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Recently I have been wondering what happened to the $FLOW tokens that I acquired years ago during its launch, and even though it has its ups and downs and almost crashed, I only used 50% of the airdrop during emergencies and decided to keep it there.
However since July 2023, at the platform I acquired, Coinlist.co, where most initial investment launchpads were once there, have stopped rewarding stake rewards for the token, and I was wondering how else should I grow this token as I realised that it kind of still have certain fames for NFT ecosystem (if not mistaken, and that I might need to look back into it) and started looking at ways to see where I can stake it.
And lo and behold, there has been new advancement for FLOW and there is a flow port for staking and delegating, and so I am thinking to see what I can do with it, only to realise that I have to use a totally new wallet that it supports to do so, which is this one, Blocto, because I don't have a ledger.
Interestingly it actually allows me to create a new account with my Google account, though as you know that it isn't the safest of it all, and non custodial is the best, but in the mean time until other hardware wallets besides ledger supports this chain and its staking, I'd probably have to opt for a hot wallet at the moment, especially it is for testing.
I am impressed that it also supports Pancakeswap, especially when it has started venturing out besides BSC, but today I am going to just give FLOW a try and see how it works, before I withdraw everything out.
Multi-chain supporting wallets always impress me, as I find that it is one way or another will eventually have a bridge feature created when liquidity is available. Since this is to test and be certain that the FLOW staking actually could work, this has to be tested out.
It is better to just try out with some of the FLOW that is sitting around doing nothing, no matter how small the percentage return is going to be
So here it is, after downloading the wallet from either Play Store / Google Play, we can just connect the https://port.onflow.org/ official FLOW mainnet site for delegation...
Oh! But before you can delegate, you got to "upgrade" the account!
Fortunately there's a ZERO points needed for this process. I am not certain whether this is a promotional period or this is a free feature at the moment for new users, but ZERO fees is always best!
There's a catch
There is a minimum of 50 FLOW coins needed for delegation, but since the best part of it is that I can move FLOW funds out with ZERO fees, unlike the ERC 20 tokens that costs me an arm and a leg, I am happy to move at least 50 FLOW tokens to test it out.
But which to choose??
https://github.com/onflow/flow/blob/master/nodeoperators/NodeOperatorList.md
There is actually quite a bit of node operators to choose from, which means I need to look at which is good. Coinbase has been well known but I am not certain if it is currently under a good stance or not before it has been taken down
However, looking at the sadness of the nodes available, the fee is 8% and what I get is going to be approximately 0.99% net(?) when it is staked there, but I supposed that it should actually be better than nothing at all if I just leave it for a month and then return to see what happens.
So far looking at Stake Fish that is still indicating "green" in its network, I am going to give this a try.
Wish me the best!