NYCCoin stacking is now available, exclusively on Okcoin

NYCCoin stacking is now available, exclusively on Okcoin

Earn high APY* rewards when you stack NYCCoin (NYC) on Earn. The minimum stacking amount is super low, and we take no fees on Earn. Get ready to start earning while you support NYC. 🔥

TL;DR

  • What? NYCCoin stacking is available now, exclusively on Okcoin.
  • Who? All Okcoin customers except for residents of the EU, the UK, Singapore, and Brunei.
  • When? NYC stacking is available now on the web and will be available on our mobile app soon.

Start earning

What is NYCCoin (NYC)? 

NYCCoin is a CityCoin, a new community project that supports cities and their treasuries. CityCoins are powered by the Stacks Protocol, an open-source network of decentralized apps and smart contracts built on Bitcoin. With CityCoins, you can mine, program, hold, and stack them to earn Stacks and Bitcoin.

Buy NYC

How does NYCCoin stacking work?

In the decentralized finance (DeFi) lingo, “staking” is the process of locking tokens to secure their underlying protocol. In exchange, those who stake earn rewards. A similar process called “stacking” (notice the change in spelling 😃) exists on the Stacks blockchain. Beyond the complicated mechanics of blockchain security validation, stacking is easy enough to grasp: You can put your crypto to work and earn rewards while it sits.

Being directly integrated with the protocols allows us to offer access to the best decentralized finance (DeFi) products and staking offers. For instance, we were early believers in Stacks and are the only exchange to have integrated with its blockchain. That’s why we’re now the only exchange to offer access to NYCCoin since it’s built on top of Stacks – MiamiCoin too. We’ve made DeFi super simple: on Earn you can go from cash to staking in just a few clicks.

Here’s the TL;DR about stacking NYC on Okcoin:

  • No fees. Contrary to most competitors, there are no fees on Earn. You get to keep 100% of the stacking rewards.
  • Very low minimum amount. The minimum stacking amount is 50 NYC ($XX at the time of launch) and, there’s no maximum stacking amount. 
  • Flexibility. You can choose between stacking your NYC for one cycle (approximately 2 weeks) or 12 cycles (approximately 24 weeks).
  • Bi-weekly payouts. Rewards are paid every two weeks in STX, which can then be stacked again to earn daily stacking rewards in bitcoin. Learn more

Start stacking NYC

NYCCoin stacking FAQ

When are NYC stacking rewards paid?

We deliver the rewards to your Okcoin account as soon as we receive them, at the end of each stacking cycle (approximately 2 weeks).

How is the potential APY estimated? And how can they change going forward?

We’ve used the rewards generated in the last NYC stacking cycle to estimate the next cycle’s potential APY. The prices of NYC and STX, and the amount of generated rewards are the largest drivers of the resulting APY. 

When can I withdraw my stacked NYC?

To help secure the network, NYC tokens need to be stacked for the duration of an entire cycle. The stacked tokens can only be withdrawn at the end of the cycle, not before.

What are the different stacking cycle lengths?

You can stack for either 1 cycle (approximately 2 weeks) or 12 cycles (approximately 24 weeks) or any combination of the two options (start with 1 cycle and then try a 12 cycle period).

What are the benefits of stacking for 12 cycles instead of 1?

If you stack NYC for 1 cycle, you’ll be unable to participate in consecutive stacking cycles, meaning you’ll have to skip one stacking cycle before participating again. If you want to earn rewards continuously throughout a longer period, consider stacking for 12 cycles (approximately 24 weeks).

Stacking Guide: How to stack NYC on Okcoin Earn?

1. Go to our Earn page

Head over to Earn. Find NYC in the list of offers, and click Deposit.

2. Choose how much and how long you want to stack

Choose the number of NYC tokens you want to stack and click Continue. If you don’t own as much as you’d like to stack, click Buy to buy more NYC. Choose the number of cycles you want to stack for. Click Continue to see an estimate of the rewards you could earn by stacking.

3. Confirm your deposit

Review the amount of NYC you’re about to stack and an estimate of the rewards you could earn. Click Back to change your order or Deposit to confirm it.

4. Earn rewards

When the deposit is confirmed, you’ll start seeing the staking rewards you’re earning per cycle.

Start stacking NYC

*Estimated APY rates are not guaranteed and may change without notice. Your assets in Earn are not covered by insurance against potential losses, nor are they subject to FDIC or SIPC protections. Okcoin does not provide investment or asset recommendations. Please consult your own investment/tax professional regarding your specific circumstances and objectives. Okcoin is not engaged in the offer, sale, or trading of securities. For more details, please refer to Okcoin’s Earn Terms of Service, which may change without notice.