eToro Launches Staking Service For Its Clients, Lets Users Earn Staking Rewards From Cardano And Tron
eToro Launches Staking Service For Its Clients, Lets Users Earn Staking Rewards From Cardano And Tron
October 5, 2020
eToro Launches Staking Service For Its Clients, Lets Users Earn Staking Rewards From Cardano And Tron
eToro Launches Staking Service For Its Clients, Lets Users Earn Staking Rewards From Cardano And Tron
October 5, 2020

eToro has announced the launch of a staking service for its clients, letting users earn staking rewards from Cardano (ADA) and Tron (TRX).

It has been reported that users who hold positions in either of these currencies will be eligible for staking rewards, awarded monthly, as the company said that other assets will be introduced later on as well.

However, the system is completely automated and does not require any action from the part of the users, who are able to trade the assets normally.

An eToro spokesperson said that the rewards are calculated based on daily snapshots taken at 00:00 GMT, as the system calculates the corresponding reward to be distributed at the end of the month based on average daily position size.

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The report said that it follows users who change their positions in these currencies during the month will also see their staking rewards change.

An initial “intro period” is required to become eligible for rewards. Users must hold the asset for a certain period of time before accruing any rewards. The length of the period is variable and amounts to nine days in the case of Cardano.

Also, the spokesperson noted that the yield is only compounded monthly, which over time would lower the staking yield significantly compared to independent staking.

Thus, eToro believes that its platform is highly competitive in the market, with the spokesperson saying:

“Clients staking on eToro benefit from doing so on a regulated and globally trusted platform. We also believe staking rewards on our platforms are among the most generous in the market, from a minimum of 75% of the staking yield.”

Source: Cointelegraph

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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