Giottus launches Staking for all its customers
Giottus customers can now make passive income up to 10% annual percentage yield with their favourite tokens! Yes! Following the successful introduction of FD, Baskets, and SIPs, staking is now accessible on our platform.
Giottus is now introducing staking with Cardano (ADA), Polygon (MATIC), Solana (SOL), and Tron (TRX) and will eventually be expanded to more crypto assets including Ethereum (ETH) post its Merge. All users of our platform who currently possess these coins can stake them or can purchase tokens to enable staking.
But before that, we are answering all your questions on Staking!
What is staking? How does staking work?
Staking is a method that involves engaging your crypto assets to support a blockchain network and confirm transactions. All blockchains that run on Proof-of-Stake (Pos) allow validators to claim the rewards for staking their assets while creating blocks. In simple terms, staking is a way of having your crypto assets work and earning rewards on it.
Every time a block is added to the blockchain, new crypto tokens are minted and distributed as staking rewards to that block’s validator.
Which crypto assets can you stake at Giottus?
Staking is only possible with crypto assets linked to blockchains that use the proof-of-stake consensus mechanism. At Giottus, staking is possible with Cardano (ADA), Polygon (MATIC), Solana (SOL), and Tron (TRX) for now. We plan to introduce more coins for staking soon including ETH (post Merge).
What is the expected yield from staking?
Returns on Staking vary from asset to asset. With Giottus, the expected annual percentage yield (APY) is as follows: TRX (7%), ADA (6%), SOL (6%), and MATIC (10%). Ethereum (ETH) is likely to be added to the product post its successful Merge this month.
How is staking different from fixed deposits (FDs)?
Fixed deposits and staking are both methods of passive investment. FD involves generating yield through DeFi and Lending. Staking allows risk-free earning, but it is possible only on select protocols that use the Proof-of-Stake algorithm.
FD comes with its own time period and is a guaranteed payout. Staking doesn’t come with a guaranteed interest rate as the yield is distributed based on the number of coins staked.
Is there a lock-in period?
Staking involves freezing your share of cryptocurrency for a period of time to get the privilege of validating transactions in the blockchain network. You can unstake them any time. However, some protocols have a lock-in period, that is the length of time where your assets are held even after redemption. These assets cannot be traded during the staking or unlock period. The lock-in period is different for different protocols. There are many protocols with no lock-in period as well.
How can you start staking with Giottus?
To start staking on Giottus, ensure that your portfolio includes staking-supported coins (TRON, ADA, SOL, and MATIC). If you don’t already have these coins, you must purchase or deposit these coins to stake them. Then, on the staking dashboard, you can instantly enable the staking of your assets.
Rewards in the form of the same crypto asset will be credited to your account monthly.
How can I unstake my crypto with Giottus?
To unstake your assets, go to the staking dashboard and select the unstake option for the relevant transaction. The principal amount will be returned to you after an unlock period. You must note that every coin will have a different unlock period. Rewards will be paid out (by the next month) till the time the asset was staked.
When should an investor stake a crypto asset?
If you hold any of the supported crypto assets and do not have any immediate plans to trade them, then you can stake them. It does not require any work on your part, and you will be earning some passive income on your crypto.
What are the benefits of staking?
Staking allows risk free earning, but it is possible only on select protocols that use Proof-of-Stake (PoS) algorithm.
Staking does not come with guaranteed interest as the yield is distributed among all stakers. Actual rewards will be based on the number of participants in staking. However, we can calculate expected returns for each protocol based on historical data.
Staking cryptocurrency assets is a simple way to earn income on your holdings. Compared to cryptocurrency mining, crypto staking does not require any special equipment. Using this, participants are helping to maintain the security and efficiency of the blockchain more environmentally friendly than mining.
Is staking profitable?
Staking is a good option for investors interested in generating yields on their long-term investments and who do not care about short-term price volatility.
Are there any risks?
Staking is the best option for people who want to hold onto their assets for a long time, regardless of price fluctuations. If you want to sell your assets, you will have to unstake and wait for the lock-in period (asset-specific) to get over to trade the asset.
We are available to support our customers with Staking. Please send an email to email@example.com to get in touch with our team for any help. For further information, dial: +91 78248 78248.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.