- FTX was launched in 2019 and quickly became one of the biggest cryptocurrency exchanges on the market
- We’ll be checking out the exchange’s staking feature, which supports FTT, SOL, SRM and RAY
- FTT stakers get access to exclusive perks, while staking the other tokens yields extra token rewards
FTX is a cryptocurrency exchange that was founded in 2019 by Sam Bankman-Fried and Gary Wang in 2019. Even though the exchange has only been around for a few years, FTX has quickly grown to become one of the biggest companies in the crypto and blockchain industry. Traders on FTX can access spot trading for a huge variety of different cryptocurrencies, and the exchange also has arguably the most complete suite of crypto derivatives products on the market. FTX offers perpetual futures and standard futures contracts, leveraged tokens, volatility tokens and even prediction markets.
How to stake crypto on FTX?
FTX has been consistently expanding its offering and is now offering a full suite of services for cryptocurrency investors. We’ll be checking out FTX’s staking feature, which might not be as known as the exchange’s other products, but can still deliver a lot of value for FTX users.
The staking feature on FTX is currently focused on the exchange’s FTT token and the Solana ecosystem. Here’s the list of the crypto assets that can be staked on FTX as of March 2022:
Staking on FTX is a low-risk way of growing your token holdings. In the case of staking FTT, you will not receive any extra FTT token as rewards, but you will instead be getting a number of benefits for your FTX account.
Please note that it takes 7 days for your staked tokens to be unstaked. If you want to unstake your tokens immediately, you will be charged a fee. This means that staking on FTX is more suitable for users who want to hold their tokens over a longer period.
Now that we know some basic information about staking on FTX, let’s take a closer look at how you can stake your crypto on the exchange. The first step will be to create an account with FTX.
Please note that you will have to complete an identity verification process before you can trade, deposit or withdraw cryptocurrency on FTX. These KYC (know your customer) measures are now present on almost all major cryptocurrency exchanges as the industry moves towards better regulatory compliance.
Once your FTX account is good to go, you’ll have to fund your account with the token you want to stake. You can either deposit it to FTX from an external cryptocurrency wallet, or purchase the token directly on FTX.
To start staking, you can go to FTX.com/staking and select the token that you wish to stake. Then, select “Stake” and enter the amount of tokens that you wish to stake. After staking, rewards will be paid out to your FTX account once per day.
Here are the staking APYs offered by FTX at the time of writing. Please note that the rewards are paid out in the same token that you are staking, and the rates might change in the future.
- SOL: 6% APY
- SRM: 4% APY
- RAY: 20% APY
When it comes to staking on FTX, the FTT token is a bit of a special exception. FTT is the native token of the FTX exchange, and holders enjoy trading fee discounts and weekly SRM token airdrops. By staking FTT, holders can gain access to additional benefits. The benefits scale up with the amount of FTT you stake. Here are the perks you can get for staking FTT:
- Better rewards from referrals
- Rebates on maker fees
- Bonus votes in FTX polls
- Higher SRM airdrop rewards and access to other airdrops
- Free withdrawals of ETH and ERC20 tokens
- Tickets for IEOs (initial exchange offerings) hosted by FTX
If you want to learn the exact structure of the FTT staking benefits, please check out the “FTT Staking” section of FTX’s help center.
You will not earn extra FTT tokens for staking FTT. The unstaking period for FTT is 14 days, which is longer than the unstaking period for the other tokens you can stake on FTX (7 days).
The bottom line
FTX’s staking feature will come in very handy for users who hold FTT or some of the most popular tokens in the Solana ecosystem. FTX has had a very good track record on security so far, so staking on the exchange is a relatively low-risk way of earning some extra tokens or accessing FTT staking perks. However, users should be aware that staked tokens cannot be unstaked right away (unless you’re willing to pay a fee).
Source link: https://coincodex.com/article/13975/staking-on-ftx-earn-extra-tokens-and-perks-by-staking-ftt-sol-srm-and-ray/