Staking Updates: SOL, LUNA, ATOM Now Available for Staking
Three New Assets to Stake
Let's start with the good news: starting today, three new assets are joining Bitvavo's staking offering. This means more opportunities to make the most out of your assets at Bitvavo. As always, Bitvavo's staking offering is flexible; you can choose to stake or unstake your crypto at any moment.
The three assets added and their yearly APYs are:
Solana (SOL): 5% reward on your staked Solana
Luna (LUNA2): 6% reward on your staked Luna
Cosmos (ATOM): 10% reward on your staked Cosmos
With this addition, Cosmos (ATOM) is now the highest yielding asset on Bitvavo, with an APY of 10%, surpassing the Icon (ICX) that remains at 7.5%. In the coming period we will keep working on making our staking offering even more attractive.
Staking In the App
In addition to the new assets, a new staking section has been added to the Bitvavo app. You will now be able to see detailed information about your staking activities and rewards right from the Bitvavo app.
Cardano APY Change
While we were reevaluating our staking offering, we also felt the need to adjust staking on one other coin: Cardano (ADA).
- Cardano (ADA): 4.25% reward on your staked Cardano (previously 5%)
The decision to change and adjust this staking rate is part of a complete review of our staking offering, to make sure our staking program is strong and sustainable. The staking reward rates for Cardano have decreased over time to an average pool rate of around 4,5%. Besides the average pool rate, the actual received rewards depend on:
- Blocks per Epochs - indicating the number of blocks that have been created in a specific period of time;
- Pledge - the amount of ADA contributed by the staking operator;
- Costs - the percentage of the total pool reward that operators keep for themselves;
- Luck - reflects the protocol randomness. If a pool creates more blocks than it would be expected based on the stake then the number is higher than 100%. And vice versa, if a pool creates fewer blocks than it would be expected then the number is less than 100%.
During the last period, Bitvavo’s staking pools have yielded fewer rewards than expected, which led to this adjustment of the staking rewards. More information about this is available here.
We believe that with the addition of three assets with attractive APYs, our staking offering is stronger today than it was yesterday - despite the APY adjustment to Cardano - and we will keep working on making our staking offering even more attractive during the coming period.