Blockonnect Will Enable Staking With Ethereum, But Will It Succeed Like The Altcoin Top Dog?
Staking is one of the best ways for crypto enthusiasts with a long-term focus to earn a passive income while contributing to the growth of the cryptocurrencies they’re staking. As many projects in a competitive cryptocurrency market support staking today, the upcoming Blockonnect token promises huge returns to users ready to stake on its platform.
Elsewhere, Ethereum (ETH) has built a reputation for profitability. Thanks to ETH’s provision of an easy way to earn decent yields via staking, among other things, the altcoin top dog is enjoying great success in the crypto space.
This article will look closely at Blockonnect’s staking mechanism to see if the project has the strengths to succeed like Ethereum (ETH).
Ethereum’s (ETH) transition from a proof-of-work (PoS) to a proof-of-stake (PoS) consensus mechanism will be complete once the full release of Ethereum (ETH) 2.0 happens in 2023. This upgrade will make Ethereum (ETH) staking better. Nevertheless, staking Ethereum (ETH) is easy and can be done from any major exchanges supporting Ethereum (ETH) staking.
There are at least four ways to stake Ethereum (ETH), including staking via an exchange that best suits crypto newbies and running a validator if you’re an expert. Staking can also be done by pooling Ethereum (ETH) in validator pools or via liquid staking for faster reward withdrawals.
Staking Ethereum (ETH) allows holders to help validate the Ethereum blockchain network. Thankfully, the process is easy and straightforward; everyone must agree to the terms and conditions, and no additional work is needed on the user’s end to manage their Ethereum (ETH).
The Ethereum (ETH) network is home to hundreds of crypto projects. Thanks to this, Ethereum (ETH) is a durable staking option compared to other cryptocurrencies in the coin market. Also, staking Ethereum (ETH) allows crypto enthusiasts to participate in its network.
Ethereum (ETH) staking guarantees annual percentage yields (APY) from 5%. The APY is projected to increase by 15% or more when the Ethereum (ETH) 2.0 upgrade is complete.
Blockonnect is an upcoming crypto project seeking to act as the de-facto home for all crypto and fiat transactions. Blockonnect is committed to handling cryptocurrency transactions and Ethereum (ETH) exchange. Thanks to its powerful technology, Blockonnect seeks to create bridges between numerous marketplaces.
Blockonnect will allow users to store, trade, and purchase crypto assets and more on the move. Apart from exchanging Ethereum (ETH), users will also be able to stake Ethereum (ETH) to earn 10-30% APY.
The project is powered by Blockonnect, its native deflationary token that holders can stake within the ecosystem. Blockonnet token holders can stake their tokens via two different staking mechanisms.
The first is stake-and-earn (SaE), which allows users to stake Blockonnect on the ecosystem for 90 days and earn up to 15% annual interest.
Also available is soft-staking for idle balance, a new mechanism that will allow rewards delivery on a flexible basis since “no lock-up” is necessary. It will allow users to earn up to 4% annual interest on cryptocurrencies held on the platform’s exchange.
Blockonnet is capped at a 50 million maximum token supply. The pre-sale and launch dates are yet to be announced.
One way altcoins maintain their popularity and dominance in the coin market is by guaranteeing income earning for users, and Ethereum (ETH) is not left out. Its many utilities give it an edge over most altcoins, and it has succeeded in areas where many have failed.
Blockonnect is promising users financial freedom and is betting big on staking to achieve this. Its APYs are very enticing, especially for Ethereum (ETH) staking, meaning it is bound to draw many crypto enthusiasts to its side upon launch in the cryptocurrency market. If this goes as planned, there is no reason why it cannot succeed like Ethereum (ETH).