Let your crypto work for you on OKXEarn
Getting your crypto assets to work for you is one of the important decisions to make as a crypto holder, especially when the assets are not being traded. 'Hodling' crypto is good, staking it is far better.
It is just like earning passive income for an asset that could have just been sitting idle in one's wallet. Staking is a way to get more out of crypto assets, without having to worry about stop losses.
Staking simply means committing your crypto assets to support a blockchain network and confirm transactions, allowing participants to earn passive income on their assets. It is only available with cryptocurrencies that use the Proof-of-Stake model to process payments. BTC can not be staked because it does not have a Proof-of-Stake model (PoS) but a Proof-of-Work model (PoW) that requires computing power.
Most networks make use of PoS as it does not require large energy as PoW does to add blocks to their blockchains. With staking, you are making your crypto assets work for you while contributing to the ecosystem of the blockchain network.
PoS and PoW are Consensus mechanisms, PoS is the newer of them. It has more speed, less gas fees and more efficiency. Transactions are not validated on PoS by miners but stakers that offered their assets for staking on the blockchain.
It is safe to say staking and mining perform the same function as they are the process a participant in the network is picked to add a new block (transactions) to the blockchain, while rewarding the selected participants with some crypto in exchange. These participants are referred to as validators and they are chosen based on the size of their stake and the length of time they’ve held it. So the most invested participants are rewarded.
Staking cryptocurrency is like getting returns on a fixed deposit, just higher. There is a probability of earning 5% to 20% of the amount staked, all that is needed is to identify a crypto asset that uses the proof-of-stake model. OKX, a world leading cryptocurrency exchange, has a lot of staking options for a wide range of crypto assets. Staking on OKX guarantees you safety, reliability and also higher returns. You do not have to worry about the servers of the staking pool going down, OKX has got you covered.
About OKX
A world-leading cryptocurrency spot and derivatives exchange, OKX offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.
We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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