Okto has made it easier for you to make passive returns on your idle crypto. In our previous feature update release, we introduced multiple chains on Okto which allows you to access tokens across chains such as BNB, Polygon, Avalanche & Fantom. This time, Okto has taken a step further by introducing Staking which allows you to invest any one of your tokens to a network and instead of letting it stay idle in your wallet, you can simply put it to work and generate additional income.
Staking is the process of locking your token for a certain period. In return, you earn interest on your tokens. With Okto’s Earn feature, you can earn interest on a wide range of cryptocurrencies. For example, if you hold BNB in your wallet, instead of letting it stay idle, you could stake your BNB holdings and earn additional income depending on the interest offered at the time of investment. Currently, BNB is available for staking and upcoming tokens include FTM and MATIC while Okto is working towards adding many other tokens*.
Staking allows you to invest any token that you hold in your crypto wallet on the Okto app and generate passive returns. It is like depositing your token to a savings account where the bank pays you interest on your deposit but is decentralized (where no intermediaries are involved) and often pays a higher rate of interest. Okto’s easy-to-use interface makes it easy for you to stake your crypto even if you are new to the space.
Within liquidity pools, you are required to deposit two tokens of equal value in order to generate returns. While with single-token staking, you can simply deposit one token and start generating returns instantly.
You can earn passive returns around 4% with BNB staking. As Okto adds more tokens,you will be able to earn higher returns.
The return that you earn on your crypto investment. With APY, you earn interest on your principal amount as well as the interest, offering compounding returns.
They are like acknowledgement tokens that you receive in return for depositing or staking your token within the “Earn” feature. For example, for every 1 BNB staked, you could receive 1.3 BNBX (BNBX is a type of receipt token & this conversion could vary). Furthermore, if there are liquidity pools for these receipt tokens, you can invest them in those pools and earn additional interest on the same.
The minimum period for which you are required to lock in your crypto in order to earn interest. You cannot do anything with your staked crypto during that period.
After you exit your Earn investment, sometimes it may take a few days to process your returns after which you can claim your rewards and principal amount.
With Tradable receipt tokens, you can exchange your receipt tokens for another token while with non-tradable tokens, you cannot exchange your receipt tokens.
Also Read: How To Choose A DeFi Wallet
a. Request Exit or
b. Sell BNBX
*Disclaimer: With high returns, comes high risk. Users should always do their own research before investing in crypto. Staking opportunities on Okto will be rolled out in phases, starting with BNB Staking.