Cryptocurrency traders love staking their assets because it is an easy way to earn passive interest. Rather than having your funds sit idly by, participating in the Proof-of-Stake consensus mechanism will yield you juicy rewards. The more you stake, the more you earn!
Depending on the protocol, you will need to manually claim your rewards or let your staked rewards auto-compound. Users will be able to identify which protocols require manual claim by navigating to the token profile in the Steakwallet app.
On the staking profile screen, tap Staking info to confirm if manual claim is required.
Automatic Reward Claiming
Some protocols will be subject to automatic rearward claiming, such as the Graph ($GRT). Locked $GRT tokens can be staked to earn more $GRT, and you will see your overall balance increase without having to do anything. Since your earned rewards are automatically added to your total staked balance, your staking income will compound, allowing you to earn rewards on top of your rewards.
Manual Reward Claiming
Alternatively, other protocols require you to manually claim your rewards. Tokens on popular protocols like Cosmos ($ATOM), Terra ($LUNA), and Osmosis ($OSMO) subject stakers to manual reward claiming.
To manually claim staking rewards, navigate to the token profile page. Under Staked Balance, find a box labeled Claim Rewards. If you have unclaimed rewards, the amount you have earned will be listed. To claim, simply tap Claim twice. Voilà – your rewards will now be reflected under Available Balance.
Don't forget to re-stake these rewards to maximize your returns. Since claiming rewards and staking are both on-chain transactions, they require a transaction fee. Make sure to put aside enough tokens to cover those transaction costs.
If you don't claim your rewards and re-stake them, you're missing out on extra compound yield and will not earn the highest possible APY.
Learn more about how to claim staking rewards.