Categories: Crypto & Market

Moonstake Now Supports Staking of ORBS on Polygon Network

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SINGAPORE, July 4, 2022 – (ACN Newswire) – Moonstake is pleased to announce that our users can now earn interest from staking ORBS token on an additional chain – Polygon – on both the Web and Mobile Wallets! Hold, send, receive, and stake ORBS on both Ethereum and Polygon Network to earn multi-chain staking rewards with the best user experience through one single click!

Previously in April 2022, we initially integrated support for Polygon chain, specifically enabling users the ability to hold, send, receive, and own MATIC coin as well as MATIC tokens. As an official Guardian of Orbs Universe via strategic partnership with Orbs Network since March 2021, Moonstake is proud to bring our community as well as ORBS users globally the ORBS multi-chain staking experience on Ethereum and now Polygon!

Moonstake started the staking business last year with the aim to create the largest staking network in Asia. Since then, we have developed the most user-friendly Web Wallet and Mobile Wallet (iOS / Android) with support for over 2000 cryptocurrencies.

After a full-scale operation launched in August 2020, Moonstake’s total staking assets have grown rapidly to reach $1 Billion, allowing Moonstake to become one of the top 10 staking providers globally.

Since March this year, Moonstake has also entered DeFi together with the newly launched DeFi platform, Muse.Finance, who has begun releasing its core DeFi products which are all scheduled to be integrated into Moonstake platform to enable advanced DeFi connectivity for our global users.

ORBS upgrade

Meanwhile, Orbs recently rolled out its Orbs 3.0 upgrade which utilizes Orbs’ unique features, designed for interoperability with EVM and non-EVM blockchains, to be set up as a separate decentralized execution layer operating between the base blockchain layer and application layer.

The Orbs Network is powered by the ORBS token, which is used for the settlement of fees and provides the system of incentives for election of Guardians (the Orbs validators) using Proof-of-Stake consensus. It is accessible across eight major chains: Ethereum, Binance Smart Chain, Polygon, Solana, Avalanche, Fantom, Harmony and Cronos.

The protocol’s expansion to Polygon Network was based on Polygon’s market prominence as a leading layer-2 project on top of Ethereum that is one of the market’s biggest blockchains for Web3 builders, boasting over 7,000 DApps in its developer ecosystem which features numerous big names – from DeFi projects such as lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com.

Deploying Orbs staking on Polygon capitalizes on the advantages offered by the Ethereum stack in order to achieve both scalability and low fees as well as high security, while also offering users the flexibility to stake and earn with whichever chain they like.

How to stake ORBS on Moonstake Wallet

Here’s a simple 3-step process to stake ORBS with Moonstake Wallet
1. Register your Moonstake Web wallet
2. From the wallet screen, select ORBS on Polygon and click the “Stake Now” button.
3. Confirm the staking information, then click the “Staking” button and enter your wallet password.

How ORBS Staking Works

Hold ORBS Token and no minimum amount for staking.
Agree to lock in and stake ORBS.
The gas fee for transactions will be in MATIC tokens of Polygon instead of ETH like staking ORBS on Ethereum.

How to get rewards of ORBS staking

Token holders that delegate to an active Guardian are rewarded in proportion to their stake. Annual reward is up to 6.67% of the Delegators staked tokens.

*Delegators are ORBS token holders who assign their voting weight (stake) to Guardians, empowering them to maintain security and uphold the long term vision of the ecosystem.

How ORBS unstaking works

If token holders want to send an asset that is currently staked, they will need to unstake it first. The unstaking of tokens will take a full 14 days before they become available, therefore you will not be able to send the tokens immediately. The period during which the tokens cannot be transferred is called the “cooldown period”.

Expanding the staking feature of ORBS to Polygon is another step in Moonstake’s effort to promote the adoption of crypto staking as we continue to provide more options and value to crypto users worldwide, and our close working relationship with partner Orbs Network will ensure a satisfactory staking experience for our users. We have previously held a number of campaigns for ORBS users, including webinar, quiz, and giveaways, and we are always working to organize more valuable programs for the community. Please stay tuned for more updates from us!

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