Coinbase Enables Staking Benefits for Solana, To Provide Rewards for SOL

Coinbase is expanding its coin staking portfolio for users. The crypto exchange has enabled the Solana staking benefit, which in turn generates rewards for SOL investors. These rewards will be allocated to holding and staking SOL coins in the Coinbase network. The current estimated annual return for staking Solana on Coinbase is 3.85% Annual Percent Yield (APY). Rewards will be distributed every three to four days.

Deposit is a process that involves sending money crypto assets to support a blockchain network and validate transactions. Blockchains that support proof-of-stake (PoS) mining allow for staking of holdings. Bet allows cryptocurrency holders to generate passive income.

Solana is a PoS blockchain. It allows SOL holders to keep their assets and make a profit.

“While individuals can stake Solana on their own or through an authorized staking service, the process can be confusing and complicated. With today’s launch, Coinbase is providing an easy, secure way for any retail user to actively participate in the Solana network and earn rewards,” Coinbase said in a statement. blog post.

For starters, everyone can buy Solana on the Coinbase app or deposit SOL tokens from an external wallet to their Coinbase account, which will automatically start earning them prizes.

The Solana network will establish a basic rate of return depending on the number of participants staking.

Coinbase distributes profits to customers after deductions 25 percent Committee.

“Your Solana is always in your account; you both earn rewards and keep your crypto safe Coinbase. You can opt out any time you want. We take measures to minimize the risk associated with placing a bet and allow you to cancel your bet at any time,” the company blog notes.

In light of the recent situations Coinbase has been involved in, it is not surprising that the company is trying to collect as many commissions as possible.

Cryptocurrency exchange, earlier this month, lay off18% of its workforce. This reportedly leaves more than 1,000 people in the crypto sector without a job.

Explaining his decision, Coinbase CEO Brian Armstrong said he was responsible for the over-recruitment that had begun to hamper the company’s effectiveness.

In addition, the continued decline of the crypto market also served as a motivating factor for Coinbase to implement some effective cost-cutting measures.

Although registered its name in Fortune 500 As the first crypto company to make that list, Coinbase reported a 44% drop in transaction value.

In the first quarter of 2021, cryptocurrency exchanges speak Its trading volume generates $309 billion (approximately Rs 23,86,484). This is significantly less than the $547 billion (approximately Rs 42,23,250) trading volume Coinbase reported in Q4 2021.

Currently, Coinbase has freeze its suggestions in the near future and have also decided to put the whole thing into an enhanced, merchant-centric service, called ‘Coinbase Pro’ later this year.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.

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