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Tag: staking

  • Restaking Takes Center Stage In Ethereum (ETH) Staking Landscape

    Restaking Takes Center Stage In Ethereum (ETH) Staking Landscape

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    In recent months, the Ethereum staking landscape has witnessed significant transformations, prompting a shift in investor preferences and reshaping the sector’s dynamics. 

    According to on-chain data researcher and strategist at 21Shares, Tom Wan, key metrics indicate a notable change in the approach towards Ethereum staking, with restaking gaining prominence as a preferred method.

    Ethereum Restaking Landscape

    Wan’s observations, shared on the social media platform X (formerly Twitter), highlight a steady increase in ETH staking deposits from restaking, rising from 10% to 60% since 2024. 

    Restaking can be accomplished in two primary ways: through ETH natively restaked or by utilizing a liquid staking token (LST). By staking their ETH, users secure additional applications known as Actively Validated Services (AVS), which yield additional staking rewards.

    A significant player in the staking landscape is EigenLayer, which has emerged as the second-largest decentralized finance (DeFi) protocol on the Ethereum network. 

    EigenLayer has achieved a significant milestone with the release of EigenDA, its data availability Actively Validated Service (AVS), on the mainnet. 

    According to a research report by Kairos, this launch marks the beginning of a new era in restaking, where liquid restaking tokens (LRTs) will become the dominant way for restakers to do business. 

    Currently, 73% of all deposits on EigenLayer are made through liquid restaking tokens. The report highlights that the growth rate of LRT deposits has been significant, increasing by over 13,800% in less than four months, from approximately $71.74 million on December 1, 2023, to $10 billion on April 9, 2024, demonstrating the growing confidence in EigenLayer’s approach to restaking and contributing to the shifting tides in Ethereum’s staking landscape. 

    According to Wan, the rise of liquid restaking protocols has also contributed to a decline in the dominance of Lido (LDO), a staking service solution for Solana (SOL), Ethereum, and Terra (LUNC). 

    On the other hand, Etherfi has emerged as the second-largest stETH withdrawer, with 108,000 stETH withdrawn through the first quarter of 2024. This trend exemplifies the increasing popularity of liquid restaking protocols, allowing stakers to withdraw and actively utilize their staked assets while still earning rewards.

    Ether.fi Set To Surpass Binance In ETH Staking

    Data provided by Wan also shows a decline in the dominance of centralized exchanges (CEXs) in ETH staking. Since 2024, CEXs have seen their share of staking decline from 29.7% to 25.8%, a significant drop of 3.7%. 

    As a result, the decentralized staking provider Kiln Finance has surpassed Binance and become the third-largest entity in terms of ETH staking. With Ether.fi poised to follow suit, it is expected to surpass Binance’s position shortly, according to the researcher. 

    In short, these developments signify a paradigm shift in the Ethereum staking landscape, with re-staking methodologies gaining traction and decentralized protocols like EigenLayer and Ether.fi challenging the dominance of established players. 

    Ethereum
    The 1-D chart shows ETH’s price volatility for the past few days. Source: ETHUSD on TradingView.com

    As of this writing, ETH’s price stands at $3,500. It has been exhibiting a sideways trading pattern over the past 24 hours, remaining relatively stable compared to yesterday.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • How Projects are Revolutionizing Crypto Staking Through Referral Programs

    How Projects are Revolutionizing Crypto Staking Through Referral Programs

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    Once reserved for the pros in the crypto space, staking has become a common practice across all participants in the space. Today, anyone has an opportunity to earn passive income on their crypto assets in just a few clicks, whether on a centralized exchange or DEX. Over the past two years, centralized exchanges such as Binance and Coinbase have introduced staking to their users, compelling decentralized exchanges, or DEXs, to follow suit.

    At the height of the DeFi boom in 2021, over $110 billion in value was locked on decentralized platforms as staking became one of the most lucrative ways to earn passive income and relish returns on investment. On January 3, 2022, Ethereum 2.0 crossed the $34 billion mark in total value staked, showing a possible continuation of the explosive growth this year. Despite the growth, many platforms only offered staking rewards as the only viable passive income strategy for their users. One DEX, Hashbon, aims to change this by adding a reward system that complements staking with them – the staking referral program.

    Hashbon, one of the first cross-chain DEXs, announced the launch of their own staking program, “Hashbon Rocket”, last December to give HASH holders an opportunity to earn the highest possible APY and APR among all the available staking opportunities. Midway through the month, the ‘Hashbon Rocket Staking Referral Program’ launched, providing all HASH holders with an additional revenue stream.

