Philcoin’s staking rewards are now live.
Philcoin is described as “a philanthropic blockchain movement.” Philanthropy and giving back have been “built into the very fabric of [their] company — from [their] business model, to [their] culture, technology and community rewards.”
Their staking mechanism is “the latest feature that’s been created with [their] purpose in mind — to create wealth for all.”
As mentioned in the announcement, staking “allows you to earn a fixed amount of interest by locking up your tokens for a period of time.” Staking is similar “to a traditional savings plan / fixed deposit.”
However, the FDIC has told Voyager Digital and other digital asset firms to stop misleading customers on deposit insurance. FDIC-supervised institutions engaging in crypto-related activities must inform the FDIC.
Staking within PHILApp “allows you to set aside a certain amount of PHL tokens for a specific period.” On maturity, you “receive the principal amount plus an annual percentage rate (APR) of 15%.”
According to the team, “here’s where it gets interesting — and what makes Philcoin’s staking the first of its kind in the world.” They claim that “you keep 50% of this APR and get to donate the remaining 50% to a charity of your choice within PHILApp.” It’s a staking mechanism that “rewards Philcoin’s entire global community.”
As clarified in the update, the APR is “based on the number of tokens and not the USD value of the tokens.”
For more details on this update, check here.
As covered in July 2022, Swell Network, a permissionless, non-custodial, and liquid Ethereum (ETH) staking protocol, announced a partnership with InfStones, a blockchain infrastructure provider, “to enable greater flexibility, transparency, and yield in ETH liquid staking.”
Swell is reportedly the first protocol that “allows stakers to select the node operator they wish to stake ETH with, enabling greater staker choice.” Through this partnership, Swell enables stakers “to natively select InfStones as a verified node operator and therefore tap into all the benefits of next-generation liquid staking.”
As reported last month, Rome Blockchain Labs, the organization behind BENQI’s Liquid Staking protocol on Avalanche, recently announced a collaboration with Alluvial and the founders of BENQI “to build a compliant, enterprise-grade Avalanche (AVAX) liquid staking product.”
This collaboration “offers institutions a secure AVAX staking option while participating in the consensus mechanism of the Avalanche platform and enabling more flexibility and liquidity for institutional network participants.”