Popular proof-of-stake (PoS) network Avalanche [AVAX] made a final call to its stakers to transition from the existing web wallet to the more advanced Core Stake, adding that the wallet would be sunsetted at 11 am ET on the 6th of March.
According to an earlier published phase-out guide, no immediate action was required and stakers could simply start using Core for wallet access and staking services. Avalanche assured that staking rewards won’t get impacted and remain intact on Core Stake.
The new staking era
For the curious, Core is the gateway to the world of Avalanche. It provides a single platform that connects dApps, NFTs, Avalanche Bridge, Subnets, L2s, and more, directly with users. As of this writing, it was available as a web app, a browser extension, and a more recent mobile version.
The Core Stake service, launched in July last year, introduced several advanced staking features. This included enabling users to stake assets directly to their Avalanche validating node. This way they don’t have to trust a 3rd party dApp or protocol to invest or custody their funds.
Moreover, users would have more freedom in regards to duration of staking, the amount of stake, and delegation fees.
State of AVAX staking
Like other PoS chains, Avalanche staking helps process transactions and maintain network security. Stakers receive rewards as incentives for helping secure the network.
About 258.96 million AVAX tokens, or 57% of the total circulating supply, were staked on the network at press time, as per AMBCrypto’s analysis of Staking Rewards data. The staked supply increased 17% in the last month.
AVAX stakers were enjoying rewards of 8.51% on their deposits, which had clearly decreased in recent months.
As of this writing, Avalanche was the 11th largest crypto in the market, with a valuation topping $15 billion, as per CoinMarketCap.
The coin was trading in the red at press time, with a 24-hour loss of 7.11%.
Source : AMBCrypto by Aniket Verma / Mar 7, 2024