- Earn up to 12.5% per annum on Polkadot deposits on Crypto.com App.
- Earn up to 12% per annum on Polygon deposits on Crypto.com App.
- Crypto.com’s Supercharger program enables users to gain more DOT rewards.
Crypto.com recently updated a new feature on its App that will enable its users to benefit from staking Polkadot (DOT) via Crypto Earn. Users who have a Royal Indigo/Jade Green Visa card or a higher-tiered Visa card can now enjoy an increased interest rate of up to 12.5% per annum under two conditions: when they deposit DOT to their Crypto.com App account and when they stake for a 3-month term. The adjustment was made official on June 28, 2021 via the below tweet.
Additionally, users who choose to deposit their DOT holdings for a shorter period of time, such as for a 1 month period, will also benefit from an increased interest rate of 10% p.a. As for those looking to deposit DOT for a flexible term, they can enjoy an 8% interest rate per annum.
By depositing Polkadot to their Crypto Earn account, users can begin accruing interest immediately to grow their crypto assets. This means that they will be able to earn interest on the daily, in the cryptocurrency that they deposited for a given term. Keep reading to discover how to earn on your Polkadot deposits.
What is Polkadot?
In order to make an educated investment choice, let us delve further into Polkadot and what it consists of. Created in 2016 by Gavin Wood, the former co-founder and CTO of Ethereum, Polkadot was designed with the idea of connecting private blockchains, consortium chains, public and permissionless networks oracles, and more. Through parachains, or parallel chains, Polkadot facilitates cross-chain transfers and makes blockchains interoperable with each other. The open-source multichain network is commonly dubbed the “Ethereum killer” within the blockchain industry, as it is created with scalability in mind. Polkadot is projected to evolve into an upgraded version of Ethereum in the future, with lower gas fees and higher scalability.
Polkadot’s main objectives are to establish a fully decentralized and private network maintained by its users and to simplify the creation of new applications and projects on the blockchain. Its native DOT token is also designed to provide network governance and power operations while supporting parachain creation through bonding. Currently, DOT is available for trade on Crypto.com App and Crypto.com Exchange App.
How to benefit fully from DOT on Crypto.com
Polkadot is an integral part of the Crypto.com ecosystem. On Crypto.com App, Polkadot trading pairs currently available include DOT/USD and DOT/BTC. On the Crypto.com Exchange App, Polkadot trading pairs consist of DOT/BTC, DOT/USDT, and DOT/CRO. To benefit fully from their DOT savings, users can also leverage Supercharger, a crypto liquidity mining platform that enables users to deposit and withdraw funds from the Supercharger pool during a given period of time to earn an average daily share. Supercharger is available both on Crypto.com App and Crypto.com Exchange and is a great way for users to earn token rewards for participating in mining pools.
Based on the liquidity available during the deposit period, Crypto.com users can earn different reward rates for contributing to the process of mining cryptocurrencies. Through the Supercharger feature on Crypto.com, users can gain even more rewards when they choose to “charge” their tokens during special events.
Polkadot holders can also leverage Crypto.com’s DeFi wallet to swap and hold their DOT tokens. In order to access the latest updates and announcements on Polkadot, users can head over to Crypto.com’s Polkadot (DOT) Price Page to gain insight on the latest DOT price, trading volume, live chart, and more. Finally, to benefit fully from Polkadot, Crypto.com has included DOT in their Crypto Earn feature.
Deposit DOT to Crypto Earn
Crypto Earn differs slightly from the staking feature enabled for Crypto.com Visa Cards. Different cryptocurrencies have different earn rates on Crypto.com. With the new revised earn rate on monthly deposits, Polkadot’s accrued interest rate figures among one of the most competitive and attractive ones offered by Crypto.com at the moment. Users can choose to deposit their DOT funds for a fixed 1-month period, 3-month period, or for a flexible holding term in order to earn 10% p.a., 12.5% p.a or 8% p.a. respectively.
Depending on the amount of holding term chosen, users can enjoy a different earn rate. The daily accrued interest is paid out in the cryptocurrency deposited. For example, if a user chooses to deposit Polkadot, he/she will earn in Polkadot. Currently, there are over 30 cryptocurrency options Crypto.com App users can leverage to participate in Crypto Earn. The attractive feature is only available in certain countries, although Crypto.com is currently working hard in getting Crypto Earn approved in other jurisdictions.
At present time, Crypto Earn is not available for Hong Kong, Switzerland, and Malta citizens. Additionally, some tokens are not available in certain counties in the United States. Below is further information on supported locations for different cryptocurrencies.
Source: Crypto.com help centre
Differences between Crypto Earn and Crypto Staking
Although Crypto Earn bears similarities to Crypto Staking on Crypto.com App, there are slight differences. When staking Crypto.com’s native CRO token on the App, users can gain additional benefits, namely gaining access to Crypto.com Visa Cards, receiving crypto wallet benefits such as purchase rebates and extra card cashback, and better annual percentage rate in Crypto Credit and Crypto Earn. When staking, the deposit needs to be locked in for a minimum of 180 days.
For Crypto Earn, different cryptocurrencies can be used, with each having a minimum deposit requirement. Interest earned is paid out weekly in the same cryptocurrency as the one deposited. Additionally, users can earn more when they stake at least 50,000 CRO on Crypto.com App.
Earn up to 12% p.a on MATIC deposits
Currently, Polkadot’s revised interest rate gives the token a competitive edge and makes it an attractive option for users to leverage on Crypto.com App. Other cryptocurrencies that offer great interest rates are stablecoins, which users can leverage to earn up to 14% per annum on deposits.
Additionally, Crypto.com has recently added Polygon (MATIC) to the list of supported coins on Crypto Earn. With MATIC, users can now enjoy an interest rate of up to 12% p.a on their deposits. Gains are paid out in MATIC tokens. Furthermore, Crypto.com Private users, namely those who have staked 50 000 CRO on their Crypto.com App and enjoy Visa Card privileges, can enjoy better Crypto Earn rates and earn up to 14% p.a with MATIC deposits.
The list of cryptocurrencies supported on Crypto Earn continues to expand beyond mainstream digital assets like Bitcoin, Ethereum, Litecoin, and USDC. Head over to Crypto.com App today to begin earning.
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