Coinweb launches staking program for $CWEB holders
Layer-2 cross-computation platform Coinweb has launched a staking program for holders of it’s native utility token – $CWEB.
From April 29, participants in the staking program will be able to earn a minimum staking reward of 15 per cent on their holdings, concluding with Coinweb’s mainnet release in early 2023. $CWEB can be kept in the address it is signalled from, meaning that holders are not required to relinquish custody of tokens in order to participate.
“Interest rates on crypto holdings are much more generous than the average bank, so we’ve seen huge demand from our community and partners to introduce a staking program and capitalize on one of the best features of DeFi,” said Toby Gilbert, CEO of Coinweb.
“Aside from increasing personal returns, staking lifts the entire community by reducing price volatility and encouraging greater investment in the ecosystem. We’re pleased to reward loyal $CWEB holders, bring in new investors, and drive development on Coinweb’s interoperable platform.”
The longer the $CWEB token is staked, the more rewards holders can earn, which are accessible through a dashboard provided by Coinweb. Holders can further maximize their staking rewards by participating in periodic special events called ‘Booster Windows,’ where stakes can be increased to attain higher earnings from those who exit the program early. Rewards are slated to be distributed in tandem with Coinweb’s mainnet launch.
Coinweb’s blockchain-agnostic protocol is positioned to remove the limitations of siloed chains and allow decentralised applications (dApps) to operate above multiple current layer-1s such as Bitcoin and Ethereum.
“Coinweb has always been driven by a vision of greater financial inclusion and freedom in a borderless economy, and that starts with fixing or replacing status quo offerings like traditional banks’ interest rates that do little to build wealth,” added Gilbert.
“With our staking program, we’re continuing to take steps towards a more equitable financial system and a more unified blockchain ecosystem.”