Beam, a privacy-first platform for decentralized applications and decentralized finance protocols, enables staking of its core native token, BEAM. What is special about BEAM staking?
Earning BEAMX for staking BEAM
According to the official announcement shared by Beam Protocol, the staking of its token, BEAM, will be available on Oct. 21, 2021. For staking BEAM, users will receive rewards in another protocol's token, BEAMX.
BEAM is a native asset of Beam Protocol and its core utility token, while BEAMX is a governance instrument that allows Beam Protocol enthusiasts to have a say in all crucial referendums for Beam Protocol's progress.
Unlike other proof-of-stake (PoS) assets, BEAM holders are not required to lock their coins for predetermined periods of time: users have the option to withdraw them at any time.
Not unlike BEAM, BEAMX tokens can be withdrawn at any time. Currently, BEAM staking is available only on Beam's confidential DeFi platform.
Amir Aaronson, Beam Foundation COO, stresses that this innovation is a crucial step in the decentralization of the Beam product and its community evolution:
Beam staking and the launch of BeamX is a significant step forward as we make the transition to becoming a fully Decentralised Autonomous Organisation. Becoming a DAO aligns to Beam's ethos of being a truly decentralized and secure blockchain.
How to stake BEAM tokens
The staking campaign will launch on Oct. 21 and will be active for the next three months. The Beam team is going to distribute a total of one million BEAMX tokens, which is equal to 1% of the total BEAMX supply.
While the first users will not be able to exchange their rewards for other types of tokens, the introduction of cross-chain atomic swaps is on the near-term roadmap for the team.
To join staking processes, users should deposit BEAM from their wallets on Binance, Hotbit, BitForex, HBTC, ChangeNow and other centralized wallets.
Beam is a pioneering privacy-focused blockchain that utilizes LelantusMW and Mimblewimble blockchain protocols for transaction data obfuscation.