Prev.
The much-acclaimed trading platform eToro has recently launched a staking-as-a-service feature on this platform, which will apparently reward both Cardano and TRON holders. As per the announcement from eToro, it said that it will soon be launching a dedicated staking service which will allow users to earn staking rewards from Cardano and TRON. The users on its platform who at present hold positions in either Cardano or TRON will come under the eligibility band for seeking their monthly staking rewards.
The best part about it all is that the trading system employed by eToro to facilitate reward payout is self-integrated. It will make use of the automatic technology that attempts to relieve users of any action, meaning they would be able to trade assets, in the same manner, they used to earlier. eToro has explained that the reward system, for now, has been assigned only for these two assets, and it hopes that further assets will be included after some time.
There is a catch here which is if users move away from their positions during the month for the two cryptocurrencies before the reward is being distributed, their staking rewards will also undergo change. The company has clearly mandated that if the users want to become eligible for the reward an ‘intro period’ will be required. This presupposes that the users of the platform would hold the assets for a varying amount of time before the rewards can be gained by the users.
The entire exercise has been commissioned so that investors can benefit from staking. The founder and CEO of eToro also gave his comments on the announcement.
“Staking is an important development in the crypto market but it’s difficult for people to access its benefits on a secure platform, which is what we’re enabling our global community of investors to do by offering this new service.”
He believes that staking occupies a very important part in the development of cryptoverse. The biggest problem that users face and are unable to truly make the best use of it is because of the lack of security on the platform. With this move, it aims to provide that kind of security which is much-needed.
The staking rewards as per the announcement will be compounded on a monthly basis. This implies that the yield from staking will undergo significant reduction as compared to what it is when you are staking independently. This is something that needs to be overcome, and eToro realizes this. To ensure users have not driven away due to this, eToro will add more by offering magnanimous rewards. In fact, one of the official spokespersons from eToro exclaimed that the platform will be truly and aggressively competitive with market platform prices. He said:
“Clients staking on eToro benefit from doing so on a regulated and globally trusted platform. We also believe staking rewards on our platforms are among the most generous in the market, from a minimum of 75% of the staking yield.”