What is FTM staking and how does it work ?
FTM staking is a process by which users can earn rewards for holding FTM tokens.
It works by allowing users to lock up their FTM tokens in a smart contract, and in return they receive rewards in the form of additional FTM tokens. The amount of rewards earned depends on the amount of FTM tokens locked up, as well as the total amount of FTM tokens locked up by all users. The process is relatively simple.
First, users must create an account on the Fantom network and purchase some FTM tokens. Then, they can use their wallet to lock up their FTM tokens in a smart contract. This will start the staking process and they will begin to receive rewards in the form of additional FTM tokens.
The rewards are distributed periodically, usually every week or month depending on the network parameters. In addition to earning rewards for staking, users can also participate in governance decisions related to the Fantom network. This includes voting on proposals that affect how the network operates and how funds are allocated within it.
By participating in governance decisions, users can help shape the future of Fantom and potentially earn additional rewards for doing so.
