- eToro has unveiled a staking service for Tron and Cardano
- The platform allows users to easily stake TRX and ADA.
- Plans to support NEO, Tezos, EOS, and ETH 2.0 are in the works.
Trading platform and multi-asset brokerage eToro will soon ship its staking-as-a-service option for Cardano (ADA) and Tron (TRX). The new staking service will go live later this month, allowing anyone staking the supported assets via eToro to earn staking rewards.
Justin Sun, founder of Tron and CEO of BitTorrent, said, in a release, "As we continue to see diminishing returns from traditional [centralized finance] services, [decentralized finance] is continuing to expand. Services such as eToro's new staking service takes the complexity and confusion out of the staking process, and makes it accessible to everyone."
At present, staking TRX yields an annual reward of 5.78%, with ADA pushing slightly ahead with an annual yield of 7.82%.
Staking rewards will be distributed on a monthly basis with no input needed on behalf of the user. Every month the staking participants will receive an email detailing the yield of their staking rewards and how it was calculated.
Proof-of-stake (POS) protocols enable their token holders to "stake" their funds to secure the network and validate transactions. In doing so, they receive a certain percentage in staking rewards—not unlike dividends earned on traditional assets, such as government and corporate bonds.
While staking can be done individually, platforms providing staking as a service, such as eToro, have become popular among less tech-savvy users. However, many argue that staking via a centralized exchange undermines the decentralized ideals of PoS blockchains.
"eToro has a large and active crypto community and our goal is to ensure that we are always offering them the very best products and services," said eToro CEO and Co-founder Yoni Assia, adding, "We are proud to be one of the first regulated platforms to offer a staking service for Cardano and will be further expanding our staking service in the coming months."
This will include NEO, Tezos, EOS—and, eventually—Ethereum 2.0.