CEX.IO Staking Model Change Announcement
At CEX.IO, we continuously strive to improve our services for your convenience. We’re always in touch with our community, and despite the excellent opportunities available on our platform, we feel there’s always room for improvement.
Our staking product is the perfect solution for crypto enthusiasts looking for a way to make their assets work for them. By updating our staking product in mid-December, we can offer higher staking rewards for our users, and also improve your overall staking experience.
*Note: Stakers will automatically remain on the existing Automated Staking once the new Staking service is launched in mid-December. If you keep stakeable assets on your CEX.IO account without transferring them to the new model’s staking sub-account, your APY will be lowered by default. In other words, you will need to manually transfer funds to the new staking sub-account to benefit from higher staking rewards.
How does staking work on CEX.IO at the moment?
Our current staking model (Automated Staking) doesn’t require any crypto experience or technical knowledge. This process is straightforward and only involves holding stakeable crypto coins on your CEX.IO balance. In other words, no additional actions are necessary to earn staking rewards.
Therefore, as long as “stake-able” coins are stored on your CEX.IO account, you will earn staking rewards. The best part is that, according to our current model, these rewards are automatically distributed to your account balance at the end of each month.
Thanks to this automated replenishment, your account balance increases with each distributed staking reward. As the process continues, the increasing balance further empowers you to earn even more coins in subsequent staking periods.
Simultaneously, even if you are currently in the process of trading and your stake-able assets are in open orders, we will continue to count them in Automated Staking and calculate rewards proportional to their value.
If you’re new to our platform and would like to start participating in staking, just follow these straightforward steps:
- Log into your CEX.IO account.
- Buy or deposit crypto tokens you would like to stake.
- When they appear on your account balance, your assets will automatically start participating in the staking process.
How does the update affect the current CEX.IO staking model?
Instead of only offering the Automated Staking option that’s available now, the update will diversify the staking opportunities available to our users. In doing so, you will be able to choose between two separate staking options:
- Automated Staking (current model), and
- Staking (more on this in a bit).
Staking, the new model that we are introducing in mid-December 2022, will require users to transfer their funds to a staking sub-account (which also remains flexible).
However, there are three benefits to this new staking model:
Benefit 1: Funds staked in sub-accounts will generate rewards daily, while Automated stalking will continue to calculate rewards hourly but credit them monthly.
Benefit 2: Staking will feature a higher APY compared to automated staking while still keeping your assets flexible.
Bonus Benefit: All first time Staking participants will receive a significant APY boost of up to 50%. Do not miss out on this unique opportunity.