Crypto.com recently announced adding EGLD and ATOM to its on-chain staking list. The announcement was made on the official X/Twitter account of Crypto.com.
The exchange now allows users to stake ATOM and EGLD on its app. Thus, users can secure the MultiversX and Cosmos blockchains while earning rewards. The integration allows users the flexibility to unstake assets conveniently and securely.
With integration, the Crypto.com exchange allows on-chain staking for ATOM, EGLD, CRO, DOT, ETH, MATIC, SOL, ADA, and AVAX. The platform announced its on-chain staking facilities in July 2023. Since then, it has onboarded several renowned projects on its platform.
Crypto.com’s on-chain staking allows users to secure the coin’s blockchain while putting the asset to work. In return, users earn rewards depending on the blockchain protocol.
According to the latest post by the platform, users will start earning rewards on their staked assets after the activation time, and post-processing have been done by the validator.
On-chain staking helps users participate in a PoS (Proof of Stake) network by locking specific tokens to secure the blockchain network. Generally, stakers are required to join staking pools operated by validators.
These validators verify the transactions and add them to the blockchain. They are rewarded with freshly minted tokens in return. Afterward, validators can deduct their fees from the rewards and distribute them to stakers proportionally.
To stake assets on Crypto.com, users must follow these steps:-
- Open the Crypto.com app.
- On the main menu, choose Staking.
- Find and select the desired asset.
- Fill in the staking amount.
- Verify the details and check the Terms & Conditions section.
- Enter the passcode or Touch/Face ID to submit the request.
After the verification is done, users can start earning rewards on their staked assets.