Moonstake Now Supports Staking of Avalanche (AVAX)

Feb 02, 2023 17:00 JST

Source: Moonstake

SINGAPORE, Feb 02, 2023 - (ACN Newswire) - Moonstake is pleased to announce that our users can now earn interest from the staking coin AVAX of Avalanche network. Hold, send, receive, and stake AVAX to receive rewards with the best user experience through one single click. After Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, Qtum, Polkadot, Quras, Centrality, Orbs (on Ethereum and Polygon), IOST, TRON, Shiden, FIO, EVER, ROSE, and SOL, the popular coin AVAX has become the 19th staking coin available on Moonstake.

This accomplishment is made possible through technical integration between Moonstake and our strategic partner, RockX, whom we have also worked with to enable DOT and SOL staking for users! RockX is a top-13 digital asset platform and leading node operator for popular blockchains like Polkadot, Solana, and Avalanche.

Moonstake started the staking business in 2020 with the aim to create the largest staking network in Asia. Since then, we have developed the most user-friendly Web Wallet and Mobile Wallet (iOS / Android) with support for over 2000 cryptocurrencies. After a full-scale operation launched in August 2020, Moonstake's total staking assets have grown rapidly to reach $1 Billion. Today, Moonstake is a recognized top 10 staking provider in the world and a Verified Provider of the VPP family of the leading staking data aggregator, Staking Rewards.

Meanwhile, Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is a EVM compatible decentralized smart contracts platform built for the scale of global finance, supporting 4,500 TPS (transactions per second) output. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box. For its consensus algorithm, Avalanche operates its own protocol called Snow that uses Proof-of-Stake (PoS) as the foundation. It uses three separate chains: X (transactions), P (staking and validator activities), and C (smart contracts, DApps) to run the network. Thanks to its robust technical architecture and DeFi ecosystem, Avalanche has become one of the most popular blockchains for DApp developers. Learn more about Avalanche in our AVAX 101 article here ( https://moonstake.io/what-is-avax-staking/ ).

Here's a simple 4-step process to stake AVAX on Moonstake Wallet:
1. Register your Moonstake Wallet via Web or mobile (iOS / Android)
2. Select AVAX from the "Wallets" screen and click the "Add Asset" button
3. Access the AVAX screen to check your staking information and validator. From the Staking tab, click the "Stake" button and enter your staking amount (must be more than 25 AVAX).
4. Enter your wallet password to complete staking.

How AVAX Staking Works

You will have to transfer your AVAX onto P-Chain to start staking. When you hold assets in a P address, you make them illiquid. You will not be able to freely move your assets into your X address, and you cannot transfer them to another P address. To move assets from one P address to another, you have to send them back to your X address and then send them to another P address.

Users must have 25 AVAX to delegate/stake in the wallet, the minimum amount of time one can stake funds for validation is 2 weeks for a lock-up period. The delegation fee set by validators is the portion of the rewards that are paid to the validators. The minimum delegation fee is 2%. However, there is no slashing on Avalanche, staked tokens are never at risk of loss due to poor validator performance.

When a validator is done validating the Primary Network, it receives back the AVAX tokens it staked. The validators will also vote on whether the leaving node should receive a staking reward for helping to secure the network.

A validator will only receive a staking reward if they are online and response for more than 80% of their validation period, as measured by a majority of validators, weighted by stake.When a node leaves the validator set, the validators vote on whether the leaving node should receive a staking reward or not.

How To Get Rewards for AVAX Staking and How Unstaking Works

AVAX rewards earned from staking are handled on the protocol level, and rewards will automatically be transferred to you once they are earned. AVAX tokens must be staked for a minimum of 2 weeks and a maximum of 1 year, and the staking rewards (as well as the staked tokens) will be received by the user after the staking period ends.

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About Moonstake

Moonstake is the world's leading staking service provider that develops and operates decentralized wallet services for businesses and individuals. Since its launch in April 2020, Moonstake has partnered with 27 leading platform providers, including Cardano's constituent Emurgo, developer of the Polkadot-connected blockchain Astar Network Stake Technologies, and the TRON Network with over 50 million users. In May 2021, Moonstake further enhanced its corporate credibility by becoming a wholly owned subsidiary of OIO Holdings Limited, a company listed on the Singapore Stock Exchange. Using blockchain technology, Moonstake aims to progress toward a world where anyone can easily make use of highly secure and reliable digital asset management tools. https://www.moonstake.io/

About Moonstake's staking business

For the staking industry, which has grown into a 630-billion dollar market as of September 2021, Moonstake provides a decentralized staking service that does not require user deposits, and supports nodes around the world in addition to its own validator nodes. Moonstake currently supports the staking of 18 blockchains. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year.

About Avalanche

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. https://avax.network

About RockX

RockX is the smartest platform to participate in the growing digital asset economy by enabling anyone to capitalize on the emerging global asset class of digital assets and cryptocurrencies for the best risk-adjusted returns. RockX is a comprehensive digital asset platform where mainstream users can participate in the blockchain economy at a suitable risk-reward profile. RockX is the first of its kind in the market where users can diversify and be exposed to different digital assets in one simple interface. https://www.rockx.com/

Source: Moonstake
Sectors: Crypto, Exchange