Celsius network, a Cryptocurrency lending and borrowing platform, announced its partnership with Staked, which provides staking infrastructure for nine proof-of-stake Cryptocurrencies on behalf of investors. This partnership helps the Celsius network to allow its community to deposit their staking coins to earn extra yield without any additional effort.
What is Staking?
Staking is the purchase of cryptocurrencies and holding them in the wallet for a particular period. In terms of Fiat currency world, it is equivalent to a fixed deposit.
While Traditional Blockchain mining through Proof of Work (like Bitcoin) has limited applicability of cryptocurrencies on the real world. Since POW holders have little knowledge about the fate of their coin which comes from the lack of formal, process-driven governance support, Staking offers coin agents more agency, allowing them to vote and decide on the shaping of overall coin protocol.
The other reason that traditional blockchain mining can curb real-world applicability is that it has a lot of operational overhead. Comparatively, Staking consumes less power, and thus it provides more reliability.
How does it work?
The Celsius-Staked collaboration will start with the Celsius’ incorporation of DASH cryptocurrency. Celsius users can now deposit DASH-like any other coin and immediately see the returns percentage and start earning yield. Staked’s infrastructure will ensure that those yields are delivered reliably and securely.
Additional coins that are supported by Staked will be added once considered and approved by Celsius’ listing framework, which requires high standards of the market, team composition, professionalism, fair coin distribution, network security, and delivery excellence.
Did you like the news you just read? Please leave a feedback to help us serve you better