Bitfinex has announced that it has distributed 35,000 EOS tokens in staking rewards, for a total value of approximately $ 100,000 USD.
Bitfinex's staking rewards program is designed to provide users with an alternative way to increase their funds and allows their clients to earn up to 10% of the theoretical amount deposited per year.
This is the estimated annual percentage of staking tokens on Bitfinex, though, to minimize the risk of staking and not allow users to freely withdraw their tokens, you only use a part of the total number of staking tokens.
How does stakeout work on Bitfinex?
In addition to EOS, Bitfinex allows you to also stake out Cosmos (ATOM) and v.systems (VSYS), while Tezos (XTZ) will be introduced in May.
Staking allows token owners to lock their tokens in exchange for a percentage reward.
In general, this is achieved thanks to the so-called Stake Delegate Proof ( DPoS ), which is a different consensus algorithm from that used, for example, by Bitcoin (PoW).
DPoS allows users to delegate the staking of their tokens to third parties who will use them to validate blocks, in exchange for rewards that are then redistributed among the users who have delegated the staking of their tokens.
EOS uses this same system to validate the blocks and therefore allows EOS token owners the ability to receive these rewards, which are in EOS tokens.
Total, have been distributed 35,000 EOS tokens in rewards to those who have delegated the game of their EOS tokens to Bitfinex, although it is not known how many EOS tokens have been delegated to Bitfinex.
However, the $ 100,000 figure is still very significant.
Bitfinex CTO, Paolo Ardoino, said:
“We have accumulated a fair amount of EOS in the past few weeks and are delighted to announce the distribution of engagement rewards. As an exchange, we value the loyalty of our customers and always seek to innovate so that we can return something of real value to our growing active user base. ”