    Hashbon DEX launches its Staking Referral Program

    Following a wonderful reception to the staking program in the past month, Hashbon DEX extended its earning possibilities through the first-of-its-kind staking referral program. The Hashbon Staking Referral Program allows people to invite their friends and family to the platform and earn 10% of their friends’ staking earnings. According to a statement, every HASH staker can simply share their referral link with their friends and family and earn 10% of the rewards the referral makes during staking.

    Hashbon offers users a fast, secure, and cheap platform to swap tokens across multiple networks, supporting newbies in their journey into decentralized finance (DeFi). Apart from staking and DEX, Hashbon also offers users a payment gateway that will let merchants accept payments in over 30 cryptocurrencies with 0% commission. The latest referral program joins a host of earning programs on the platform including being an arbiter for Hashbon Rocket, who votes for the transactions.

    Unlike other staking platforms, Hashbon offers both ERC20 and BEP20 token staking. Users can stake their HASH tokens on Unifarm or the BSC chain to receive their rewards. The longer the staking period, the higher the APR. According to the company’s statement, any user barring U.S. citizens can participate in the staking or referral programs. The platform’s smart contract and token code are audited by CertiK to protect them from manipulation or hacks, which could lead to the loss of users’ funds.

    Why referrals should be a thing in crypto staking programs

    As explained above, referrals look to be the next big breakout in the crypto staking space. With every project offering “high APRs”, referral programs give a standout appeal to new users, while being the most effective way to generate leads to the projects. According to Forbes, referrals is the most efficient marketing and sale tactic that generates the highest ROI.

    As the crypto staking field grows by the day, rewarding users with referral bonuses could be a sure way to grow your community. According to Grigory Bibaev, CEO and Founder of Hashbon, referrals are key to the growth of the DEX, staking program, and payment gateway. Finally, the platform aims to “satisfy the community’s CeFi and DeFi cravings” by offering new rewarding opportunities for every user joining the platform, Bibaev added.

     

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  • Rainmaker Games Announces Its Native Token $RAIN Is Staking on Rainmaker Platform

    Rainmaker Games Announces Its Native Token $RAIN Is Staking on Rainmaker Platform

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    $RAIN is the token behind Rainmaker Games, a platform dedicated to helping users all around the world engage in play-to-earn games in the most seamless way possible. 25 million rain tokens are currently sitting in the reserve. Those tokens are the ones that went unsold during the project’s fair token launch that took place via Copper Launch last month.

    That reserve is how users are going to get paid for staking their tokens and supporting the project. But just because it’s starting out with 25 million tokens, doesn’t mean it’s going to stay that way. The project might increase the amount of $RAIN tokens available and staking pools as tokens begin to vest and get unlocked through the Community Incentives reserve.

    Rainmaker Games is going to make it much easier for gamers to earn revenue while playing games and interacting with each other, and with staking now live, it’s going to reward even those that aren’t playing games but are clearly dedicated to supporting the platform.

    It’s time to learn more about the $RAIN token, how to stake $RAIN tokens, and what the potential payout is for users.

    The Two Staking Options That Put More $RAIN In User’s Wallets

    Rainmaker Games is giving users two simple ways to stake $RAIN tokens: single-side staking and liquidity pool (LP) staking.

    Earning $RAIN with Single-side Staking

    In single-side staking, users simply deposit $RAIN directly into the staking pool and earn rewards. The pool pays out 20% of the total daily rewards provided by the staking reserve. Users don’t have to do anything else to get that 20%.

    The other option is to stake through liquidity pools.

    LP Staking $RAIN Tokens

    Rainmaker Games is using Uniswap V2 for its liquidity pools. Users can deposit RAIN-ETH Uniswap LP tokens after adding liquidity to the exchange. Anybody using a different version of Uniswap (V1 or V3) will not receive staking rewards, so be sure to use V2. This pool receives 80% of the staking rewards paid out by the Community Incentives reserve.

    Staking Bonuses for Making It $RAIN Even More

    Rainmaker Games’ staking initiative provides users with a linear bonus structure that multiplies the number of token rewards for stakers that lock in their tokens for a set period of time. The longer tokens are staked for, the greater the bonus.

    Here’s a quick look at the bonus reward formula:

    1 (standard weight) + The Amount of Weeks locked/52 weeks = The Time Waited Ratio Being Used

    Here’s a quick breakdown of the results the bonuses can yield for users:

    • No bonus— staker does not want to lock their tokens
    • 25x bonus— staker locks their tokens for a period of 13 weeks
    • 5x bonus— staker locks their tokens for a period of 26 weeks
    • 75x bonus— staker locks their tokens for a period of 37 weeks
    • 2x bonus— staker locks their tokens for a period of 52 weeks

    Instructions for Staking $RAIN

    The first step to staking $RAIN is to simply log onto the project’s staking portal. Users then connect their MetaMask wallet by clicking the Connect button in the right-hand corner of the page. Support for other wallets is coming soon.

