LYOTRADE is a professional cryptocurrency exchange platform. It has staking services that allow you to enjoy up to a whopping 36% annual interest rate when staking LYO credit tokens.
- Staking is a process of verifying new transactions on the blockchain by placing your tokens in a wallet.
- You can get rewards up to 36% APR when you stake LYO on LYOTRADE.
- LYO Credit is the utility token of the LYO Ecosystem, which consists of innovative products and services.
- Staking enhances a blockchain’s ability to validate transactions, making it more secure and efficient.
How does staking work?
There are 2 most common consensus mechanisms that cryptocurrencies use to validate new transactions, add them to the blockchain, and create new coins or tokens:
- Proof of Work
- Proof of Stake
Proof of Work is an algorithm where virtual miners verify and secure a blockchain by solving a complex computational puzzle, which requires a computer or hardware to run.
In fact, talking about bitcoin, there are the famous mining farms where several hardware are working to mine coins. Whoever solves the puzzle first will be the one to update the blockchain and will be rewarded with a certain amount of crypto.
Proof of stake, on the other hand, uses the method of staking. It refers to the process of adding new transactions to the blockchain by locking your coins in a wallet and putting them to work. As proof of stake, you will lock your tokens to participate in verifying transactions and updating the blockchain for a specified period. In return, you will be rewarded with crypto.
Staking with LYOTRADE
Staking is similar to parking your money in your savings account and earning a fair amount of interest after a period of time. However, the average interest rate of a savings account at any bank per year is 0.06%, much lower than what LYOTRADE can offer.
When you stake LYO Credit on LYOTRADE, you can get an annual interest rate starting from 1.5% to 36%.
You have the option to choose between four types of lockout periods. The longer the lock-in period, the higher the interest rate. Refer to the image below:
Why stake LYO Credit?
The value of the LYO Credit token is expected to increase as products and services in the LYO Ecosystem continue to improve. In addition to the generous rewards you can get from staking, you will also participate in making the platform safer and more efficient.
Sign up now and start staking your LYO Credit tokens on LYOTRADE!
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