Australia’s fastest-growing cryptocurrency exchange has announced the launch of a new multi-asset staking service.
Swyftx, the country’s top-rated exchange, becomes the first Australian-owned exchange to offer staking rewards for top market cap coins including Solana, Cardano and Polkadot. In total, 12 assets will be available for staking through the platform with zero fees.
Customers with eligible assets will receive staking rewards that typically range from around 5% to 20%, depending on the asset. The current reward percentage for the market’s largest proof-of-stake coin, Solana, is 6.5%. Rewards received from staking assets through the exchange will be calculated daily and automatically credited to customer accounts each day.
Australians want to earn rewards and their strong preference is to trade and stake through Australian-owned exchanges, so this is a really important moment. We’ve seen an enormous upswell in customer demand for staking this year.
Swyftx Chief Executive Ryan Parsons
“We estimate the total daily trade volume across the country for Solana, Cardano and Polkadot alone is around $70m. And that’s a conservative figure. People want access to staking because it’s a way of contributing back to the blockchain community and getting rewarded at the same time.”
The total global value of assets that are staked is currently over $300bn, or just over 50% of the total market cap of all proof-of-stake tokens.
Parsons said Swyftx expects the proof-of-stake market to continue to grow in importance over the next year as major market upgrades come online and traders seek crypto assets with lower energy consumption.
“Our central scenario is for the proof-of-stake market to increase significantly over the next six months,” said Parsons.
“A lot will depend on when the Ethereum network moves to proof-of-stake. But even if it’s delayed beyond the current May to June 2022 estimate, we still expect to see more customers diversify their crypto portfolios to include greener coins.”
The Swyftx staking service will have no lock-in period for staking assets, meaning its customers will be able to un-stake their assets whenever they wish.
Customers will be able to stake the following assets through Swyftx: Cardano, Solana, Polkadot, Algorand, VeChain, Polygon, Atom, Tezos, NEO, Band Protocol, Kava and Kusama.
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