Why stake SCRT with Kraken?

STAKING CRYPTO

Earn up to 21%* on your crypto

FAQ

Secret (SCRT) staking FAQ:

1. Is there a transaction fee to stake my Secret?

   There is no transaction fee for staking Secret on Kraken. While there is a fee for transferring Secret from a separate wallet into your Kraken account, Kraken does not charge any transaction fees to stake Secret.

2. Do I need to lock up my Secret for a period of time when staking on Kraken?

   There is no lockup period for staking Secret on Kraken — you are free to unstake your Secret any time if you want to convert into another cryptocurrency or cash out your staking rewards.

   Clients that opt into earning higher rewards with bonded staking will experience an unbonding period of up to 21 days.

3. Can I convert SCRT to USD?

   You can easily convert SCRT to USD by taking the price of Secret multiplied by the number of SCRT coins you hold. See our Secret price page converter for details.

4. What is proof of stake?

   Proof of Stake is a consensus algorithm that uses cryptocurrency tokens and network incentives to keep a blockchain secure. On a Proof of Stake blockchain like Secret, SCRT tokens are staked in order to make network validators eligible to verify transactions and incentivize their honest behavior. The amount of SCRT a validator stakes is directly proportional to the likelihood that they will be chosen to validate the transaction, with some degree of randomness. Those chosen to verify a transaction on a Proof-of-Stake blockchain like Secret are rewarded with SCRT tokens.

5. Can I stake SCRT using my hardware wallet?

   It is not possible to stake Secret on Kraken using your hardware wallet. If you already have SCRT in a hardware wallet, you can easily transfer it to Kraken’s secure staking platform. 

6.   How do I run a Secret validator node?

   Running a Secret validator node is a technically complex and costly process which requires a significant amount of resources. Because many feel the investment in running a Secret node is too great, they often choose to stake their SCRT using an easy and secure service like Kraken.

7. What is the difference between on-chain and off-chain staking?

   While similar in name and design on our client interface, on-chain and off-chain staking are separate features. On-chain staking utilizes assets “On-chain” in Proof-of-Stake protocols such as Tezos. Off-chain staking utilizes assets “Off-chain” (as further described in our Terms of Service). You can view your eligibility for Off-chain staking here.

8. What is bonded staking?

   Bonded staking is a way to earn higher rewards compared to normal staking. With bonded staking, clients can still unstake at any time, but are required to wait through an unbonding period before they are able to utilize their tokens. Bonded staking is not available in the United States or Canada.