Thursday, September 29, 2022

Coinbase Launches Staking Benefits for Solana

Coinbase, one of the major crypto exchanges, has expanded the scope of coin staking portfolio for users. The exchange has introduced staking benefits for Solana, which will reward SOL investors. These rewards will be given for holding and staking SOL coins in the network of the exchange. The current estimated return of staking on Coinbase for Solana is approximately 3.85 percent Annual Percentage Yield (APY). Rewards will be given out every three to four days.

The process of staking involves depositing crypto assets and validating transactions to support a blockchain network. Blockchains that support Proof-of-Stake (PoS) mining allow staking. Staking gives cryptocurrency holders an opportunity to increase returns. Solana is a PoS blockchain. It gives SOL holders an opportunity to hold their assets and earn returns. Coinbase has a blog post “Users can stake Solana themselves or through the staking service, but the process is complicated. The exchange is providing an easy and secure way for users to join the Solana network and earn rewards. ”

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For this, people have to buy Solana coins on Coinbase’s app or deposit these coins in their account with the exchange. With this, they will be able to get rewards in an automatic way. The returns are given to the users after deducting the commission of 25 percent by the exchange. Coinbase recently decided to reduce its workforce by 18 percent due to a major decline in the digital assets segment. Headquartered in the US, the firm says that it has taken this step to cut costs in this difficult period of the industry.

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The decision is expected to result in layoffs of over 1,000 employees of the exchange. Coinbase has given this information to the employees affected by this via email. Brian Armstrong, the exchange’s chief executive officer, said in a blog post, “The difficult decision has been taken to reduce our team size by approximately 18 percent. This will ensure the firm’s position during economic slowdowns.”

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