Updated: May 24, 2022 10:01 IST
New Delhi [India], May 24 (ANI/ATK): Calyx Token (CLX) is aiming to top the staking world of cryptocurrency. In cryptocurrency, there are just a few means for you to make money. One of them is to stake your crypto and it’s been receiving huge applause from crypto enthusiasts.
Let’s take a look at why and how a new coin in presale, as well as a mighty coin like Ethereum (ETH), will offer you a great way to get more money passively.
Do you know that the staking mechanism is only supported by blockchains that employ the proof-of-stake consensus?
It’s these ecosystems that let you stake your coin for the long term in a bid to make sure they support your transaction verification.
Ethereum (ETH) started with a proof-of-work mechanism, meaning it had no means of supporting staking but it had some plans in place. After the launch of the beacon chain, in 2020, this has become possible.
Ethereum (ETH) also plans to merge this chain with its main net before the year runs out. This means that every part of the Ethereum (ETH) ecosystem will have staking ability.
So what exactly will you earn when you stake your coin? The answer to this depends on the particular exchange you employ for use.
At the time of writing this article, the highest known yield per year for staking of ETH is 10.1 per cent. Binance has a 120 day staking period for its users.
Some exchanges have smaller percentages such as 4 per cent and they require shorter periods for staking.
These exchanges tend to yield higher than those that have more dividend stocks.
So why doesn’t everyone choose to stake ETH since they can easily earn double-digit yearly? The real issue is that you don’t get the ability to sell faster.
The fact is whenever you’ve staked ETH coins on major exchanges, it is required of you to lock for a longer period. But then even when you’ve completed the staking period, you still don’t get the access to sell off immediately. The ability to unstake takes an additional number of days and this is detrimental.
When the token price starts falling swiftly it could become a major challenge to sell off. As a matter of fact, such a scene has happened countless times to investors.
Calyx Token (CLX)
After its presale ends, Calyx Token (CLX) is going to be community-led and permissionless and will strive to ensure multi-chain trading of crypto as well as sourcing liquidity from numerous sources in a bid to ensure tokens are gotten at the best rate.
Calyx Token (CLX) holders will have the access to some of the fees that will be gathered from its ecosystems pool. With the unique staking protocol in Calyx Token (CLX), investors are led to believe that all shareholders have the responsibility to share tasks in a bid to get successful in their quest to guide the token to success.
Calyx Token (CLX) will be able to achieve this goal by making sure its community is run by DAO, Thus giving its members the ability to be represented in the ecosystem.
From a long-term point of view, it’s a bad idea to stake if you don’t have full trust in a crypto’s long-term goals.
This tale is quite different when it comes to Calyx Token (CLX) and Ethereum (ETH), as both cryptos have major service offerings that set them up to last for a very long time.
This story is provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)
This article originally appeared on https://www.aninews.in/news/business/are-calyx-token-clx-and-ethereum-eth-two-of-the-best-coins-for-cryptocurrency-staking20220524100134