Staking opportunities are a crucial part of the cryptocurrency industry. They serve two purposes: users help secure the network, and they can generate passive revenue. Now, platforms like Wagyuswap and its latest $WAG staking event, “The Great Steak” are changing the narrative on staking entirely.
Staking Remains Popular
Cryptocurrency staking is an accessible solution for those who want to heighten their portfolio exposure. It requires holding coins of a proof-of-stake currency and keeping them in an internet-connected wallet for longer periods. One can do this directly through the wallet or by using a staking platform. For platforms, popular choices include Binance or Coinbase, or for dedicated staking platforms, there is Blockdaemon or Allnodes.
One reason why crypto staking remains popular is due to the high APR users can expect. Currencies like DDKoin (DDK) offer 120% in yearly rewards, which is impressive. In addition, SWAPP Protocol, a DeFi-oriented staking platform, yields 94.24%, confirming high returns remain possible. However, the risk these options pose is both in the increased exposure to one particular asset rather than diversifying one’s portfolio, and participating in ecosystems with little ot no value.
Now WagyuSwap – the first DEX on the Velas blockchain – is raising the bar in this segment by introducing “the Great Steak”. A fun play on words given the overall theme of this platform, although there is more to it. Any user holding the $WAG token can stake it and earn some of the most rapidly exploding currencies on the market. It is the first time such a solution has become available in the crypto space.
What Is The Great Steak?
Wagyuswap introduces the great steak to offer users exposure to currently popular assets, with the first token to be earned by staking $WAG being $SCAR, Valhalla’s massively popular Metaverse token.
The great steaking event is live!
First up stake $WAG earn $SCAR!
Tasty! 🔥🧑🍳🥩
Go get it! https://t.co/CeJ36utQkz pic.twitter.com/xXAvhCyHXA
— WagyuSwap (@WagyuSwap_app) December 1, 2021
Stakers of $WAG can look forward to various other coins to be earned in the future, including tokens native to BitOrbit, ASTRA, Velaspad, TRONPad, BSCPad, and many others. All these projects achieved a high ROI following their IDO, making them of great interest to enthusiasts.
The staking of $WAG on WagyuSwap marks another major development for Velas as an ecosystem. Moreover, the ecosystem boasts the fastest on-chain throughput, supports Solidity, provides composability, and is already home to dozens of different projects. That growth is fueled by the Velas Grants program valued at $100 million, attracting developers and ideas to maximize the Velas blockchain’s potential.
Closing Thoughts
The launch of $WAG staking is great news for early investors and changes the way people think about staking rewards. Having the option to earn different tokens and coins is novel in the crypto industry. Combined with Velas’ ongoing growth, there is much to look forward to over the coming months.