US-based crypto exchange Coinbase users will be able to bet Solana tokens on the platform and earn rewards by doing so.
Coinbase announced this on June 29th Blog post He said he is expanding staking services to include Solana.
The staking service allows token holders to assign tokens to validators. This will increase the weight of the vote. In the meantime, token holders earn different passive income for each blockchain.
Through exchanges like Coinbase, which provides staking services, users can avoid the difficulties associated with staking Solana individually. Therefore, this latest referral allows users to bet on Solana tokens purchased from Coinbase or deposited from another wallet.
In return, users earn an estimated annual revenue of 3.87% APY, which accumulates every 3-4 days. In addition, holders can earn rewards with a stake of only $ 1.
Users who place bets via Coinbase can also bet and unlock tokens as they wish.
As included in the post, the rate of return is based on the estimated protocol rate and is subject to change. For each reward, Coinbase charges a 25% commission.
Cryptographic exchange has ensured that the staking function will be rolled out to all eligible customers in stages.
Crypto winter worries
Cryptocurrency winter has affected Coinbase and Solana, both experiencing a variety of problems.
Goldman Sachs downgraded and sold Coinbase’s share price on June 27 due to the bearish market conditions. Coinbase recently fired 18% of its employees, but investment banks have suggested that more staff need to be fired.
As expected, crypto exchange stocks plunged 5.9%, trading at $ 59.40 in front of the market.
Cryptocurrency exchange stocks have declined and are currently trading at $ 49.75, down 2.79% in the last 24 hours.
Similarly, Solana has been struggling to float despite the recent launch of the web3 mobile phone. Proof of Stake blockchain tokens have declined by 8.79% in the last 24 hours, according to CoinMarketCap data.
Projects hosted on the Solana blockchain also experienced turmoil during this long-running crypto winter.