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Staked NEAR

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Discover Staked NEAR's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Staked NEAR?

Staked NEAR (STNEAR) is a cryptocurrency token that operates on the Aurora platform. It allows users to participate in the NEAR network's Proof-of-Stake (PoS) consensus mechanism, enabling them to earn rewards by staking their tokens with validators. This process contributes to the security and decentralization of the network. STNEAR tokens can be staked using various wallets, and users can earn rewards while supporting the NEAR ecosystem.

How is Staked NEAR used?

Staked NEAR (STNEAR) is a token that represents the value of staked NEAR tokens on the NEAR Protocol. It allows users to simultaneously earn staking rewards and utilize their staked assets in other DeFi protocols, providing additional yield opportunities. This liquid staking solution enables users to benefit from staking rewards while still being able to use their NEAR tokens for other purposes.

How do I store Staked NEAR?

To store Staked NEAR (STNEAR) tokens, you can use various wallet options that support NEAR and staking. Here are some steps and recommendations:

  1. Choose a Crypto Wallet:

    • Select a reliable and secure wallet that supports NEAR and staking. Popular options include Exodus, Ledger, NEAR Wallet, Trust Wallet, and MetaMask.
  2. Set Up Your Wallet:

    • Create an account by providing personal information and a strong password. You will be given a secret recovery phrase or seed words. Record these carefully to ensure you can recover your wallet if needed.
  3. Transfer Funds:

  • Buy your base currency (e.g., Bitcoin, Ethereum, or Tether) on a cryptocurrency exchange platform. Then, transfer these funds to your chosen wallet.
  1. Buy Staked NEAR (STNEAR):

    • Use a decentralized exchange (DEX) that supports your wallet. Connect your wallet to the DEX and trade your base currency for STNEAR.
  2. Store and Stake:

    • Once you have STNEAR in your wallet, navigate to the staking section. Choose a validator and enter the number of tokens you want to stake. Confirm the transaction to complete the staking process.
  3. Monitor and Unstake:

  • You can view your staked tokens and rewards in the staking dashboard. To unstake, select the "Unstake" option and enter the amount you want to withdraw. Note that unstaking takes approximately 52-65 hours.

Remember to always follow best practices for securing your wallet and recovery phrase to ensure the safety of your tokens.

How to buy Staked NEAR?

To buy Staked NEAR (STNEAR) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that works well in your area and accepts your payment method. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Consider the type of wallet suitable for your trading preference, such as hot wallets for frequent trading or cold wallets for long-term storage.

  2. Set up your Wallet: Create an account, provide personal information, and set a strong password. You will receive a secret recovery phrase or seed words, which are crucial for wallet recovery in case of loss.

  3. Buy a Base Currency: Choose a cryptocurrency exchange platform and buy a base currency, such as Bitcoin, Ethereum, or Tether, which you will use to trade STNEAR.

  1. Transfer Funds to Your Wallet: Withdraw your base currency to your crypto wallet by providing your wallet address and the amount you want to transfer.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as Pancake Swap. Compare trading fees and liquidity of the trading pairs before making a choice.

  3. Buy Staked NEAR (STNEAR): Connect your wallet to the DEX, select STNEAR from the list, and enter the amount you want to trade. Be cautious of market trends and diversify your portfolio to minimize risks.

  1. Locate Smart Contracts if Needed: If STNEAR is not listed on the DEX, use tools like BscScan or Etherscan to find the smart contract address and paste it into the DEX to complete the transaction.
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History of Staked NEAR

Staked NEAR (STNEAR) is a cryptocurrency token that operates on the Aurora platform. The token represents staked NEAR, which allows users to earn rewards while their NEAR tokens are staked. The stNEAR token is a NEP-141 token managed by the MetaPool contract, representing a user's share of the MetaPool stake.

The history of STNEAR is closely tied to the MetaPool platform, which was initially designed to provide staking services for NEAR tokens. The platform allowed users to stake their NEAR tokens and receive stNEAR tokens in return, which could be used in other markets while still earning rewards. The stNEAR token's price increases with each epoch as staking rewards are added to the pool, making it a valuable collateral asset in the NEAR ecosystem.

The MetaPool platform also has its native governance token, $META, which was distributed to users who staked on the platform. The distribution of $META tokens was initially done once per epoch but later changed to once per week. The total supply of $META tokens is capped at 1 billion.

STNEAR has been traded on various exchanges, including Binance and Coinbase, and its price has fluctuated over time. As of recent data, the token's price has seen significant changes, with a 24-hour trading volume of $48,886 and a market capitalization of $2,716,387. The token's all-time high was recorded on May 5, 2024, at $7,111.75, and its all-time low was on October 19, 2023, at $1.16.

Overall, the history of STNEAR is marked by its integration with the MetaPool platform, its use as a staking token, and its fluctuating market performance.

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How Staked NEAR works

The Staked NEAR (stNEAR) token is a crucial component of the Meta Pool ecosystem, which is designed to enhance the decentralization and security of the NEAR Protocol. Here's how it works:

Liquid Staking and stNEAR Token

When users liquid stake their NEAR tokens with Meta Pool, they receive stNEAR tokens in return. These stNEAR tokens represent the user's share of the Meta Pool stake and can be used in other markets while still earning staking rewards. The value of stNEAR tokens increases as staking rewards are added to the pool on each epoch.

