Crypto.com introduces a 5% reward program for staking on Uniswap and Polkadot which are the two premier DeFi projects on the market, as per the announcement earlier this week so let’s find out more in today’s altcoin news.
Staking and passive earning are the leading-narratives for the burgeoning crypto space which are opening new use cases for the entire industry and newer tools for the users. CeFi products such as Crypto.com are not trying to hide from capitalizing on this Defi boom. While the crypto exchange doesn’t have a strong track record of providing staking and passive earning products on different assets, the new launch will now allow users to stake and earn Polkadot and Uniswap rewards.
— Crypto.com (@cryptocom) November 17, 2020
Crypto.com introduces a 5% reward program so now the users can earn on their staked funds, while others can receive up to 3%. The former is a debit card product by the exchange which offers users attractive cashback and reward points on third-party services such as shopping and travel. The rollout is a part of the company Crypto Earn offering plan which also gives 6% returns to users for altcoins and up to 12% on stablecoins as well. more than 6 altcoins are now available for the users. For everyone that is not up to it, UNI is the governance token for Uniswap which is a protocol for exchanging ERC20 tokens in an automated liquidity provision way on Ethereum. This way, trusted intermediaries are removed and all other necessary forms of rent extraction which allows for faster and more efficient trading.
On the other hand, Polkadot is a web protocol that is decentralized and aims to connect all private and consortium chains, as well as public and permissionless networks, future technologies, and permissionless networks. Both of them grew in the past few months to one of the biggest DEFi coins. according to the data that we have in our altcoin news, UNI has a market cap of $800 million while DOT is worth over $4 billion.
As recently reported, Crypto.com new milestone marks 5 million total users in less than three months as the new products and interest in crypto like BTC helped the exchange achieve it. According to the market data provider, Glassnode, there’s a growth pattern in the third quarter of the year as the number of new BTC users increased by 21.7 million.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]