OKX, a prominent cryptocurrency exchange, has announced the addition of two new digital assets, INJ and BONE, to its On-Chain Earn product lineup. This expansion provides users with more opportunities to generate yield directly from their blockchain holdings through a simplified and intuitive process.
The new offerings went live on February 1, 2024, at 19:00 (UTC+8), allowing users to participate in staking and earn rewards on these proof-of-stake (PoS) networks. The platform emphasizes a user-friendly experience that abstracts away the typical complexities associated with direct chain interactions.
Key Features of On-Chain Earn
The On-Chain Earn product is designed for both novice and experienced users seeking to capitalize on the benefits of staking. Its main advantages include:
- No Subscription Limits: Users can stake any amount they wish, providing flexibility for all portfolio sizes.
- Streamlined Process: OKX handles the complex technical steps involved in on-chain staking, offering a straightforward subscription process.
- Authentic Yield: The returns are generated from the actual staking mechanisms on the respective blockchains, providing real annualized percentage yield (APY).
How to Subscribe to INJ and BONE Staking
Participating in these new on-chain earn opportunities is a simple process for OKX users.
On the OKX Website:
- Navigate to the 'Finance' section in the top menu.
- Select 'Earn' and then choose the 'On-Chain Earn' tab.
- Use the search function to find either INJ or BONE.
- Click 'Subscribe' and follow the prompts to commit your assets.
On the OKX Mobile App:
- Tap on the 'Finance' tab.
- Select 'Earn' and then navigate to 'On-Chain Earn'.
- Search for INJ or BONE and proceed with the subscription.
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Important Considerations Before Staking
While On-Chain Earn simplifies the user experience, it is crucial to understand the underlying mechanics of staking. Potential participants should be aware of the following:
- Project Mechanisms: Each PoS blockchain has unique rules. Users are advised to review the specific details for INJ and BONE, including minimum redemption amounts, the time it takes for rewards to start accruing (time to interest), reward distribution schedules, and the unbonding period required to withdraw staked assets.
- Fee Structure: OKX charges a service fee for managing the staking process. The exact percentage can be found on the product description page for each asset.
- Inherent Risks: It is important to remember that staking involves market and protocol risks. OKX acts as a service provider for reward distribution and is not liable for asset losses arising from smart contract vulnerabilities, hacking incidents, or actions by the project teams.
Frequently Asked Questions
What is On-Chain Earn?
On-Chain Earn is a service that allows you to stake your crypto assets directly on their native proof-of-stake blockchains through OKX. The platform manages the technical requirements, enabling you to earn staking rewards effortlessly.
How does the yield for INJ and BONE staking work?
The yield is not fixed and is determined by the actual staking rewards generated on the Injective and Bone networks. The estimated APY is based on current network conditions and can fluctuate over time.
Is there a lock-up period for my staked assets?
Yes, on-chain staking typically involves an unbonding period when you decide to redeem your assets. The specific duration for each coin can be found in the product details. Your assets are not immediately liquid during this period.
What are the risks involved?
The primary risks are related to the volatility of the crypto assets themselves and the smart contract or slashing risks associated with the underlying blockchain protocol. While OKX selects projects carefully, users should always do their own research.
Are the rewards distributed automatically?
Yes, rewards are automatically calculated and distributed by the OKX platform according to the schedule set by each blockchain's protocol, saving you the hassle of manual claiming.
Can I subscribe from any country?
Availability is subject to local laws and regulations. Users should check if OKX services and specific products are accessible in their region before proceeding.
This move to include INJ and BONE reinforces OKX's commitment to broadening its suite of financial products, giving users more avenues to grow their cryptocurrency portfolios through structured yield-generation mechanisms.