How staking will work on the Crypto.org Chain
This is John, he heard about the 20%APY that he can earn, when he delegate/stakes his $CRO to a validator on the Crypto.org Chain. And now he want to benefit from this great offer too. John knows, that at all time his $CRO’s are safe, because he stored his secret 24 mnemonic words for his DeFi-Wallet in his safe at home.
John has just to choose a Validator of his trust in the Crypto.com DeFi Wallet and delegate/stake his $CRO’s to them. The rest will do the DeFi App and the blockchain for him
When John delegate his $CRO in the DeFi-App, the App will broadcast the information to the blockchain that his $CRO’s are now delegated to the validator of his choice.
While Johns CRO’s are delegated to the validator, he will get an interest/reward for his delegation/staking from Crypto.com of around ~20%APY and he can claim daily his rewards in the DeFi-APP after the validator took a small commission for maintaining his spends. Now he can spend his rewards or even add them to his initial delegation/stake to get a higher interest