eToro Launches Staking for NEAR and Polygon as Crypto Market Rally Boosts Blockchain Enthusiasm

Trading and investing platform eToro has launched staking for NEAR Protocol (NEAR) and Polygon (POL), enabling users to earn rewards simply by holding these assets.

Staking enables investors to lock up their cryptoassets to support a blockchain network’s operations, such as validating transactions. In return, these investors earn rewards, offering a way for them to grow their cryptoasset holdings while helping secure the network.

Users that open a NEAR or POL position will be automatically opted into staking. All eligible users staking their cryptoassets will receive monthly email updates explaining how much they earned in staking rewards and how it was calculated. Users can opt out of the staking programme at any time.

Users can earn between 45 per cent to 90 per cent of the staking yield depending on their eToro Club tier. eToro also retains a percentage of the yield as a fee to cover the various operational, technical, and legal costs involved to make the staking procedure secure and efficient.

“The recent crypto market rally has boosted enthusiasm for blockchain innovation, with Bitcoin setting fresh all-time highs and many altcoins rising too,” explained Adi Lasker Gattegno, director of crypto desk at eToro. “Building on the success of our ETH and SOL staking launch in July, we are excited to expand our staking programme to include NEAR and POL. Eligible users will be able to stake these assets in a simple and secure way.”

eToro warns that users should be aware that crypto staking comes with possible risks as well as rewards. During the lockup period, assets have limited or no liquidity, while their price can rise or fall. In the event that the blockchain validator violates protocol rules, the network protocol can confiscate or ‘slash’ the staked assets.

Staking is also unavailable for eToro users based in Germany or the US, and UK users who registered with eToro after 7 February 2022.

The post eToro Launches Staking for NEAR and Polygon as Crypto Market Rally Boosts Blockchain Enthusiasm appeared first on The Fintech Times.