchase some KMD tokens. You can do that from within the wallet, but I purchased on Binance and then transferred to my wallet.
This video describes step by step how to claim your KOMODO rewards in the official Agama wallet
What else do I need to do to earn Komodo staking rewards?
Komodo says that under the new, monthly staking calculation, there are some new rules to ensure you keep earning staking rewards. In order to keep the network active, Komodo staking now requires you to complete a transaction each month in order to earn the maximum passive income for staking.
Luckily, even though it sounds confusing, it isn’t. Right in the Agama wallet, there is a way to check how much longer until you will stop earning rewards.
Next to your KMD staking rewards, by clicking on the ‘claim now’ button in the Komodo Wallet, you’ll see a popup with some time details.
After clicking the claim button, you will be shown a notification in the wallet that the transaction is scheduled, and in a few minutes you will see the transaction complete in your wallet.
Now, by clicking on the ‘claim now’ button again (which no longer says claim now because you don’t have any Komodo rewards to claim), you will see that the timing until the reward stops has been updated.