Polkadot Believers
If you are a believer in Polkadot then you have probably been taking advantage of the recent discounts on offer in the marketplace. When prices plummet many run for the hills and yet the fundamentals of a solid project remain unchanged. The fundamentals of Polkadot at $6 are exactly the same as Polkadot at $4, which leaves me wondering why more people are not buying at these levels. If you were happy to buy DOT at $6 then you should be ecstatic to pick it up at $4 right?
Sure, markets could drop further but they could also rise from these levels and if you are dollar-cost averaging then you are reasonably safe. Sapphire readers will remember that DOT has been a firm favorite over the past few months. Not only DOT but many other projects within the Polkadot Network and now it is time to start creating some passive income with DOT!
Flexible Staking On BitMax Exchange
BitMax has been mentioned a few times in the past, mainly in regard to the staking of the BTMX token for daily dividends but today we will be taking a closer look at staking DOT on the BitMax exchange. Polkadot staking went live three days ago and is the equivalent of what some may know as "soft" staking. BitMax and Binance refer to it as "flexible" staking, where no lock-up period is required, though BitMax does have a type of lock-up.
Binance does not require users to activate staking for "flexible" staking rewards. Simply holding the appropriate token in your wallet is all that is required to qualify for staking rewards.
Staking Polkadot on BitMax will however require users to delegate their DOT to qualify for rewards. However these funds can be withdrawn at any time for a 2% fee. To avoid the 2% fee users can utilize the "Regular Undelegation" which takes 28 days. My thoughts are that anyone wanting to stake DOT will most likely be looking at a long-term horizon and will most likely not be too affected by this process.
The estimated annual return is 7.47%, which is fairly good. GEEQ, another relatively new DeFi project is also now available for staking with an annual return of 36%! I do not endorse any exchanges so please do your own research before utilizing the services of BitMax or any other exchange.
This is not investment advice and personal research and risk assessment needs to be carried out by each potential investor.
That's not bad, but the 12% at Kraken, with no un-staking fees is more appealing. Either way, more places to stake Polkadot is a good thing. Good article.