CoinList to Allow Users to Stake Casper (CSPR) Tokens on Platform and Earn Rewards up to 14% APY

This April, over 34,000 CoinList users reportedly bought $33M in Casper (CSPR) tokens during the Casper Token Sale that was carried out on the digital asset platform. The CoinList team noted in a recent update that they are humbled by “the size and commitment of support” from the Casper community, and are now eager to help with making CSPR “available to an ever broader crypto ecosystem.”

Beginning on July 21, 2021, qualified or “eligible* CoinList users will be able to stake Casper (CSPR) directly via CoinList and earn as much as 14% APY in rewards.

As explained by CoinList, Casper serves ss a layer-one blockchain created for application development and scalability. It aims “to support enterprise applications without compromising cost, decentralization, or security.”

Casper uses a Proof-of-Stake (PoS) consensus protocol, known as Highway, in order “to secure the network and verify transactions.” Casper rewards network participants “for helping secure the blockchain through staking.”

CoinList confirmed that they will facilitate staking for users, “for which CoinList takes a 15% fee from staking rewards.” The platform’s management reminded users that this fee is “assessed only on the rewards earned and not your principal tokens” and CoinList users that “stake their CSPR receive rewards for their contributions.”

While commenting on how much are CSPR staking rewards, CoinList noted:

“The expected rate of return at the time of writing is 13-14% APY. You will see your earned staking rewards in your CoinList wallet on a monthly cadence. Please note that this estimated APY is not guaranteed, is subject to change based on the amount staked on the network, and does not take into account the 15% CoinList commission.”

CoinList also explained how to earn CSPR staking rewards on via their platform:

“Staking rewards can vary from 8% APY (if every single token, including those not yet in circulation, was staked to the network) up to, for example, 24% (which would be the APY if one-third of all tokens were staked). You will see your earned staking rewards in your CoinList wallet on a monthly cadence. Please note that this estimated APY is not guaranteed, is subject to change based on the amount staked on the network, and does not take into account the 15% CoinList commission.”

Going on to share when CoinList users get their CSPR staking rewards, the firm clarified that your funds and rewards will stay locked in your CSPR staking account until you decide to make a withdrawal. While addressing a question about whether staking rewards may be re-staked automatically, CoinList said that yes, CSPR staking rewards are “re-staked automatically and will continue to earn rewards until you unlock them.”

CSPR rewards “compound daily, but are only distributed monthly. You are only able to trade or withdraw unlocked CSPR,” the company noted.

Responding to a question about whether users have to purchase their CSPR via CoinList in order to earn staking rewards, the company clarified that No, you may deposit CSPR “into your CoinList Wallet and lock your CSPR to earn staking rewards.”

Going on to address a question about when will users be able to withdraw their CSPR staking rewards, CoinList said that you can “only withdraw or trade unlocked CSPR” and and CSPR that is “being staked cannot be withdrawn or traded.”

As noted by CoinList, you must “initiate an unlock prior to the end of the staking rewards period.” At the end of the reward period, “unlocked CSPR will then be distributed to your CSPR wallet where you can trade or withdraw.”

While commenting on who is eligible to earn CSPR staking rewards on CoinList, the company stated:

“With the exception of US and Canadian residents, anyone who is able to open a wallet on CoinList and deposit CSPR into their account is eligible for CSPR staking rewards on CoinList. CoinList Wallets are not available in all jurisdictions.”

Addressing a question about what are CSPR staking rewards paid out in, CoinList noted:

“CSPR staking rewards on CoinList are paid out in CSPR. You will not earn any additional rewards in ETH or any other currency.”

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