Unlocking Camino Wallet's Deposits: Earn Rewards and Support Network Stability

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28 Dec 2023

Camino Network just announced that a new feature — Deposits — from Camino Wallet was unlocked and it’s available for testing in Columbus Network (Testnet).Similar to a traditional bank deposit, where funds are placed into an account for safekeeping and potential growth, the deposits (aka staking) in Camino Network serve as a means for users to store and earn rewards.

Investors flock to Camino to deposit their assets.

How to use Camino’s Deposit offers?

Deposit offers are available in Camino Wallet > Select “Columbus” (testnet) at top right of the screen > Earn > Saving Pools.

In green box we may see that P-Chain doesn’t have liquidity. So, we’ll need to move fund from other chain, or wallet to be able to create a deposit.

User will have to move funds to P-Chain, since has we learned in medium Understanding Camino Network’s Three Built-In Blockchains, this is the chain dedicated to receive rewards.

You may consult Camino Wallet: Cross-Chain Transfer Guide to know how to transfer CAM tokens from one chain to another.
Once you have funds available in P-Chain you are ready to proceed with your deposit / staking.

You just need to decide which deposit you will use:

FlexDepositTest 60s-1Y 11%
FlexDepositTest 1d-1Y 21%

Then, add the “Deposit Amount” and select “Deposit Now”.

A small fee (0.001 CAM on this case) will be required for this operation.
Congratulations, you have completed your deposit!
Now, you can monitor it under “My Rewards” option:

Begin experimenting with the testnet to familiarize yourself with staking your CAM tokens!

The Camino Network operates on a unique system that harnesses the power of deposits and bonds to fuel rewards, fortify network security, and enable user participation in its governance.Deposits: Your Pathway to Earning

Camino Network’s deposit system serves as a user-friendly method for regular participants to increase their holdings. It allows users to earn rewards by locking their CAM tokens within the network for a specific duration. Unlike traditional staking mechanisms, deposits cater specifically to users, providing a convenient and accessible way to enhance their token holdings.

In a near future Camino Network will have deposits instead of staking for general users.

Benefits for Users

Through deposits, users not only gain rewards but also contribute to the network’s stability and security. By staking their tokens, they actively participate in fortifying the value of CAM within the ecosystem. This mechanism empowers users by offering an avenue for passive income while bolstering the network’s overall integrity.

Bonds: Upholding Validator Integrity
Camino Network implements bonds specifically for validators. Validators, the backbone of the network, are required to bond a precise amount of CAM tokens — 100,000 tokens — as a commitment to their role. This ensures that validators have a significant stake in the network, reinforcing their accountability and commitment.

Network Integrity and Security
The bond system ensures the integrity of validators within the network, maintaining a fair and just environment for all validators. It enforces a standardized threshold for participation, enhancing the network’s resilience and trustworthiness.

Advantages for Camino Network
By encouraging user participation through deposits and bolstering the validator infrastructure via bonds, Camino Network forges a symbiotic relationship. Deposits stimulate user engagement and loyalty, while bonds secure the network’s governance and operational stability.

Summary: Paving the Way Forward
In adopting deposits and bonds, Camino Network creates a dynamic ecosystem that thrives on community engagement and network robustness. These mechanisms not only incentivize user participation but also safeguard the network’s integrity, reinforcing its status as an innovative and secure blockchain platform.

You can also do other testnets below.