LYOTRADE, a professional cryptocurrency exchange platform, features staking services that allows you to enjoy up to a hefty 36% annual interest when you stake LYO Credit tokens.
- Staking is a process of verifying new transactions in the blockchain by putting your tokens in a wallet.
- You can get rewards of up to 36% annual interest when you stake LYO on LYOTRADE.
- LYO Credit is the utility token of the LYO Ecosystem, which consists of innovative products and services.
- Staking strengthens the ability of a blockchain to validate transactions, make it more secure and efficient.
How Does Staking Work?
There are two 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 and Proof of Stake.
Proof of work is an algorithm where virtual miners verify and secure a blockchain by solving a complex computational puzzle, that requires a computing or hardware to make it works. In fact, talking about bitcoin there are the famous mining farms where several hardwares work to mine coins. Whoever solves the puzzle first will be the one who is going to update the blockchain and will be rewarded with a specific amount of crypto.
Proof of stake, on the other hand, uses the staking method. It refers to the process of adding new transactions to the blockchain by locking your coins in a wallet and putting them to work. In proof of stake, you will lock your crypto assets to take part in verifying transactions and updating the blockchain for a set 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 on any bank per year is 0.06%, way lower than what LYOTRADE can offer. When you stake LYO Credit on LYOTRADE, you can get an annual interest rate that starts from 1.5% to 36%.
You have an option to choose between four types of lock periods. The longer the lock period, the higher the interest rate. Refer to the image below:
Why Stake LYO Now?
The value of the LYO Credit token is expected to increase as the products and services within the LYO Ecosystem continue to improve. Apart from the generous rewards that you can receive from staking, you will also take part in making the platform more secure and efficient.
Register now and start staking your LYO Credit tokens on LYOTRADE!
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