EasyFi & BitMax Bridges DeFi to CeFi
$EASY On-Chain staking commences on BitMax
We are very extremely happy to announce that BitMax is introducing $EASY on-chain staking with effect from today, 11th December 2020.
The On-chain staking rewards will be generated from the Dual Farming Program, a decentralized staking program launched by EasyFi recently (Read: EasyFi Launches Dual Farming Program DF-2). This program is offering users to stake their $EASY tokens and earn $MATIC tokens in return. About 5 million $MATIC tokens are being distributed to $EASY stakers during this 60-day session (started on 23rd Nov 2020 at 1400H IST / 0830H UTC) amounting to a daily session supply of approximately 83333 $MATIC tokens.
If you hold EASY tokens, you can now also head over to BitMax https://bitmax.io/en/staking/investment-product-details/EASY-S to stake your $EASY and farm $MATIC. Please note, that the staking period will coincide with that of the DF2 program launched on the date stated above.
This means that the EasyFi (EASY) Pre-Staking on BitMax is now concluded. In a way, please consider the previous program offering 52% APR as having upgraded to the current On-chain staking one — No action required from existing pre-stakers on BitMax.
Please read the BitMax Announcement here: Official Transition to EasyFi (EASY) On-Chain Staking.
Read the rules and refer to the link for more information.
New Rules of the EASY on-chain staking on BitMax
EasyFi-BitMax Relationship
BitMax was the first exchange to do an exclusive primary listing of EasyFi ($EASY) under the trading pair of $EASY/$USDT (Read here: $EASY gets listed on BitMax) and very recently added another trading pair of $EASY/$BTC (EASY-BTC Pair on BitMax) to extend its relationship with EasyFi. BitMax was also the first to introduce $EASY as a pre-staking investment product offering 52% APR to support the ongoing growth of EasyFi (Launch of EasyFi (EASY) Pre-Staking with 52% Est. APR).
Tech Refresher
What is staking?
“Staking” has been derived from the Proof-of-Stake (“PoS”) consensus which is the consensus mechanism being deployed on some blockchain networks. In a PoS network, not all participants operate a full-node. In this system, there are specific validators who operate full-nodes and promote network safety, security and sustenance; in return they earn block rewards for their contribution. The other participants or individual holders of tokens can delegate their assets to these validators and are allocated block rewards on a pro-rata basis.
What is on-chain staking?
On-Chain staking is a service offered by various platforms e.g., crypto exchanges, where a user can deposit their crypto assets for staking rewards directly through the staking contract of an underlying system of a blockchain. This means that the user of an exchange can stake the token from their exchange wallet and claim staking rewards directly into their exchange wallet without transferring coins and at practically zero risk.
To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.
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