Elite Cash offers a passive income program for its users where stakeholders can earn up to 33% ELC per month by staking their ELC tokens in the Elite Cash PoS system.
Staking is the process by which a token holder of an underlying asset receives income in the form of staking rewards.
Before you can receive rewards, you first need to purchase ELC tokens. The staking program utilizes a consensus mechanism called Proof-of-Stake (PoS).
You can receive a fixed or floating interest rate when you deposit fiat currency, and this interest is measured on an annualized basis and applied daily. Similarly, staking allows you to lock your crypto tokens and earn interest.
What is ELC Staking Program on PoS?
Elite Cash offers a passive income program for its users where stakeholders can stake their tokens in the Elite Cash PoS system to earn up to 33% interest per month. Stakeholders will be rewarded with ELC coins each month.
Staking is the process by which the ELC PoS system generates interest or reward in the form of ELC.
Now that we've introduced the PoS staking mechanism, it's time to explore some simple steps to do so.
Step #1 - Buy ELC tokens
All you need to do is visit the Elite Cash website, connect Metamask wallet, and buy ELC coins. Apart from that, you can also buy ELC from the Hotbit exchange.
Step #2 - Stake ELC tokens
When you have your ELC tokens ready with you, visit the Elite Cash website, and opt for the PoS staking. After that, enable the PoS staking pool, and enter the amount of ELC coins you wish to stake. You can see your position in the staking pool, and your interest rate will be shown prior to enabling your ELC staking pool.
Step #3 - Track your returns in realtime
As soon as you stake your coins, your earning will start right away, and you can see your ELC rewards in the dashboard.
Step #4 - Harvest your returns
Once you decide to cancel the PoS staking pool, you can click on the "Disable" button to remove all your ELC coins from staking, and your principal amount with returns will be credited to your account.
Step #5 - Compound Interest
If you decide to keep your ELC in the staking pool, you can choose to compound your returns by adding your earned ELC rewards into the pool.
How much can you earn by staking ELC in PoS?
The PoS staking mechanism offers different interest rates according to the position they hold. The first 1,000,000 users will get 33% interest per month. Stakeholders between 1,000,000 to 2,000,000 will get 16% per month.
Stakeholders between 2,000,000 to 3,000,000 will get 8% per month. Lastly, the figure goes to 4% from stakeholders between 3,000,000 to 30,000,000.
Staking has several advantages for crypto holders. It eliminates the need to install expensive mining equipment, such as high-end GPUs and ASICs, associated with Proof-of-Work (PoW) systems.
On top of that, there is no technical knowledge required to participate in the staking mechanism. Most of all, you can have a predictable source of income. Instead of holding your tokens in your wallet, staking enables you to generate passive income.
Join the ELC staking program that indeed leads to value growth.