A few weeks back I had shared a Publication about Tokens staking and CoinDCX was the first exchange launching this option for Indian crypto users. Now there is another exchange that has launched the staking tokens service and this exchange name is WazirX.
In the Crypto space, I see that exchanges are following the trend as we can see in #DeFi and many exchanges are working to add DeFi (Decentralised Finance) tokens on their platform. In the same pattern, staking is also getting more attention from the users so exchanges are trying their best to launch it so that they can get more users and tokens as well.
WazirX has launched this service from 1st September and they are getting good attention by the users.
> In a nutshell, staking is the process of depositing and holding funds in a wallet or an exchange to support the security and operations of a proof-of-stake blockchain network. In return, users receive rewards for this. Users can combine their tokens/resources to increase their chances of becoming validators, and earning rewards. The rewards are shared based on their contributions to the pooled resources. This is called the staking pool.
The good thing is that exchnage has given the flexibility to trade the tokens that are staked, unlike other exchanges that lock the funds for the period they pay the reward. Here you can stake and trade as well. You will get a return on the stake as long as your tokens are stakes and once the order is executed then there will NO return. This certainly gives a better option and users can place the order without losing the stake reward. This will bring more users to stake their holdings as their funds will be under their control.
WazirX has also launched this service on the app so one can easily do it through the web browser or using their app. This exchnage is also keeping on adding one token every week and they are working to make their platform with more variety in tokens along with high liquidity. They are already a leader in fiat transactions as they allow to withdraw the fiat deposit and withdrawals instantly. Now since wazirX has launched the staking so we can see other exchanges to follow the trend and bring it to their platform as well which will give more options to users.
I have already staked with CoinDCX exchange but my funds are locked there however here there is no such condition that impressed me and now I will plan to stake some here as well. This will give me more flexibility because I will able to get a stake reward unless I sell out and its certainly a better option.
Thank you so much
