Staked NEAR STNEAR Price

What is Staked NEAR (STNEAR)?

Staked NEAR (STNEAR) is a derivative token that represents staked NEAR tokens within the NEAR Protocol ecosystem. When users stake their NEAR tokens to participate in network security, they receive STNEAR in return, enabling them to maintain liquidity while still earning rewards from staking. This tokenization of staked assets allows holders to utilize their staked NEAR in various decentralized finance (DeFi) applications, enhancing the overall utility of their investments. As of 2024, STNEAR has become integral to the NEAR ecosystem, bridging the gap between staking rewards and liquidity.

Who are the Founders of Staked NEAR?

Staked NEAR was developed by the NEAR Foundation, which oversees the NEAR Protocol. The NEAR Protocol was co-founded by Alex Skidanov and Illia Polosukhin in 2018. Their vision was to create a scalable blockchain platform that can support decentralized applications (dApps) and provide a user-friendly environment for developers and users alike. The NEAR Foundation continues to lead the development and promotion of the protocol, fostering innovations such as STNEAR to enhance the ecosystem.

How does Staked NEAR Work?

Staked NEAR operates on a proof-of-stake mechanism, where users can stake their NEAR tokens to support network operations like transaction validation and security. When users stake their NEAR, they receive STNEAR in a 1:1 ratio, representing their staked amount. The staked tokens earn rewards, which are automatically compounded, increasing the value of the STNEAR held by users. This process allows users to retain liquidity and take part in DeFi activities, while still benefiting from the rewards associated with staking. Additionally, STNEAR can be traded or used as collateral in various platforms within the NEAR ecosystem and beyond.

Top Use Cases of Staked NEAR

STNEAR serves multiple purposes within the NEAR ecosystem:

• Liquidity Provision: Users can trade STNEAR on various decentralized exchanges, providing liquidity while earning staking rewards.
• Collateral in DeFi: STNEAR can be used as collateral for loans or other financial products, allowing users to leverage their staked assets.
• Yield Farming: Holders can participate in yield farming protocols, where STNEAR can be paired with other assets to earn additional rewards.
• Payments and Transactions: STNEAR can be utilized for transactions within dApps and services that accept this token, enhancing its utility.
• Governance: As a representation of staked NEAR, STNEAR holders can participate in governance decisions for certain projects within the NEAR ecosystem.

How to Keep your Staked NEAR Safe?

Keeping your Staked NEAR safe involves several best practices:

• Use Trusted Wallets: Store your NEAR and STNEAR in reputable wallets that offer strong security features, such as hardware wallets or well-audited software wallets.
• Enable Two-Factor Authentication (2FA): If your wallet supports it, enable 2FA to add an extra layer of security against unauthorized access.
• Stay Updated: Regularly update your wallet software to ensure you have the latest security patches and features.
• Be Wary of Phishing Attacks: Always verify URLs and be cautious with unsolicited emails or messages asking for your wallet information.
• Secure Your Private Keys: Never share your private keys or recovery phrases; store them in a secure place, preferably offline.
• Monitor Your Staking Activities: Regularly check your staking status and rewards to ensure everything is functioning as intended.