Another tutorial provided for free by https://cryptoversity.com
Lean HIVE here:
Hi there guys this is Chris Coney speaking and welcome back.
In my last video I showed you how to use EOS PowerUp to automate the renting of network resources.
My last video is available on LBRY, HIVE and YouTube.
In this video I’m going to show you how to be on the receiving end of those fees by staking your EOS to the Resource Exchange, also known as the REX.
While the passive income may be the primary reason you want to do this, the other two benefits are:
Security - Because unstaking takes 5 days which means even if your account is compromised there’s a 5 day delay before someone can run off with your money.
The other is that by locking up EOS it helps the price a bit by reducing the amount in circulation.
So staking EOS to the REX is as simple as this.
You come to the EOS Authority Dashboard… (a link to which is in the video description)...
You click Add Account to log in with your EOS account (again I’m using the latest version of the Greymass Anchor wallet for this…)
Then I click on REX…
Then Lend/Unlend REX…
Then scroll down to the green section ‘Lend to Rex’...
Enter the amount of EOS I want to stake in the REX…
I’ll put in the 3 spare EOS I have in this account, so I’ll enter the number 3…
Then a quick reminder here that once you lend to the REX you will need to wait 5 days before you are able to withdraw your EOS again.
Then when I’m ready I click Lend to REX and then sign that transaction with my wallet…
And that’s it. I’ll now start receiving a share of all those PowerUp fees as people continue to rent network resources.
By staking into the REX I then technically get REX tokens to represent my share in the rewards pool.
I can come back to this tool at any time and check out My personal stats.
EOS Authority displays these at the top...
Then when I want to get my money out, I just use the red section ‘Unlend from REX’ to do the transaction in reverse.
If I want all my money out I just click MAX…
Unlend from REX, then sign that transaction with my wallet…
Remember again that I have to wait 5 days after initiating the unstake for it to be returned to my wallet.
One final note on how to maximise your earnings from the REX.
You can do that by sharing my last video, which teaches people how to setup EOS PowerUp.
The more EOS users who get this setup, the easier time they will have using the network and the more fees will be generated for stakers.
Other than that, I’m done.
So that’s all for this tutorial on how to earn passive income from the EOS REX.
Until the next one, it’s me Chris Coney saying, bye for now.