Are you looking to bet CRO on the Crypto.com Exchange? If so, you must first have CRO in your Exchange wallet. To get started, log in to Crypto.com Exchange and select Stake & Earn. Then, enter the amount of CRO you want to bet and review the bet details. After that, confirm your bet and go to the card page (in the bottom right corner of the application) and click on the Stake CRO button.
Follow the on-screen instructions to complete the process. Staking is a process of actively participating in the validation of transactions (similar to mining) on a proof-of-stake blockchain. On these blockchains, anyone holding even a fraction of a cryptocurrency token or, if required, a minimum balance of a specific cryptocurrency, can validate transactions and earn staking rewards. This helps to support the security and operation of the blockchain network. For those who are interested in holding cryptocurrencies for the long term, staking is always advantageous due to the additional rewards obtained as passive income. On the other hand, those who are interested in trading may find it more advantageous to maintain flexibility to sell at any time since staked cryptocurrency must be locked up for a period of time and can only be released by paying an early termination fee. The more Indigo card users take advantage of the rewards available, the lower their financial risk.
This is because rewards are paid in CRO tokens which can be sold for fiat currency. However, due to high volatility of CRO tokens and long lock-in period, there is a significant liquidity risk. This means that CRO tokens cannot be sold if they appreciate substantially or limit orders cannot be placed to protect against sharp price declines. If volatility of CRO tokens and lock-in period are too much of a concern, betting on DeFi wallet may be a better option. This is especially true when one does not plan to take full advantage of benefits that come with Indigo card.
After 180 days, you can leave your CRO stake and keep benefits without lock-in period. When you place a bet in DeFi wallet, you can increase it or wait until it's over to add funds. The Supercharger APY varies from syndicate to syndicate and depends on how many people participate - it decreases with more people cashing out. Staking with a validator may be more advantageous since you get higher APY in CRO and can convert staking rewards into BTC. However, depending on your tax jurisdiction it might make more sense to participate in Superchargers to stack tokens you are interested in even if APY is lower. It's important to note that there are normal smart contract parking risks associated with CRO parking as well as timing risks associated with any lock-in period. When increasing your stake with same validator, your reward balance will automatically be claimed in your wallet and CRO reward balance will start accumulating each block after bet request is confirmed in chain. Users who have unseasonalised their CRO after initial 180-day parking period can re-park in app to enjoy CRO parking benefits.
Each time you redelegate your CRO from existing validator to another validator, your reward balance with existing validator will be automatically reclaimed in your wallet. The user interface flow through DeFi Earn is straightforward for wagering, claiming rewards, claiming reinsurance, uninsuring and re-selecting. To obtain an Indigo card, CRO tokens must be locked for 180 days while for staking alternative lock-in period is only 28 days. During initial 180-day staking period you can increase amount of staked CROs by going to your CRO wallet in app and selecting upgrade button.