    The next step is to select the desired staking pool (make sure you’re using Uniswap V2). Before clicking the Stake button, users can take a look at the specific details of the pool selected. Clicking the Stake button leads to another screen where the user can choose either flexible or locked-in options for their staking. Locking in means earning greater rewards in exchange for giving up flexibility.

    The Rainmaker Games blog offers a more in-depth step-by-step guide to staking.

    It’s about to be pouring $RAIN in the crypto gaming world. Gamers and interested stakers can join the revolution by staking tokens or by following the RAIN community on Telegram or the project’s website.

     

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  • Massive airdrop and AXS staking catapult Axie Infinity to a new all-time high

    Massive airdrop and AXS staking catapult Axie Infinity to a new all-time high

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    Airdrops have become the cryptocurrency ecosystem’s equivalent of stimulus checks over the past couple of years and further proof of this can be evidenced from popular protocols like Uniswap and dYdX which rewarded their early adopters with token drops that are now worth $30,000 to $2 million.

    The latest protocol to surprise its userbase with a wallet fattening airdrop was Axie Infinity (AXS), a blockchain-based battle game that has risen in prominence over the course of 2021 as users embrace its play-to-earn (P2E) gaming model.

    Data from Cointelegraph Markets Pro and TradingView shows that since bounding off a low of $47.92 on Sept. 21, the price of AXS has stormed 145% higher to establish a new record high at $118.00 as its 24-hour trading volume surged from $421 million to $1.95 billion.

    AXS/USDT 4-hour chart. Source: TradingView

    Three reasons for the recent surge in AXS price over the past two weeks include the introduction of staking features for the AXS token, the release of a community airdrop early adopters and the increasing popularity of play-to-earn gaming protocols.

    AXS launches staking

    The growth of decentralized finance in 2021 has shone a spotlight on the ability of crypto holders to put their tokens to work and earn a yield through providing liquidity or staking.

    In an effort to capture some of this momentum, as well as improve the overall tokenomics of the AXS token, the team at Axie Infinity announced the launch of staking capabilities on Sept. 30. This excited members of the community, and to date, holders have already staked nearly 9.8 million AXS in just two days.

    AXS staking dashboard. Source: Axie Infinity

    And it’s not just your average crypto user getting in on the staking action, as recent tweets show other gaming platforms in the crypto ecosystem, including Yield Guild Games, have announced that they are now staking their AXS holdings as a way to help increase the value of their respective ecosystems.

    Axie Infinity is currently offering an APR of 240% for stakers with the rewards coming from a dedicated pool of 78.3 million AXS tokens that have been set aside by the team.

    AXS airdrops tokens to early adopters

    A second reason for the spike in price and activity for AXS was this week’s community airdrop which rewarded users who engaged with the protocol prior to October 26, 2020.

    According to the team, 10,000 wallets were selected based on a snapshot that was taken on Oct. 26 to receive a share of the 800,000 AXS airdrop, depending on the wallet’s level of activity.

    The more active users like the pseudonymous Twitter user ‘Arctic’ received larger allocations that are now worth nearly $500,000, while less active accounts received smaller allocations that are nonetheless still significant in terms of dollar value, especially in the more economically disadvantaged parts of the world where many Axie Infinity players reside.

    Related: NFT trading game Axie Infinity launches AXS staking program

    The rising popularity of play-to-earn gaming

    Another reason for the recent growth seen in Axie Infinity is the strength of the P2E gaming model which many analysts say will be the breakout sector in 2021.

    Axie Infinity was actually the game that kicked off the P2E rally earlier in the year and this momentum translated to an uptick in other P2E protocols like Illuvium (ILV), Chain Guardians (CGG) and MyNeighborAlice (ALICE).

    Top 5 gaming protocols by the 90-day change in USD price. Source: Messari

    The P2E gaming sector of the crypto ecosystem has been gaining momentum in recent months as users begin to discover the benefits of playing a game that rewards participation, as opposed to the dominant free-to-play model which offers in-game purchases but leaves users with little to show after months of gameplay and investment.

    According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

    VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the VORTECS™ Score for AXS climbed into the dark green zone on Sept. 26 and reached a high of 87 around 35 hours before its price began to increase by 55% over the next three days.

    The NewsQuake™ service from Cointelegraph Markets Pro registered two significant news announcements prior to the price rise, including a listing announcement from Bitstamp exchange and the team’s announcement that AXS staking had launched.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.