Don’t just hold LTO in your exchange wallet. Stake LTO. You’re missing out on LTO staking rewards if you’re simply hodling.
It is, however, a little trickier to stake than some other cryptocurrencies.
But, with that being said, this tutorial will walk you through the whole process–step-by-step.
Buy some LTO if you haven’t already
- It’s available on most exchanges – If you haven’t already got some, you can buy some from an exchange. You can use Uniswap to buy LTO if it’s not available on your exchange. It’s definitely on there.
- Beware, exchanges tend to use the ERC-20 version – Most exchanges are currently trading the tokens in ERC-20 format, but you’ll need mainnet LTO tokens if you want to stake them. Swapping your ERC-20 tokens is easy to do and also covered in this guide.
As I mentioned previously, it’s likely that you’ll be trading the ERC20 token version of LTO, which is perfectly fine. It just means you’ll have to swap them for mainnet tokens later on in the tutorial.
- LTO is available on Binance – My favourite exchange, and trades against BTC & USDT. If you’re buying a smaller amount I’d say go with Binance because Uniswap fees are pretty high at present due to ETH’s gas prices.
Create an LTO mainnet wallet
Go to the LTO mainnet wallet site.
Then create a new wallet. The process is really simple and user-friendly. I know it’s a little strange creating a decentralised wallet via a web client, but there are worse ways it could play out. Just make sure that you’re using the correct site, there’re plenty of scams out there.
- Store your credentials in a safe place – They’ll ask for a wallet name and password, and they’ll give you a seed phrase. Store all of these in a safe place. I’d personally make multiple copies, just in case.
- Make sure to store all components – The strange thing about LTO Network’s wallet is that when you import your account again in the future, it will ask for all three components; seed, account name and password; so just be super careful that you don’t lose these or skip ahead too soon.
Exchange ERC-20/BEP-2 LTO for MAINNET LTO (if required)
This is the bit I’ve been talking about since the start of the article. The need to convert to mainnet tokens.
It’s really simple, and they’ve catered for the conversion process from within the wallet.
- You need the Bridge – In the wallet, go to the Bridge tab. This will take you where you need to be. Here you can exchange your ERC-20 or BEP-2 tokens for real LTO.
- Double-check you’re using the correct token type – Whichever applies to you, you should choose. If you’re not sure what you’ve got, you should be able to find out via your exchange–they should state which network they’ll be sending their tokens on upon withdrawal.
- BEP-2 is actually more cost-efficient than ERC-20 – Chances are, that on withdrawal of your LTO tokens, they’ll offer multiple routes. If you can get BEP-2, it’ll be cheaper than ERC-20, and likely quicker too; Binance Smart Chain is far more cost-efficient than Ethereum at present–though this may change in the future.
- ERC-20 can incur hefty fees – In my case, I sent ERC-20-based LTO. And incurred some hefty Ethereum fees to transfer it, but, that’s the way it goes. At least you’re wise to this now!
- Fee notices – They will give a notice that you’ll be charged 10 LTO, which is the standard network fee for transferring your LTO tokens. It’s not much at the moment, but may be more expensive in the future if/when the price appreciates.
Click next and they’ll generate an ERC-20 LTO address for exchange.
Then send funds to the wallet so they can perform the swap. I sent mine via MetaMask.
After waiting on the transaction, my coins eventually arrived and were swapped by the LTO network wallet’s bridge. The transaction was pretty fast.
After pending, we can see the tokens arrived, and the 10 LTO fee was subtracted as we had previously agreed too.
Send LTO to your wallet
If you went through the Bridge process above, ignore this step.
You can find you wallet address at the top of wallet dashboard. Send your funds here.
Note, do not send funds to my wallet by accident, everyone’s wallet address is different. Though, if you do want to donate, feel free!
Start leasing, so you can stake LTO!
Go to the Leasing tab. And here you’ll be able to start leasing.
Leasing allows you to delegate (lease) your tokens to a node. The node will then pay the rewards.
There are numerous nodes that you can choose from. Each node has different payout approaches.
You can check the LTO node list, and payout information, on LTO’s Google Sheet.
I personally chose Stakely.io, as they automatically compound earnings and withdrawals are automated.
You’re charged a fee of 1 LTO to begin staking.
We’re then able to monitor our staked funds!
First buy some LTO. If it’s ERC-20 and BEP-2 format, don’t worry. Create an LTO mainnet wallet. Convert your LTO to mainnet LTO if required, otherwise just send to your wallet.
Then lease (stake) your LTO to an LTO node.