We here at ExMarkets are continuing our road towards contemporary efficiency and user experience improvements. There is no better way to show our community that we appreciate their support than to bring new features and functionalities onto the platform.
As promised a week ago, we are getting into the phase of new feature roll-out and will initiate this phase through the introduction of staking pools on the exchange. Currently, we are in the final stage of the staking pools testing environment and are planning to launch it this Friday.
From the user’s perspective, staking provides generates users rewards for putting and holding their coins in the staking wallet for a certain period of time that can differ and be coin or stake pool-specific. Rewards generated are denominated in the same coin or token that is being staked and generally equals a certain percentage increase for a threshold period. To put it in layman’s terms, staking the equivalent of earning interest in a traditional bank.
Staking Pools: the Framework Within
In the staking pool environment, multiple projects and coins will be available for the ExMarkets community to choose from. Pools will be of limited size depending on a project by project case.
All staking pools will be announced one week in advance so people have enough time to settle their affairs, transfer or purchase coins on ExMarkets and start pledging. Pools will have a minimum contribution size but no maximum staking amount and will operate on a first-come-first-served basis. The earlier the coins will be pledged, the higher chance of being admitted users will have.
Tokens dedicated to staking pools will never be locked and users will be able to withdraw their funds at any point in time, no matter whether their coins are staked or not. There is going to be 7-day staking epochs after which the rewards will be paid out to stakers on every Monday.
Once a new staker is entering a pool, there will be a 2-day maturity period for the coins to start collecting and be eligible for rewards. However, when rewards are being paid out and calculated, the initial 2 days until the staking maturity is reached will be also counted in the eligible rewards.
Let’s say there is a staking pool open for project X which is paying out 7% weekly rewards for staking participants. The pool started on Monday and is currently live.
Bob was late to enter the pool and staked their coins 2 days later on Wednesday of Week 1. It took him 2 days to reach staking maturity and start earning rewards.
After the first epoch ended, Bob earned rewards for the whole 5 days of staking (Wednesday & Thursday — for the maturity period | Friday, Saturday & Sunday — normal staking).
If for example, Bob would have staked on Wednesday, removed coins on Thursday his rewards would be forfeited because he did not complete the maturity period.
Staking Rules Breakdown
- 7-day staking period: Staking rewards are calculated daily and paid out on a one-week basis. Each epoch starts on Monday and lasts exactly 7 days;
- 2-day staking maturity: Coins that are being staked need to sit 2 days in the staking pool unmoved for the rewards to become redeemable;
- No lock policy: When staked, coins are never locked and can be withdrawn by the staker at any point (early withdrawal forfeits the rewards from the current staking epoch);
- Minimum contribution threshold: Each stake pool will have its own minimum staking size required;
Staking is coming guys, so buckle up and stay tuned to the official ExMarkets communication channels and you will definitely hear about the first staking pool that’s gonna get a place on our StakePod.
Also, should you want your project to engage in this initiative, drop us an email at firstname.lastname@example.org and we will get back to you with more details in no time.
Next up on our upgrade list is the social trading feature which will allow users to copy the trades of successful crypto traders and earn the same profit. Stay with us and keep on getting better, richer in knowledge, and in skill.
Trade. Master. Profit. ExMarkets.