|Friday, 26 February 2021, 15:00 HKT/SGT|
SINGAPORE, Feb 26, 2021 - (ACN Newswire) - Today, staking of Centrality's native token, CENNZ, is officially available on Moonstake's Web Wallet. CENNZ is the native token of Centrality, our strategic partner. Moonstake became the first staking provider in the world to launch staking services for CENNZ.
Now Moonstake's wallet users can hold, send and receive CENNZ and are able to stake through the Moonstake wallet and receive CPAY as staking rewards with one simple click with the best user experience. After Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, Qtum, Polkadot, Quras and Centrality became the 10th available staking coin on Moonstake Wallet.
Moonstake wallet provides 3 CENNZ staking validator options for users with an average commission fee of 5%. To celebrate our milestone as the world's first wallet to support staking of CENNZ, one of the 3 validators will offer zero-staking fee for the first 3 months from today until 31st of May so that CENNZ holders can enjoy free staking on Moonstake wallet.
Moonstake started in the staking business last year with the aim to create the largest staking network in Asia. Since then, Moonstake has developed the most user-friendly wallets for both Web Wallet and Mobile Wallet (iOS/Android) that are compatible with over 2000 cryptocurrencies. After a full-scale operation launched in August 2020, Moonstake's total staking assets have grown rapidly to reach USD 600 Million in staked assets in 6 months.
Moonstake and Centrality entered into a strategic partnership in August last year. Aaron McDonald, CEO of Centrality has joined Moonstake as an advisor and both parties are actively developing for the implementation of CENNZ (Centrality's token) through Moonstake staking platform. During a joint webinar last year, both parties shared details about the progress of the partnership and product development, including an announcement regarding the launch of CENNZ staking on Moonstake. Based on joint marketing and technical collaboration, Moonstake Wallet achieved another milestone as a world's first wallet to support CENNZ and CPAY enabling users to send, receive, and hold ERC-20 based CENNZ and CPAY tokens and the world's first wallet to support staking for CENNZ.
How to stake CENNZ on MS Wallet
Here's a simple 4-step process to stake CENNZ with Moonstake Wallet:
1. Register your Moonstake Web wallet (https://wallet.moonstake.io)
2. Deposit 10,000 CENNZ and an appropriate amount of CPAY to your Moonstake wallet. (10,000 CENNZ is the minimum amount required to stake)
3. From the wallet screen, select CENNZ and click the "Stake Now" button.
*If CENNZ and CPAY are not displayed, click on the + button on the right to add them.
4. Confirm the staking information, then click the "Staking" button and enter your wallet password.
*Once the staking operation is completed, the amount of CENNZ will be displayed in the column Staking.
How CENNZ Staking Works
A minimum threshold amount of 10,000 CENNZ needs to be locked in and stake for both nominators or validators. To stake CENNZ with Moonstake wallet, you need to be a "Nominator" and select a "Validator". Up to 16 or more validators can be selected. If the chosen Validator is elected and performs their duties correctly, Nominators receive a portion of their resulting CPAY reward.
*Nominators are CENNZ token holders who stake a portion of their CENNZ behind a Validator.
*Validators are node operators who each store a copy of the blockchain and must perform certain functions to keep the system secure.
How to get Rewards of CENNZ staking
The APY (Staking Reward Rate) BASE rate for CENNZ will initially start at a minimum of 8-10% APY in CPAY. This can increase based on network activity. You will receive a staking reward approximately every 24 hours.
For example, if you stake 10,000 CENNZ, you will receive 800 - 1,000 CENNZ worth of CPAY per year, which will be divided and distributed as a reward.
How CENNZ unstaking works
There is an unbonding period when you unstake CENNZ, which serves as a cooldown. This period will take 28 days on CENNZnet and your CENNZ will be locked. After 28 days, you can redeem your CENNZ and start to use or transfer them. During the unbonding period, you will not receive any staking rewards.
Mitsuru Tezuka, Founder at Moonstake says: "Moonstake is pleased to be the world's first wallet to support staking of CENNZ and the first validator for CENNZnet. We completed API connection for CENNZ staking to provide extensive support for the CENNZ community. With this collaboration, Moonstake and Centrality will continue to accelerate the strong growth of the staking ecosystem while providing the best staking service for CENNZ."
Aaron McDonald, CEO at Centrality says: "Centrality is on a mission to bring decentralised technology to consumer mass markets and Moonstake will help us do just that. E-wallet is the most convenient and friendly solution for modern day money management, in both the real world and the crypto world. Making the crypto usage experience seamless while still fully secure to mass consumers is what Moonstake excels at and we're happy to bring about CENNZ staking on this leading staking platform."
The global staking market capitalization has grown exponentially over the last year from $10 billion to $133 billion. During this period, Moonstake has also become part of the top 10 staking providers in the world in terms of total staking value and is continuing to expand non-stop. Through CENNZ's staking, we are committed to providing more people in the world with valuable staking opportunities at their convenience and contributing to the development of the blockchain industry.
Moonstake was recently established to develop a staking pool protocol to satisfy increasing demands in regional and global blockchain markets. Moonstake develops a staking pool protocol and provides business services through partners and companies.
Moonstake aims to be the largest staking pool network in Asia by providing an active environment for crypto asset holders. Establishing a clear partnership roadmap with Moonstake represents another significant milestone for continuing to strengthen ties with leading platforms across Asia's burgeoning Distributed Ledger Technology (DLT) ecosystem. Partnership has been announced with Emurgo, Ontology and NEO to boost staking adoption, Binarystar, Japan's biggest blockchain hub, OIO Holdings Limited (SGX: OIO), a Singapore Catalist-Listed company. Industry's reputed advisors, such as Lisk and Lawrence Lim of RAMP DEFI support Moonstake's innovative journey.
With a full-scale operation launched in August 2020, we expanded our business and as of now, our total staking assets exceeded over USD 600 Million. https://www.moonstake.io/
Centrality is the world's leading fintech venture platform based in New Zealand. They have received a research grant from the New Zealand government and are working with the New Zealand government to build a decentralized system through the public-private integrated organization "Digital Identity NZ" together with NZ Tech and Singlesource. https://centrality.ai/
Topic: Press release summary
Sectors: FX & Digital Currencies
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