Kadena Staking now LIVE!
The good news from CoinMetro keeps on rolling! We’re happy to announce that Kadena staking is now LIVE! Just hold your KDA on CoinMetro and earn up to 5% staking rewards. Check out this article about our collaboration with Kadena to see what else we’re working on.
Don’t forget… CoinMetro is THE fiat gateway for Kadena. In addition to KDA/EUR, we also have the first & only KDA/USD trading pair in the world. Plus you can swap KDA with various cryptocurrencies on the dashboard.
What is Kadena Staking?
The way we do staking here at CoinMetro is much more simple than you may have seen with other companies. Staking often requires users to own a lot of an asset to be eligible, and they have to lock up their crypto which makes it inaccessible for a period of time.
We’ve taken down those barriers! Now anyone can earn passive income on CoinMetro. Simply deposit or buy KDA on CoinMetro and hold it on the platform to receive 2.5% – 5% in staking rewards. There is no opt-in or hard locking required! This ‘soft staking’ works similar to other cryptocurrency staking programs on CoinMetro.
How does it work?
Kadena staking kicked off on March 10, 2021. So, if you already have KDA on CoinMetro, you’re already earning! As we just learned, the soft staking requires nothing from you to get rewarded. Nothing except diamond hands, of course.
If you don’t already have a verified account with CoinMetro, sign up now. Then you just need to deposit your KDA. By the way, depositing KDA to CoinMetro is a breeze because our wallets support ALL 20 Kadena blockchains.
Anyone holding any amount of KDA will earn 2.5% in staking rewards annually. But you can double your earnings by joining any tier of the XCM rebates system. This will boost your annual rewards to 5%! Users are able to leave or join a tier at any time and your accrued rewards will not be affected. Only the future rewards will change. You’ll simply move up or down between 2.5% & 5% rewards. A maximum amount of 100,000 KDA per user will be considered for staking rewards.
The Kadena staking rewards are paid in XCM, CoinMetro’s native token. Rewards accrue every four hours and will be credited to your account on the 16th of every month. You will be able to see the XCM appear in your transaction history on the dashboard. Currently, the staking reward pool is €25,000 worth of XCM. So the sooner you begin, the more you earn!
How are rewards calculated?
Rewards are based on the EUR value of the KDA held at each snapshot. The accrued amount is calculated based on the XCM/EUR rate at the time of that snapshot. To make this simple: If you hold 1000 KDA with an average value of €1000 for a full year, you’d receive €50 worth of XCM. Both XCM and KDA are still in early stages, making this an extremely exciting opportunity. When CoinMetro deployed QNT staking, we saw a 1100% price increase in XCM. This means staking rewards exceeded 50% per annum. Massive!
The Future of Kadena Staking
In the near future (soon™) we will be launching our full staking platform! CoinMetro is aiming to offer a higher annual percentage return for staking, and pay those rewards directly in KDA. So, this is just the first step of a long-term staking plan that will expand and become even more rewarding over time.
What is Kadena?
Kadena is an infinitely scalable smart contract platform. They’ve managed to scale proof-of-work horizontally, meaning there are no security compromises behind increasing throughput. Their hybrid blockchain platform allows public & private blockchain networks to share data through smart contracts from each network, respectively.
They will soon be launching its first dapp, a DEX, to leverage all the benefits of the Kadena network including our proprietary smart contract language, Pact. The new DEX, called Kadenaswap, will be multi-chain and can offer free trading by prepaying user gas using Kadena’s innovative gas stations.
We’re so happy to give our community another opportunity for passive income. But we’re just getting started. The future is bright for Kadena + CoinMetro!
So, what are you waiting for? You could be earning right now! Sign up for a CoinMetro account and begin your Kadena staking today!