LINK Staking (Update: Now Ended)
*** UPDATE: LINK Staking has now ended. But stay tuned, we’re working on a more sustainable program!
That’s right… more passive income opportunities on CoinMetro! Chainlink has seen incredible success and the token has skyrocketed in value. The support we have received from the LINK community since listing on our platform has been great and we want to give back. So we’ve introduced LINK Staking!
What is Staking?
First of all, let’s talk a little bit about staking. When referring to cryptocurrency, it’s a more efficient alternative to the norm of mining. It’s the process of holding or locking funds in a wallet as a means of confirming transactions on a blockchain. For keeping a blockchain in operation, staking earns rewards!
While the Proof-of-Work (PoW) model has historically been used by most blockchains, Proof-of-Stake (PoS) is now widely regarded as the superior option. PoW requires a lot of computing power to approve transactions and create blocks which are then linked together, making a blockchain. This puts a strain not just on computing power, but on natural resources as well. Therefore, the process has been met with quite a bit of resistance.
PoS uses the staked, or “locked”, cryptocurrency to validate blocks in the chain. It isn’t based on the amount of computing power, but rather the amount staked. Which makes for a much more efficient process and may even allow a blockchain to scale up and process way transactions. The Ethereum network, for example, has adopted this philosophy and is upgrading to PoS.
The only downside is that it often requires a large amount of cryptocurrency. But LINK Staking on CoinMetro is MUCH more simple with fewer barriers. More on this, below!
How Does Link Staking Work?
In short, simply hold LINK on our platform and you’ll be rewarded handsomely! The only thing you need to do is deposit the asset into your CoinMetro account. There’s no locking, opt-in, or even a minimum amount required!
Don’t have any LINK? Buy it with either USD or EUR on CoinMetro! You can also do a simple swap for another cryptocurrency by using our dashboard swap widget.
The reward for LINK Staking will be fixed at either 2.5% or 5% and paid in CoinMetro’s native token, XCM. Keep track of your earnings in the dashboard under “Transaction History”, and it’ll be displayed as a pending bonus. Don’t worry, this bonus is pinned to the top for easy viewing. Your accrued total of XCM will become available on the 16th of every month. And this is all done automatically!
LINK holders will earn 2.5% per annum, but you can double that rate and get paid 5% by joining any one of CoinMetro’s rebate tiers. The XCM you earn as a reward for staking can be “locked” to get into the tier system. The more XCM that’s locked, the higher the rewards! Read more about the XCM rebate system here.
There is no minimum deposit required for LINK Staking on CoinMetro! However much you own, big or small, you’ll be paid the same rate as everyone else. Your LINK can be withdrawn or deposited at any time, but this will change the amount on which the staking reward is based. The accrued rewards are shown as the EUR equivalent of LINK in your account during the daily snapshot.
What is LINK?
We have a bit of a reputation at CoinMetro for finding absolute gems & providing our investors with the opportunity to make huge gains. When we listed it on the platform for trading, LINK was valued at under $1. It’s since climbed to over $20 and become a top 10 cryptocurrency based on market cap! So what makes this asset, and the Chainlink network, so valuable?
The LINK token is a utility token that pays Chainlink node operators for providing data. Chainlink is a system of oracles built on top of the Ethereum blockchain. When someone buys insurance against a certain event, for example, an oracle would tell the smart contract about the occurrence of damage or event so it can pay the policyholder. Decentralized oracles are fundamental to the expansion of DeFi smart contracts.
Hopefully after reading this article you’re now thoroughly excited about Chainlink & LINK Staking. Because, well, you should be! It’s an awesome asset with a very bright future. CoinMetro provides a cheap & easy place to trade, and now you can even earn a passive income while you’re at it.
Don’t wait any longer! Your rewards await. Open a CoinMetro account right now!