A staking rewards program is a type of incentive program offered by blockchain projects to incentivize users to hold and "stake" their tokens in a wallet or on a blockchain-based platform. By holding and staking their tokens, users can earn a percentage of the block rewards for securing the network, or earn interest on their tokens. Pexpay has introduced Staking to help users gain access to decentralized products directly through the Pexpay platform.
1. What are the advantages of Staking on Pexpay?
- Passive income: By staking their tokens, users can earn a regular income in the form of interest or block rewards, without having to actively trade or manage their assets.
- Token appreciation: Staking can also increase the demand and scarcity of the token, resulting in potential token appreciation.
- Higher earnings: Generally, users receive higher rewards for staking their assets as these are used to support the blockchain network and verify transactions.
2. What do I need to have to be able to participate in Staking products?
- Minimum Required Amount: There is a minimum required limit to be able to stake, please ensure that you have sufficient assets available in your Spot Wallet. These funds cannot be in open orders and must be accessible. Also, if the total remaining quota of the Staking product is lower than your available balance in your Spot Wallet, you will only be able to purchase the remaining amount for staking.
- Account Verification: User's Pexpay account must have completed the KYC Verification process to start Staking.
3. What is Auto-Subscribe?
Auto-Subscribe feature allows you to automatically add your digital assets/digital currencies to Pexpay Locked Staking products again at the end of the lock-in period. This will help renew your position into a locked term of the same duration. The renewal shall be the same amount as your initial subscription. In case the available quota for the product has been reached, your position may not be renewed even if the Auto-Subscribe is enabled. Once your position expires, your assets will be transferred to your Spot Wallet.
4. After I participate in Staking, how is the earnings cycle calculated?
Staking products follow UTC timezone and are closed during 23:50-00:10 daily. There will be no interest accumulated on the same day of the product subscription. Once funds are allocated to Locked Staking, your earnings will start the following day at 00:00 (UTC). The minimum earnings calculation period is one (1) day; earnings for a period of less than one (1) day will not be included in the earnings distribution.
5. How long does it take to redeem in advance?
Currently, early redemption requires one day to be unlocked as locked assets are used to participate in the on-chain contract. Redemption and distribution actions also take a certain amount of time to be fulfilled. However, as Pexpay adds more staking products, the lock-up periods may vary and this will be visibly shown on the product interface.
6. What cryptocurrencies are supported?
Staking products offer more than 50+ cryptocurrencies and users can choose from dozens of digital assets.
7. My staked product has expired and automatically restaked, when does the interest accrue and payout?
On the day your staked product expires, it will automatically stake to its previous duration product and accrue interest immediately.