Staking
An overview on what staking is and how Social Market offers it.
Last updated
An overview on what staking is and how Social Market offers it.
Last updated
For a while, savings accounts in traditional finance were a reliable way to store wealth. By depositing your money in a bank, you would earn a small, tax-free yield—around 4% APY—just for keeping your funds there. However, given the state of the U.S. economy in recent years, it should be no surprise that paychecks have lost value and banks have further reduced their interest rates to around 3% APY. However, those familiar with the crypto space won’t be surprised to learn that cryptocurrency offers a solution to this problem. As the Federal Reserve System of the U.S. prints more dollars and government spending outpaces national revenue, the value of our money will continue to decline year after year. Certain cryptocurrencies, like Bitcoin, cannot create more supply beyond their predetermined limit, making them the opposite of inflationary currencies and addressing the issue of devaluation. In recent years, Proof-of-Work blockchains have begun transitioning to Proof-of-Stake, a more efficient consensus mechanism. Instead of relying on hardware to validate transactions, users “stake” a portion of their cryptocurrency to secure and validate the network. This process not only supports the decentralized network but also rewards stakers with additional crypto. Essentially, staking allows users to earn yield on their holdings, much like earning interest in a traditional savings account. We’re excited to offer Social Market members the opportunity to stake their $DESO and earn 20% APY! If you're new to DeSo's Proof-of-Stake mechanism, we strongly recommend exploring their revolutionary .
If you are interested in earning 20% APY with us today, we recommend you join our waitlist below — you'll be among the early adopters!