Propel’s Staking-as-a-Service Drives Token Adoption, Maximizes Yields
The cryptocurrency revolution that started with the introduction of Bitcoin offered, for the first time, an opportunity for people to exert complete control over their finances. The core features of decentralization and transparency in a secure environment removed the need for trusted third-party custodians. Since then, Bitcoin’s underlying blockchain infrastructure has evolved rapidly to create new-age financial solutions broadly classified as DeFi.
DeFi or decentralized finance includes many crypto-related financial products and services on blockchain whose functions are driven by smart contracts. As the name suggests, these solutions are entirely decentralized and accessible to everyone across the globe, without any geographical restrictions. These solutions are instrumental in encouraging financial inclusion and providing alternative investment opportunities with attractive returns by their properties.
Staking, An Attractive Earning Opportunity
The DeFi products and services list includes staking, lending, liquidity farming, decentralized exchanges and AMMs, synthetic tokens and derivatives, and more. While DeFi, as a whole, has far-reaching applications in the crypto as well as traditional industry sectors, the staking feature continues to be one of the main ways for DeFi projects to encourage its users to hold the tokens for a long time by offering attractive incentives. Meanwhile, token holders find staking to generate passive income from their existing cryptocurrency holdings at low risks.
Conceptually, participating in DeFi staking is an easy process that requires users to hold the supported tokens in their wallets or deposit them to a staking smart contract. By doing so, they will be included as part of the project’s validator network and become eligible to receive staking rewards. The staking rewards may be issued in the form of the same staked token or different tokens. However, users will have to ensure that the assets they staked will remain locked in the wallet or the staking contract for a prescribed duration to receive staking rewards. The rewards are calculated based on the stake amount on a regular frequency, before crediting it to the participants’ wallets.
Users can also stake their tokens to participate in the liquidity pool of a DeFi lending platform or AMMs. As a liquidity provider, they will stand to earn interest for their contributions either in interest towards the contributions or as a share in the platform’s revenues.
Even though the whole staking process seems simple, those new to cryptocurrencies can find it cumbersome. Further, the sheer number of staking opportunities on various crypto assets on multiple platforms translates to varying yields across the industry, which makes it hard for individuals to participate in the right staking platform at the right time to earn maximum possible returns.
Staking pools and aggregators have emerged as a savior in these circumstances. These platforms are designed to track the crypto markets and allocate the tokens to DeFi platforms that offer the maximum yields, enabling users to get better returns. It saves users the time and effort required to scour the internet to find the right investment opportunities while providing projects with the necessary liquidity from a large asset pool.
Propel Pools to Make Staking Easier
The state-of-the-art DeFi infrastructure provider, Propel, offers DeFi and Metaverse projects with highly customizable, secure, and reliable smart contracts, software, and interface solutions. These solutions can be readily deployed to create full-fledged DeFi and Metaverse ecosystems in no time, saving a lot of manhours and resources. The DeFi-as-a-Service (DaaS) and Metaverse-as-a-Service provider also offers Staking-as-a-Service for crypto projects and investors alike. Known as the Propel Pool, the Staking-as-a-Service ecosystem provides a highly secure, completely decentralized staking environment with multichain capabilities. Propel Pool further augment’s the platform staking and farming contract modules offered as part of the DaaS solution by enabling projects to facilitate pooled staking for a wider audience.
The Propel Pool allows users to participate in single asset staking, LP Staking, and Time Capped Staking, along with the Basket Rewards feature. By joining the liquidity pool, users can participate in the farming activity, earning both new and existing crypto assets as rewards.
Single Asset Staking
A conventional staking feature, the Single Asset Staking option allows users to stake any supported cryptocurrency and earn staking rewards proportional to their stake in the pool. Here, the staking rewards will be issued in the same token as the one staked by the participant.
Another mainstay DeFi staking feature, LP Staking, enables liquidity providers on AMMs to earn additional rewards by staking the LP tokens in their possession. Depending on the liquidity pool’s token pair they contributed, the stakers on LP staking will receive one of the tokens as rewards. E.g., if a person deposits LP token for Token A-BNB pair, they will be rewarded with Token A. The reward will be proportional to the size of their stake in the pool.
Time Capped Staking
A safeguard mechanism to protect users from manipulation by whales, the Time Capped Staking feature limits the maximum number of tokens one can stake for a particular duration. The feature ensures fair participation by preventing whales from dumping too many tokens or suddenly removing liquidity from the pools.
An ideal way for stakers to diversify their portfolio, and projects to gain token adoption, Basket Staking Rewards offers returns in a mix of different tokens, proportional to the user’s contribution to the pool. The selection of reward tokens in the basket may vary from one staked token to another, and it is dependent on multiple factors.
The $PEL Token Sale
Propel’s Staking-as-a-Service offers an entire staking ecosystem complete with support for tokens from different blockchains with an unlimited reward earning capabilities. One of the tokens that can offer attractive rewards on Propel is its own native $PEL token. A Binance Smart Chain based token with a maximum supply of 100 million units, $PEL offers an attractive passive income earning opportunity for the crypto community. $PEL can be used for value exchange within the Propel ecosystem, staked for great APYs, and deposited into leading AMMs to participate in LP mining.
Propel is offering a limited amount of $PEL as part of its upcoming public token sale on Dec 7, 2021. Whitelisting process is already live <here>.
$PEL token holders also get a chance to shape the future of Propel by submitting development and business proposals and voting on such proposals as part of the project’s governance protocol
Propel is a global blockchain infrastructure solutions platform that offers end-to-end, plug-and-play infrastructure solutions to DeFi, NFT, and Metaverse projects. Propel’s solutions are available for multiple blockchain ecosystems and include multichain capabilities.
Propel holds the distinction of being the only provider offering DaaS, MaaS, and Staking solutions under a single umbrella.
Learn more about Propel