Bitvavo now supports staking for three new tokens- SOL, ATOM and LUNA2.
Dutch crypto platform Bitvavo has added three new cryptocurrencies to its staking rewards service.
Now with Solana (SOL), Luna (LUNA2) and Comos (ATOM), customers can leverage their holdings to enjoy staking rewards of up to 10% APY.
Stake SOL, LUNA and ATOM
Staking is one way cryptocurrency holders participate in the network transactions and security of a blockchain network. By locking up their assets for a given period, holders help facilitate the said activities, with a reward earned as part of the incentivisation process.
Bitvavo now supports the above coins, offering a flexible staking feature that allows users to stake or unstake their crypto assets at will.
In their latest update the Dutch-based platform noted the following as the new yearly yield (annual percentage yield, or APY) for the three proof-of-stake digital assets.
Here is what you earn when you stake with Bitvavo:
- Solana (SOL): earn up to 5% reward
- Luna (LUNA2): earn up to 6% reward
- Cosmos (ATOM): earn up to 10% reward
The update means the maximum yearly reward for staked assets on the De Nederlandsche Bank (DNB) regulated platform is higher than the 7.5% initially offered on Icon (ICX).
Users can access and keep tabs on their staked assets in the Bitvavo app.
Cardano (ADA) staking reward update
Apart from adding Solana, Cosmos, and Luna, Bitvavo has updated the staking reward for Cardano (ADA). This has been reevaluated from 5% to 4.25%.
Factors that help determine the yield rate include the average pool rate, blocks per Epochs, amount of ADA pledged and staking costs relating to the percentage of the reward pool operators take.
Bitvavo has over 1 million users and offers up to 180 digital assets, including Bitcoin and Ethereum.