AVAX is Now on Earn: Get Staking Rewards for Holding AVAX
Okcoin, a crypto exchange compliant in the U.S., is launching a simplified staking feature for Avalanche (AVAX).
Okcoin is the first U.S. exchange to offer AVAX staking. You can deposit as little as one AVAX on Okcoin Earn’s staking and DeFi platform, and receive staking rewards daily. Better yet: Okcoin doesn’t charge any fees for Earn, so 100% of the staking rewards go to you.
What is staking?
Staking is the process of locking up tokens on a Proof of Stake (PoS) platform to support the network’s security while receiving a reward in return. Token holders who stake are awarded extra tokens in return for the service they provide. Once the staking period ends, token holders not only keep their original tokens but also pocket extra gains by holding those tokens (aka staking). In some cases, platforms incentivize locking up tokens for a fixed period of time.
The returns vary depending on the token and the market, but they are usually higher than those you get from old-school financial institutions.
What is AVAX?
AVAX is the native token of the Avalanche network, an open-source platform launched in September 2020.
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
How AVAX staking on Earn works
It’s easy to start earning staking rewards with AVAX. Here’s how it works:
1. Go to the Earn page
Click on the Earn button of the header to go to the Earn page. Then click ‘Deposit’ to reach the dedicated AVAX Earn page.
2. Choose the amount you want to stake
Choose the amount of AVAX tokens you want to stake for the next 15 days and click Deposit. If you don’t own as much as you’d like to stake, click Buy to buy more AVAX. Click Continue to have an estimate of the rewards you could earn.
3.Confirm your deposit
You will then get a recap of the amount of AVAX you are about to stake and an estimate of the rewards you could earn. Click Back to change your order, or Deposit to confirm it.
4. Earn rewards
You will have more time to cancel your order until it is processed. When it is, you will see the amount of AVAX rewards you’ve earned.
The reward varies daily and is based on Avalanche’s staking rewards APY. You’ll pay no Earn fees when you keep the tokens locked for 15 days, and you keep 100% of the rewards. If you want to continue earning after the 15 days, just stake your AVAX again — return to step one.
Don’t want to keep your AVAX locked for 15 days? You can withdraw your tokens early (before the end of the 15-day term). Partial early withdrawals, on the other hand, are not possible. The early withdrawal fee is calculated this way: Your deposit x 5% x (number of remaining days divided by 15).
Example: If you deposit 10 AVAX and want to withdraw them three days before the 15-day term is over. That would be 10*5%*(3/15)= 0.1. The early withdrawal fee would only be 0.1 AVAX.
Okcoin is not engaged in the offer, sale, or trading of securities. No FDIC or SIPC protections are available. Please consult your own investment/tax professional regarding your specific circumstances. Rewards terms may change without notice and are subject to Okcoin’s Terms of Service.
Established in 2013, Okcoin is a global, U.S licensed cryptocurrency platform that helps customers to easily transition between crypto, currency, and the DeFi ecosystem with industry-low fees. Okcoin supports customers across 184 countries to trade Bitcoin, Ethereum, and more than 25 other crypto assets — and take advantage of staking and DeFi offers. Headquartered in San Francisco, Okcoin has a remote, globally-distributed team and offices in Hong Kong, Singapore, Malta and Japan.
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is able to process 4,500+ transactions/second and instantly confirm transactions. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
AVAX is Now on Earn: Get Staking Rewards for Holding AVAX was originally published in Avalanche on Medium, where people are continuing the conversation by highlighting and responding to this story.