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Web3 and XRPL-based platform StaykX is looking to re-launch a “stayking” pool for XRP featuring a completely new reward structure for users.
StaykX, a rapidly expanding Web3 platform developed by the teams behind OnChain Whales and XscapeNFT, is looking to re-introduce an XRP/STX pool for its proprietary “stayking” product. The development will allow users to accrue daily rewards on their XRP holdings.
The platform announced the upcoming move in a recent tweet, touting the re-launch of the XRP stayking pool as one of two exciting developments set to come up this week.
2 massive announcements coming this week 🔥$STX holder (token & GM) airdrop 🥩$XRP Stayking pool re-launch with completely new reward structure 👀
Which are you more excited for? 👇#V3 coming on July 1st
— StaykX (@StaykX) June 12, 2023
Notably, StaykX first announced the XRP pool against STX, its native token, in July 2022. However, the platform had to suspend support for the pool shortly after the implementation. The team is now looking to re-launch the pool this week.
StaykX essentially gives market participants an opportunity to accrue daily rewards from their token holdings. Built atop the XRP Ledger, the platform only supports a few XRPL tokens, with plans to expand its offering. Re-introducing support for XRP is part of these plans.
It is important to note that the XRP Ledger does not currently support smart contracts and uses a unique consensus mechanism. As a result of this, traditional XRP staking is presently impossible. StaykX’s modus operandi involves what the platform calls “soft stayking” or “stayking.”
With this technology, StaykX periodically scans users’ self-custody wallets to verify that they hold the appropriate tokens at the right proportion. The stayking method does not necessitate the transfer of assets to the pool. However, the tokens remain in the users’ self-custody wallets, particularly Xumm.
Exchanges Offering XRP Staking Products
While traditional staking remains impossible directly on the XRPL network, certain entities have launched products to allow market participants to earn rewards on their XRP holdings. One such entity is the crypto exchange Bitrue which announced support for XRP on its Power Piggy product in January. The Crypto Basic disclosed last week that XRP was among the top staked assets on the product.
Last December, prominent exchange OKX upgraded its flexible staking offering to include XRP. The flexible staking product demands a minimum of 0.01 XRP, promising up to 2.5% APY on staked assets. Regardless of the promised benefits, investors should conduct proper research before committing to any staking product.