Crypto news: $77m now staked on Swyftx, half-day after launch

Crypto news: $77m now staked on Swyftx, half-day after launch

Swyftx has become the first Australian crypto exchange to offer staking for multiple digital assets.

The Brisbane-based exchange saw $10 million in inflows an hour after launch yesterday, and by mid-morning had seen $77m after 12 hours of trading, a spokesman said.

The exchange is currently offering staking rewards for top 10 cryptos Solana, Cardano and Polkadot, along with Tezos, Cosmos (ATOM), Kava, Kusama and Algorand. VeChain, Polygon, NEO and Band Protocol are coming soon.

Rewards range from 4.9 per cent per year for Cardano to 20 per cent for Kava. Solana, the biggest crypto with staking rewards, offers 6.5 per cent returns. There’s no fees or lockup period.

For those new to cryptocurrency, a brief explainer. Most modern cryptos use “staking” to secure their networks from attack instead of the energy-intensive process of mining, with rewards paid to node operators that validate transactions honestly. An added benefit for everyday users is that it’s generally possible to easily delegate staking rights to a node and share those rewards, while mining generally takes a substantial investment in computer hardware.

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Source: Crypto news: $77m now staked on Swyftx, half-day after launch; Saxo expands crypto products – Stockhead