Staking on mobile devices?

[Abiky]

Since PoS consumes very little energy, do you think it's possible to stake coins natively on your phone? Like running an SPV client on your mobile device and staking crypto within the device itself. No need to rely on a third-party cloud staking service to do the work for you. Beats "mining" crypto on your phone, imo. Especially when it consumes a lot of energy (for a ridiculous amount of processing power).

What's your take on this?

Thanks in advance.

[Charles-Tim]

I have staked few coins like solana, atom and few other ones on my mobile device before but I later stopped because the profit is not really encouraging for me.

All you need is a noncustodial wallet that support the staking. You can use mobile phone to stake because it is still just like you are using your phone to perform simple task which is staking and unstaking through validators.

[Dunamisx]

Very possible that we use our mobile phone for staking, but why many were being discouraged to doing all this is because of what they got to end at the end, all these things are not that profitable to an extent that may keep us to continue doing them despite the conditions and other applications we may need to put in place in other for us to stake the expected coin.

[Frankolala]

One thing that I don't like with staking is that the profit is not encouraging at all. Why will I stake my coins for long and get a tiny profit out of it when I can simply trade on spot trading and make good profit within two days. Of course, it's possible for you to stake on your mobile device provided that your noncustodial wallet supports it.

[jostorres]

One thing that I don't like with staking is that the profit is not encouraging at all. Why will I stake my coins for long and get a tiny profit out of it when I can simply trade on spot trading and make good profit within two days. Of course, it's possible for you to stake on your mobile device provided that your noncustodial wallet supports it.

Profit coming from staking depends on every coin. If you chose stable coins like USDT, the profits will be much lower but if you consider staking with volatile coins, the profits can be much better. We don't just get staking profits, but we also get a chance to book profits after the price for that specific coin inflates over time. Usually, I have seen people staking for 6 months to 2 years. This is a good enough time for any coin to inflate which will act as a secondary profit. For example, let's consider we stake ETH at an APR of 30% for 2 years. We get 60% profit for these 2 years and along with that, we can sell the originally staked coin once the contract ends to get additional profits.

Staking on mobile devices is very much possible because staking does not require computing power. All staking needs is initial coins and a proper money management, so we ignore withdrawals before the staking contract ends.

[jossiel]

Since PoS consumes very little energy, do you think it's possible to stake coins natively on your phone? Like running an SPV client on your mobile device and staking crypto within the device itself. No need to rely on a third-party cloud staking service to do the work for you. Beats "mining" crypto on your phone, imo. Especially when it consumes a lot of energy (for a ridiculous amount of processing power).

What's your take on this?

Thanks in advance.

I've done this before with some multi wallets that also has that staking feature. But I've forgotten that when I've changed into a new phone.

AFAIK, there's no need for anything to be activated as you stake in the mobile. It's the usual deposit and you have to put that on the staking wallet and you're good to go.

Those who have even tried to mine on their phones before, that's only the simulation type of mining.

[Abiky]

I have staked few coins like solana, atom and few other ones on my mobile device before but I later stopped because the profit is not really encouraging for me.

All you need is a noncustodial wallet that support the staking. You can use mobile phone to stake because it is still just like you are using your phone to perform simple task which is staking and unstaking through validators.

Staking through validators is like "Delegated Staking" (or Delegated Proof of Stake). But I'm talking about running a "lite node" on your phone (like a pruned node or a SPV node) that would also allow you to stake your own coins "on-chain". Just like how a core wallet software for a PoS coin on PC would do.

I mean, if nodes can be deployed on the Raspberry Pi (a small-sized computer), then doing the same on a mobile device should be a no-brainer. Especially high-end mobile devices. I bet iPhones will be much better for such purpose than regular Android smartphones. With mobile devices on-board the consensus process, Blockchain decentralization can be greatly improved. Don't you think?

[dansus021]

I dont think a phone can run a full node of a chain. So I don't think staking via full node is possible. Maybe Im wrong, but you can do it by delegating your token to another staking address lets say eth, bnb, solana, cardano trx and pretty much PoS coins have a feature called staking your token into another node.

Its pretty much same all you need is non custodial wallet go to staking feature and click delegate, a note that some node have different criteria Like their profit sharing APY and other.

[Peanutswar]

Currently have some staking with the mobile device few of my hodlings are into SUI and Solana and of course if you are heading with these two coins and all you need is to hodl why not take an opportunity to earn extra money which is the use of staking and beside of it also have a SUI in Slush having a feature of lending so for the long term I can make a yield and interest earned with these mobile applications.

[sergiorus]

some chains have native yield - aka just hold assets (usually eth and stablecoins) on chain and your balance automatically increases.

can't imagine it being more lazy than that and i think this trens will grow. 

of course it doesn't matter what wallet you use for that so could be a mobile one.

[Abiky]

I dont think a phone can run a full node of a chain. So I don't think staking via full node is possible. Maybe Im wrong, but you can do it by delegating your token to another staking address lets say eth, bnb, solana, cardano trx and pretty much PoS coins have a feature called staking your token into another node.

Its pretty much same all you need is non custodial wallet go to staking feature and click delegate, a note that some node have different criteria Like their profit sharing APY and other.

Not a full node, but rather a pruned node. Much easier and faster to set up than a full node. If it can be done on a low-powered computer such as a Raspberry Pi, then doing it on mobile devices should be a no-brainer. I understand pruned node aren't the same as full nodes when it comes to supporting the Blockchain network. But at least, this approach is better than just running a light node and "delegating" your coins to other third-parties. Doing everything on the device itself would be a big boost towards the decentralization of the Blockchain.

Developers can make such a thing possible. It's just that they're too focused on "memes" and other speculative trends. The industry has moved away from its utilitarian aspect long ago. But who knows? Maybe someone who values true decentralization will make this happen. Only time will tell...

[TastyChillySauce00]

If what you mean by SPV is a light client with just block header, it isn't possible.
PoS that I know so far always requires full node that requires minimum of 1.5TB SSD storage for Ethereum and there is also concern of battery drain...

You better off buying a server in hetzner and manage the server through your phone at that point. Certainly more reliable and have uptime of 99.9% or so.
A consumer grade mobile phone will never be as good and also downtime penalty is a thing. If your phone keep failing, you'd lose all your ETH in the long run.

[michellee]

I used Phantom to stake Solana, earns PSol and don't pay much attention to the process. I just let it running and just check occasionally and don't have much expectation in the future. If the amount increases and gives me much profits, that is good for me as that is just a small amount for me to spent.

We can't expects much from that but we should be careful and don't use more than we can afford to lose. You should consider that is free money that you willing to lose if that is happens.