Bitfinex has announced the launch of staking for ADA, the native cryptocurrency of the Cardano network.
Now on the platform staking.bitfinex.com of the famous exchange it is possible to put in staking, in addition to ADA, also EOS, Cosmos (ATOM), Algorand (ALGO), v.systems (VSYS) and Tezos (XTZ).
How Cardano staking works on Bitfinex
By staking the Cardano cryptocurrency on Bitfinex, you can earn rewards of up to 4.3% per year. However, this is an estimated annual percentage, as actual rewards may differ.
The cryptocurrencies will be stored on the Bitfinex platform, using the exchange's internal custody solution, so once wagered they remain under the control of the platform, in the same way as other tokens deposited on it for commercial purposes.
Premiums are paid every week, thanks to a snapshot of the account balance in the middle of the week, on the basis of which the premiums will be distributed according to the amount of tokens held at the time of the snapshot.
There is no minimum amount to bet (staking), but there is a minimum amount of rewards, usually set at an amount of tokens with a value of around $ 0.10. This minimum prize is reset each time rewards are distributed, but should never exceed $ 0.20.
Depending on the protocol, some staked tokens are blocked for a certain period of time, but Bitfinex immobilizes only a part of the digital tokens in its possession, so it is almost always possible to withdraw them at any time. If these withdrawals were too high, there would be a withdrawal delay due to the configuration of the cryptocurrency protocol you want to withdraw.
The CTO of Bitfinex, Paolo Ardoino, stated:
"We are delighted to announce that Bitfinex clients will now have the opportunity to start wagering on their ADA assets. Our ADA engagement service builds on the success we have already had since launching our engagement program”.
The start of the staking program on Bitfinex took place in April and is part of the attempt to exchange become a one-stop shop for cryptocurrency trading, offering a variety of services, including margin trading with up to 5x leverage.