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Crypto exchange Gemini recently announced that it is launching staking services for a bunch of Altcoins, including Ethereum. The official statement Lily,

“Starting today, you can start staking MATIC on the Polygon network, Ethereum (ETH), Solana (SOL), Polkadot (DOT) and Audius (AUDIO) support will be launched soon.”

Staking, as such, is the process by which investors can earn passive income for HODLing crypto assets. Staking service providers, on the other hand, have used staked coins to improve the security of the underlying blockchain networks.

The market has been quite undecided lately. After the release of US inflation figures last week, markets rallied. However, when the FOMC meeting minutes were released a day ago, the market started trading in the red. In fact, on Friday there was blood everywhere as the market saw a brutal crash. From Bitcoin and Ethereum to the top alts, the entire crypto-sphere was soaked in blood.

As a result, it goes without saying that HODLers rely on steady passive income from staking during these turbulent phases. Stake rewards data revealed that Solana had one of the highest staking ratios [74%]. Polygon’s MATIC came next with 33%. The numbers for Polkadot and Ethereum were a modest 14% and 11% respectively. The rewards for staking said alts varied from 4% to 12%.

Commenting on the launch of the staking service, Franck Kengne, Product Manager at Gemini said,

“The launch of Gemini Staking underscores our continued commitment to offering a full suite of innovative options for our clients to put their crypto assets to work. We continue to look for new ways to help our clients grow their crypto portfolios and tailor them to their risk appetite – staking is an important next step in this evolution.

Notably, staking is the second yield-generating product launched by Gemini. They already have another program called Gemini Earn. Staking and Earn allow users to earn a return on your crypto. However, there is a major difference. Chalk the same, the official blog post highlighted,

Gemini Staking offers a seamless way to further explore the world of crypto and help secure and validate blockchain transactions, with returns generated by crypto rewards paid to validators. With Gemini Earn, we partner with accredited and carefully vetted third-party borrowers who offer Gemini users a return generated by paying interest on loaned assets.

Hype swells ahead of Ethereum merger

Well, Gemini isn’t the only company tapping into the hype ahead of the Ethereum merger. Companies like Coinbase have already jumped on the bandwagon, despite regulatory concerns haunting them. Earlier in August, the crypto exchange had Free staking to domestic institutional clients in the United States and intends to become the leading staking provider in the future.

Read also : Can Staking Help Coinbase Improve Q3-Q4 Performance?

In fact, tweeting on similar lines, Gemini co-founder Cameron Winklevoss said,

“..we listen carefully to our community. With the upcoming ETH merger, we have seen a growing craze for staking and we look forward to introducing staking support for many more tokens in the future. Amazing awaits you.

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