The leofinance community has overtime proven to be a space for everyone interested in expanding their knowledge about the crypto world and ready to take part in activities that will grow their stakes in the crypto space and the leoverse inclusive. Thus, This week's topic by the @hodlcommunity on growing the Leo stake is so relatable that all that is involved will be laid bare. Stay tuned.
WHAT IS LEO?
Leo is generally the short form used to represent the leofinance community. It is a layer 2 token in hive. The term 'leo' has been used on several occasions to describe their various products that exist in the leofinance front-end ranging from Leo token, leodex, Leoglossary, LEOPEDIA, Leo Bridge and so on. Thus, the community is more than just a blogging platform but it is a decentralized community that encompasses exchanges, earning, statistics application and even a microblogging platform.
What is LEO token and its staking feature?
We have talked about Leo and know all its about. Now, we would specialize on what Leo token entails.
Leo tokens generally are a common term within the Cryptocurrency world, it represents an asset that carries certain properties that are programmed into them. Thus, Leo token is an asset related to the leofinance community, if you are familiar and active on here, you would know that Leo tokens are given as a reward for your work done. These tokens are associated with layer 2 development, it is an operated utility token used to distribute newly minted leo for transactions, trading and earning. The Leo tokens are staked to form Leo power that enables users carry out more activities on the platform.
There are 4 leofinance websites that leverage on Leo token and they are: leofinance.io, hive stats.io,LEOPEDIA.io and Dex.leofinance.io.
LEO TOKEN FEATURES
Once you start earning Leo tokens from blogging or whatever form of activities you participate in, you wouldn't just leave them dormant, because once you stake them, it afford the opportunity to enjoy benefits like:
- token transactions tend to be seamless as they are fast and instant
- the transaction is totally free with no hassles
- it rewards Content Creators, Curators and Commenters
- all token data and balances stored on the blockchain are immutable and cannot be changed.
HOW TO STAKE LEO
As part of an individual's contribution to a particular community , one would be required to hodl coins or tokens in a wallet as a means of support.Thus,staking is viewed as a greater level of commitment than simply holding the cryptocurrency in liquid form.
STEPS
- enter the leofinance.io
- click wallets
- choose the option that says power up beside the Leo tokem
- fill in the amount to stake
- then confirm... Simple and brief
HOW LEO AND LEO MINERS WORK?
One way to earn from any crypto platform is by mining and this system is also evident in leofinance. However instead of using your own hardware you instead buy the miners off of the Hive-Engine market https://leodex.io.
The Tokens for these miners are
LEOM
LEOMM
For LEOM(Leo miner) and LEOMM (Leo mega miner) it works as follows:
1 LEOM = 1 mining power
1 LEOMM = 4 mining power
Thus, mining a leomm is 4x that of a Leo.
Simple steps to buy leom and leomm and stake them.
- Simply open the https://leodex.io/ and login in with you hive details
- click the option at the top right corner and select tokens
- search for the token you want by typing in "leomm"
- then click the arrow marked in the picture
- This will take you to the trading screen where you can trade your HIVE tokens into LEOM or LEOMM
After this process of mining, click your wallet and search for your recently bough leom and leomm, follow the instructions and click the stake button below✌️
EFFECT OF LEO TOKEN ON HIVE
Leo and hive work together, hand to hand to promote the activities on the blockchain. While one is basically a general community, the other is second layer protocol on top of the Hive Blockchain. Thus, you would notice that when you post through the https://leofinance.Io community, you not only earn in Leo, you also ear hive rewards. Thus, LEO and HIVE rewards operate on a similar set of parameters which are commonly referred to as “Proof of Brain”
Strategies to increase the number of my LEO tokens?
Well, last month was a busy one for me, running around doing my clearance I totally forgot about Leo power up day (LPUD). So I have a reasonable amount of Leo tokens in my wallet but it is never enough.
- Thus, although the rewards are slow or not coming in at all but I strive to keep putting out financial or economic blogs through the leofinance.io front-end, as this will enable me earn more token.
- Also, another means is by participating in contest such as this on by the @hodlcommunity.
- Curating contents to earn a percentage at the post payout time.
- recently I delegated a percentage of my Leo tokens to the hodl community and I get daily payout in Leo tokens, also, delegating to the leofinance community through @leo.voter is on way to earn Leo token passively.
The effect of being active to increase Leo token.
This is one strategic means of increasing your leotoken. Not just by being active but constant participation in activities. By being active could mean engaging in posts by commenting om great financial blogs, just like the time there was a reward of 100leo to people who engaged more on the platform. By being active, could be through blogging, curating, engaging, delegating and so on, as enumerated above.
Strong side of Leo staking strategy
Would be, my constant blogging on the leofinance front-end, delegating to the community to enhance growth and development, powering up Leo tokens into Leo power to be able to carry out other activities like increased curating value.
Weak side of Leo staking strategy
Not everything one puts her heart will all come out just like you planned. I always thought from the beginning that LPUD started I will participate every single month but reverse has been the case as the resources are not readily available due to funds or low payouts.
This is my entry for the LEO&HODL contest. I am using this medium to invite @seyipaul2 and @jmis101
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Good article! I didn't know about the Leo miners so that was news to me. Thanks for sharing!
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You are most welcome, glad the article was beneficial to you
Yay! 🤗
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Very well put and kudos to you for staying consistent on your activities on the blockchain. I'm pretty sure you won't be missing the next LPUD, right?😉
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No I won't... Thanks
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You did a good illustration on the said subject and it's well detailed too. I searched for information on Leo miners but didn't lay my hands on one. Thank you for the knowledge.
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You are welcome.. Thank you so much.
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Thanks for this. I feel like there's a lot going on within the Hive ecosystem and it's hard to keep up. This post was super helpful!
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