Staking and Decentralization

Staking NEAR tokens through Meta Pool improves the decentralization of the network. Unlike staking directly through the NEAR Wallet, which only allows staking to one validator node, Meta Pool distributes staked NEAR across 95 validator nodes. This distribution ensures that the network is more decentralized, as it reduces the concentration of staked NEAR on the top ten nodes.

Security and Rewards

When users stake their NEAR tokens, they receive stNEAR tokens, which are secure and can be used in other markets. The staking rewards are distributed proportionally to each user's share of the total amount staked. Validators are responsible for securing the NEAR Protocol, and users earn rewards based on the performance of the validators they support.

Unstaking and Flexibility

Users have the option to unstake their stNEAR tokens, either immediately with a small fee (Fast Unstake) or through a traditional method that takes six days to complete (Delayed Unstake). This flexibility allows users to manage their staked assets according to their needs.

Overall Functionality

The stNEAR token is a key element in the Meta Pool ecosystem, enabling users to participate in liquid staking, earn rewards, and contribute to the security and decentralization of the NEAR Protocol.

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Staked NEAR's strengths

The token Staked NEAR (stNEAR) has several strengths that make it an attractive option for investors and stakers:

  1. Liquid Staking Token: stNEAR is a liquid staking token, which means it accrues value over time based on the price of NEAR plus the staking rewards. This allows stakers to benefit from both the token's price appreciation and the additional rewards earned through staking.

  2. Security and Fraud Prevention: NEAR's staking mechanism has an innate security and fraud prevention system, ensuring that stakers' assets are protected and secure.

  3. Flexibility: stNEAR can be unstaked immediately, providing stakers with the flexibility to manage their assets as needed.

  1. Passive Income: By staking NEAR, users can generate passive income through staking rewards, which can be substantial, with current annualized reward rates around 8.63%.

  2. Tokenization: stNEAR tokenizes staked NEAR, allowing it to be used as a NEP-141 token, which can be utilized in various DeFi protocols, further increasing its utility and potential for returns.

  3. Ease of Use: stNEAR can be easily swapped for NEAR or unstaked directly through platforms like Meta Pool, making it simple for users to manage their staked assets.

These strengths make stNEAR an attractive option for those looking to stake NEAR tokens and earn passive income while maintaining control over their assets.

Staked NEAR's risks

Staked NEAR (stNEAR) carries several financial risks that investors should consider before investing:

Market Risks

Market risks are a significant concern for stNEAR investors. Negative fluctuations in the price of NEAR can result in losses, even if the APY is high. For instance, if the APY is 20% but the value of NEAR drops by 65%, the investor will still incur a loss. It is crucial to analyze the market holistically before staking NEAR.

Liquidity Risks

Liquidity risks are another important consideration. When staking NEAR, the tokens are locked for a period of time, making them illiquid. This means that investors cannot sell, withdraw, or swap their staked NEAR until the lock is complete. In the case of NEAR, there is a 2-day waiting period after unstaking before liquidity is regained. It is essential to be mindful of staking locks and stake assets with high trade volumes on reputable platforms.

Validator Risks

Validator risks are also a concern. Validators can be penalized for misbehavior, such as downtime or double signing blocks. These penalties can result in slashing, where a portion of the validator’s staked tokens is taken away, or jailing, where the validator is no longer considered active until unjailed. These penalties can impact staking returns and should be considered when choosing a validator.

Counterparty Risks

Counterparty risks exist whenever assets are handed over to an external provider. Credit events involving the staking provider could affect the assets entrusted to them. However, staking via a third-party provider is fundamentally different from depositing funds into a lending protocol that later becomes insolvent. It is essential to select trustable staking providers to minimize counterparty risk.

Project Continuity Risks

Project continuity risks are also a consideration. The continuity of the staking protocol and the underlying project can impact the value of stNEAR. Factors such as the project’s TVL, token price, and volatility should be assessed to determine the overall sentiment around the project.

Inflation Risks

Inflation risks are another concern. The annualized expansion rate of the network, known as the inflation rate, can impact the value of stNEAR. A high inflation rate can lead to a decrease in the value of stNEAR over time.

Slashing Risks

Slashing risks are specific to staking protocols. If a validator misbehaves, a portion of their staked tokens can be taken away as a penalty. This can impact the value of stNEAR and should be considered when choosing a validator.

General Risks

General risks associated with staking and DeFi investments also apply to stNEAR. These include risks related to smart contract vulnerabilities, regulatory changes, and market volatility.

It is essential for investors to carefully evaluate these financial risks before investing in Staked NEAR (stNEAR).

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Did Staked NEAR raise funds?

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Staked NEAR's ecosystem

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Staked NEAR’s team

  • Claudio: Claudio is a key team member from Meta Pool, which is the leading liquid staking ecosystem behind the Staked NEAR (STNEAR) token. He has been involved in AMAs (Ask Me Anything) sessions, discussing the project's security, tokenomics, and future plans.

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