Staking has recently been introduced for users of Chainlink, Appcoin, and Nexo, three popular cryptocurrencies. Follow us as we learn more about these blockchains and how they’ve performed since their staking systems were implemented.
A prominent concept in cryptocurrency is staking. This feature enables users to trade a portion of their coins for a percentage-based reward. By locking (staking) their currency, these individuals can validate transactions and add new blocks to the blockchain.
In exchange for their contributions, these individuals are rewarded with newly produced coins. Their rewards are proportional to the amount wagered. This is a wonderful method for generating passive income without selling any coins. However, this feature is exclusive to Proof-of-Stake (PoS) blockchains.
Staking has recently been introduced for users of Chainlink, Appcoin, and Nexo, three popular cryptocurrencies. Follow us as we learn more about these blockchains and how they’ve performed since their staking systems were implemented.
On December 6, 2022, Chainlink, a prominent blockchain oracle network, will release staking version 0.1. The enhancement is an integral part of “Chainlink Economics 2.0,” which is committed to the security and stability of the platform.
With the activation of this feature, users will be able to stake LINK, Chainlink’s native token, and earn rewards while bolstering the platform’s security. If users fail to comply with the on-chain service-level agreement (SLA), some of their staked links will be forfeited and redistributed to other stakeholders.
This feature will assist Chainlink in establishing a more secure environment by rewarding nodes for enhancing the Oracle Network’s data efficiency and integrity. In return, they receive 4.75 percent of the network’s annual rewards for contributing to its success.
LINK Profits Significantly After Staking Launch
On December 8, Chainlink launched its staking pool, allowing holders to wager a maximum of 7,000 LINK per address, worth around $53,000. Since then, LINK has held a substantial ownership of around 24.27 million LINK tokens worth $170 million.
The total link wagering maximum has been set at 25 million, while the community pool limit has already been exceeded at 22.5 million. As a result, the betting limit for the general public has already been reached. Operators of nodes must now distribute the remaining 700,000 tokens.
This year, LINK has suffered considerably. The price of LINK has decreased from $28 at the beginning of the year to $6.99 at the time of this writing. Even though the staking feature has given the concept some hope, enthusiasts have responded warmly to it. LINK was up 1.76 percent in the previous 24 hours and 1.2 percent for the month as of the time of writing.
AppCoin (APE) is a cryptocurrency (APE)
ApeCoin (APE) is the governance token of the Ape ecosystem. This ERC-20 token allows holders to vote on proposed enhancements and get access to upcoming NFT launches, games, and other app ecosystem activities.
The App Foundation took to Twitter on December 6 to announce the release of the highly awaited AppCoin staking feature. This new functionality allows users to stake their ApeCoins or BAYC/MAYC NFTs on ApeStake.io.
Additionally, the firm has set aside 175 million ApeCoins as rewards, representing 17.5% of the entire supply of the currency. These coins will be distributed to stackers over the next three years. However, buyers will not begin getting the prize until the 12th of December.
In just one day following the activation of the staking mechanism, the project acquired almost $32 million in tokens. APE’s price value increased by 6% as a result of the debut of its staking protocol, from $3.8 on December 4 to $4.2 on December 6. Nonetheless, APE lost the most of its gains during the subsequent several days and is currently trading at $3.96.
Since mid-November, ApeCoin’s price has increased by approximately 50 percent from its yearly low. It is unlikely that the staking function has had any obvious, long-term impact on the APE price or its partner NFT, i.e. BAYC, despite the fact that this is a promising sign of recovery during challenging market conditions (Bor Ape Yacht Club). NOT INCLUDED: NFTs from MAYC (Mutant Ape Yacht Club).
Nexo (Nexo) (Nexo)
This month, NEXO is yet another project to implement its own staking system. NEXO Coin, which ranks 80th among the top 100 cryptocurrencies, introduced its Ethereum smart staking capability on December 7, 2022.
According to the project’s inventors, this feature permits holders to convert their ETH into NETH, or Nexo Stacked ETH. Then, users can stake their NETH and earn between 4 and 12 percent APY.
The token’s value increased by 5% at the debut of its staking functionality. Nexo’s announcement on staking comes days after the platform was forced to limit back operations in eight US states due to regulatory difficulties. Consequently, NEXO dropped from $1 at the beginning of November to $0.662 at the time of writing.
conclusion
FTX’s liquidation has left a void in the cryptocurrency market. This has led to a fall in cryptocurrency valuations and widespread investor anxiety. In such a gloomy atmosphere, even the most promising projects are finding it impossible to gain traction.
However, the support for LINK and ApeCoin suggests that some individuals continue to trust in the power of cryptocurrencies and support these initiatives. Once the market recovers, we may observe another significant bull run, resulting in greater returns for these future endeavors.
Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday Leave this field empty if you're human: