AVAX is now on Earn: Get staking rewards for holding Avalanche’s token

written by Stephane Marbeau

AVAX is now on Earn: Get staking rewards for holding Avalanche’s token

Okcoin is the first U.S. crypto exchange to offer AVAX staking. You can deposit as little as one AVAX on Okcoin Earn, our staking and DeFi platform, and receive staking rewards daily. Better yet: we don’t charge any fees for Earn, so 100% of the staking rewards go to you.

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What is staking?

Staking is the process of locking up tokens on a Proof of Stake (PoS) platform to support the network’s security while receiving a reward in return. Token holders who stake are awarded extra tokens in return for the service they provide. As a result, once the staking period ends, they not only keep their original tokens but also pocket extra gains by holding — and staking — those tokens. In some cases, platforms incentivize locking up tokens for a fixed period of time.

The returns vary depending on the token and the market, but they are usually higher than those you get from old-school financial institutions.

What is AVAX?

AVAX is the native cryptocurrency token of the Avalanche network, an open-source platform launched in September 2020. 

Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.

AVAX serves as the shared currency between the different Avalanche blockchains. Since January 1st 2021, the price of AVAX has increased more than 430%.

Learn more about Avalanche

How AVAX staking on Earn works

It’s easy to start earning staking rewards with AVAX. Here’s how it works:

1. Go to the Earn page

Click on the Earn button of the header to go to the Earn page. Then click Deposit to reach the dedicated AVAX Earn page.

2. Choose the amount you want to stake

Deposit Avax Tokens for Staking

Choose the amount of AVAX tokens you want to stake for the next 15 days and click Continue. If you don’t own as much as you’d like to stake, click Buy to buy more AVAX. Click Continue to have an estimate of the rewards you could earn.

3. Confirm your deposit

Complete deposit for Avax crypto staking

You will then get a recap of the amount of AVAX you are about to stake and an estimate of the rewards you could earn. Click Back to change your order, or Deposit to confirm it.

4. Earn rewards

Earning Avax staking rewards

You will  have more time to cancel your order until it is processed. When it is, you will see the amount of AVAX rewards you’ve earned.

How rewards work

The reward varies daily and is based on Avalanche’s staking rewards APY. You’ll pay no Earn fees when you keep the tokens locked for 15 days, and you keep 100% of the rewards. If you want to continue earning after the 15 days, just stake your AVAX again.

Don’t want to keep your AVAX locked for 15 days? You can withdraw your tokens early (before the end of the 15-day term). Partial early withdrawals, on the other hand, are not possible. The early withdrawal fee is calculated this way:

Your deposit x 5% x (number of remaining days divided by 15).

Example: If you deposit 10 AVAX and want to withdraw them three days before the 15-day term is over. That would be 10*5%*(3/15)= 0.1. The early withdrawal fee would only be 0.1 AVAX.

Find AVAX on Earn

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.

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