New feature: Activate the Earning Wallet on Young Platform
Has the bear market put your cryptocurrencies to sleep? Are you afraid to even check the daily prices anymore?
There’s a new way to help your favourite cryptos flourish, in good times and bad.
Thanks to the Earning Wallet feature, you can stake your Bitcoin, Ethereum and Tether to earn a reward!
How does staking work?
Staking is a feature that allows you to bind your cryptocurrencies for a period of your choice in order to receive a reward. This reward is calculated as a percentage of the amount you decide to stake. So the higher the amount, the higher the reward.
But don’t forget that for the duration of the staking period you will not be able to use your cryptocurrencies, i.e. you will not be able to sell them or transfer them to other wallets. For that time they will be “locked” into the earning wallet until the end of the staking period.
A prerequisite for receiving the reward is that of keeping your cryptocurrencies locked until the end date of the stake.
If you need to unlock your cryptocurrencies for any reason, just cancel the stake. If you cancel a stake, however, you’ll lose the reward achieved up to that point.
NB. You won’t lose all the rewards earned, just those related to the stake you are cancelling.
- Staking your cryptocurrencies means locking them in for a period of time of your choice
- At the end of this period, you’ll receive a reward
- This reward is calculated as a percentage of the amount of cryptocurrencies you lock in, so the higher the amount, the higher the reward
- You can cancel a stake at any time, but beware: by doing so, you’ll lose the rewards attached to this stake.
Which currencies can be staked?
The Earning Wallet is now available for 3 currencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
Make sure you have these currencies in your Spot Wallet if you want to stake them in your Earning Wallet.
You can only create 1 stake for each of the 3 currencies. This means that you can activate a maximum of 3 stakes.
NB. If you want to use currencies that you have in the Money Box section, first you will need to transfer them from the Spot Wallet and then stake them.
What is the annual percentage of individual currencies?
The annual percentages are:
- Bitcoin (BTC) 3%
- Ethereum (ETH) 4%
- Tether (USDT) 7.5%
How do I set up a stake on a currency?
Stake your cryptocurrencies in 3 simple steps:
- Choose the currency
Choose one of the cryptocurrencies available in the “Earning Wallet” section.
- Enter the amount
Enter the amount manually or click on “Max” if you wish to stake the entire balance of the cryptocurrency you have in your Spot Wallet.
- Enter the duration
Select how often you want to receive the reward: 30 days, 90 days, 180 days.
Once you have set these parameters through the intuitive route on the app, you can activate your stake with a tap on the screen!
Remember that if your strategy is to continuously receive a reward through the staking feature, you will need to activate Auto-Renewal.
Otherwise, once you reach the end of the chosen period (e.g. 30 days), both the amount you have entered and the reward will be automatically credited back to your Spot Wallet, and you will not receive any further rewards.
How does Auto-Renewal work?
Auto-Renewal allows you to keep your cryptocurrencies staked and receive a reward on an ongoing basis.
It is activated on the day the staking period ends (e.g. if you have chosen a 30-day period, on the 30th day), and will keep the amount locked in the stake by adding the reward you have earned to this amount.
This means that thanks to the renewal, you will have staked both the amount set at the beginning and the reward.
Since the reward is calculated by applying a percentage to the amount, the automatic renewal progressively generates more rewards because it uses all the rewards you generate at each renewal for staking.
You can turn Auto-Renewal on and off whenever you want, before the end of a stake, of course; otherwise, your cryptos will automatically be moved to the Spot Wallet along with the reward.
Now you just have to let your cryptocurrencies work for you!