With Tangem Wallet, you can safely store and profit from your crypto assets. One way you can earn money is by staking coins and tokens.
Staking generates passive income by locking a specific cryptocurrency in your wallet for a set duration, earning rewards in return.
You can stake cryptocurrency in your Tangem wallet via the WalletConnect protocol.
For example, here’s how to stake Avalanche (AVAX) on the BENQI decentralized platform.
Connecting Tangem to BENQI with the Wallet Connect protocol
Add Avalanche (AVAX) to your Tangem Wallet.
Go to https://staking.benqi.fi/stake and click Connect wallet at the top of the page.
Choose WalletConnect from the list of protocols.
Tap View All in the window that pops up.
Type Tangem in the Search wallets field, press the Tangem icon, and tap Open.
You will be directed to the Tangem app. Press Start on the page that appears.
You are now connected to the BENQI platform.
Staking AVAX
Go to the BENQI page, enter the amount of AVAX that you want to stake, and click Stake.
Go to the Tangem app and tap Sign and send in the window that appears.
Sign the transaction — tap your Tangem card to your smartphone and enter the access code.
A slightly smaller amount than you specified has been blocked because the service takes a commission.
In exchange for the locked AVAX tokens, you receive sAVAX (staked AVAX) as displayed in your wallet. If you do not see this token, add it via the Manage Tokens button in the Tangem app.
As long as your AVAX is staked on BENQI, you can exchange sAVAX for stablecoins, deposit them in a liquidity pool, etc.
Unstaking AVAX
You can unstake your AVAX tokens no earlier than 15 days after you staked them.
Go into BENQI and click Unstake.
Enter the amount you want to unstake and click Unstake.
Return to the Tangem app then tap Sign and send in the window that appears.
Sign the transaction with your Tangem card.
Your sAVAX will disappear, while the AVAX and the accrued interest from staking will be credited to your wallet.