Gemini commences waging for Polygon (MATIC)
Customers in the United States (except for New York), Hong Kong, and Singapore can now use their Gemini cryptocurrency holdings; to stake on the exchange. A few things to keep in mind:
- Staking on Gemini Stakes adds to the yield-generating service Gemini Earn launched in February 2021.
- Staking will be available for customers in the United States (excluding New York), Singapore, and Hong Kong.
- Before adding ETH, SOL, DOT, or AUDIO, the product will support MATIC.
The leading provider of cryptocurrency services, Gemini, announced its new product – Gemini Staking – on 18 August 2022. The company is one of the earliest in the industry and is regulated in key jurisdictions around the world.
Gemini Stakes will enable Gemini customers to earn rewards on their holdings of select cryptocurrencies by delegating their stake to Gemini’s validators.
Gemini will initially offer staking for Ethereum (ETH), Polkadot (DOT), Solana (SOL), and Algorand (ALGO). The product will also support MATIC, a layer 2 scaling solution that is built on top of Ethereum. Gemini will launch staking for additional assets in the future.
Customers may now stake their tokens on the exchange and earn staking rewards in their accounts, according to the firm’s blog announcement.
Gemini will pay out staking rewards to customers in the underlying asset. Gemini will also offer an annual percentage yield (APY) of up to 20% on some assets.
According to Gemini, its validators have been running nodes for Ethereum 2.0 for over a year now. And they have also been participating in Polkadot’s testnet.
Gemini’s investment arm, Gemini Ventures, has also made investments in several layer 2 protocols including Optimism, Connext, and Matic Network.
Waging for MATIC on Polygon
Individuals who hold cryptocurrency can earn rewards on their tokens via staking, which is done through proof-of-stake consensus mechanism platforms. The well-known Ethereum scaling solution Polygon (formerly Matic Network) will be offered as a staking service by Gemini.
Gemini’s foray into staking is not surprising given that the demand for yield-bearing digital assets has surged in recent months.
PoS networks, in contrast to PoW networks such as Bitcoin, enable token owners to support transaction procedures. And network security by guaranteeing their tokens to validators or running their own nodes.
Gemini will originally support staking for the Polygon network’s native currency, MATIC. Later on, the platform intends to provide support for dominant smart contracts blockchain Ethereum (ETH) – which is planned to convert to PoS via ‘Merge.’
Gemini plans to support additional network tokens in the future, such as Polkadot (DOT), Solana (SOL), and Audius (AUDIO).
To start staking on Gemini, users will need to hold a minimum of 0.1 ETH or 100 MATIC in their Gemini account. The platform will then use these funds to automatically stake on the user’s behalf and earn rewards. Which will be deposited back into the customer’s account every day.
Gemini’s introduction of staking, which is designed to increase yield, brings Gemini Earn, the firm’s yield-generating product, into operation. Through interest paid on borrowed assets, customers may earn yield on their cryptocurrency through Gemini Earn.
Gemini is a digital asset exchange and custodian that allows customers to buy, sell, and store cryptocurrencies. Gemini is one of the few licensed cryptocurrency exchanges in the world.
Gemini is headquartered in New York City with offices in Chicago, Portland, Seattle, Dublin, London, Hong Kong, Singapore, and Tokyo. Gemini was founded in 2014 by brothers Cameron and Tyler Winklevoss.
Polygon is a decentralized finance (DeFi) platform built on Ethereum that enables instant, low-cost transactions. Polygon’s native token is MATIC.
The firm has a wide range of DeFi applications including lending, borrowing, and trading platforms. Polygon’s vision is to build a “Internet of Blockchains,” where different blockchains can interact with one another seamlessly.