About

Swyftx Staking

Swyftx staking allows you to receive rewards on the cryptocurrency you hold in your Swyftx wallet.

There are no fees associated with our staking service and rewards are automatically added to your total balance of the staked cryptocurrency you hold. You can claim your rewards by unstaking some or all of your cryptocurrency at any stage and the rewards will be credited back to your Swyftx trading wallet.

 

How to Stake your Cryptocurrency

Buy staking cryptocurrencies

Purchase one of the cryptocurrencies that are eligible for staking on Swyftx

Select the cryptocurrency for staking

Choose an eligible cryptocurrency from your trading wallet that you would like to stake

Receive rewards

By staking your cryptocurrency on Swyftx, you could receive rewards daily

Frequently asked questions

What is Staking?

Staking is a mechanism for improving the security of a Proof of Stake (PoS) blockchain network. Those who stake their cryptocurrency are able to receive staking rewards in return. This reward is typically represented as a proportionate percentage of the amount of cryptocurrency they are staking.

What cryptocurrencies can you stake?

ADA, SOL, ATOM, DOT, KAVA, KSM, ALGO, XTZ, FLOW, TRX

What does the reference to “RPY” on the Swyftx platform refer to?

RPY (or Rewards Percentage Yield) refers to the staking rewards received for the cryptocurrency that is staked, expressed as an annualised percentage that takes into account the compounding frequency of rewards.

How are my rewards calculated?

Rewards are earned continuously (with millisecond precision) and are credited to your Staking Wallet each day shortly after 11am AEST. This means your Staking Wallet balance is being compounded on a daily basis with your daily rewards. Your daily rewards are calculated by multiplying your Staking Wallet balance (including all previously compounded rewards) by the RPY displayed on the Swyftx platform for that cryptocurrency at that particular time and dividing by 365.25 (in order to account for leap years). A simplified example using hypothetical balances and RPY is outlined below:

  • Staking Wallet balance: 365.25 DOT
  • RPY displayed on Swyftx platform: 10%
  • Daily reward: (365.25 DOT * 10%) / 365.25 = 0.1 DOT

If you do not unstake any of your staked DOT, the following day’s staking reward will be calculated on a staked balance of 365.35 DOT (365.25 DOT + 0.1 DOT). Daily rewards will be prorated for any partial days for which a balance is staked.

Is there a fee associated with Swyftx staking?

No, there are no fees associated with our staking service.

Why can’t I stake every individual cryptocurrency I hold?

Only certain cryptocurrencies have the ability to be staked in order to receive rewards. We recognise that other platforms may offer the ability to offer staking on cryptocurrencies that we do not offer staking on, however, we will regularly review our staking offering.

What is my ‘Trading Wallet’ and my ‘Staking wallet’?

Your ‘Trading Wallet’ refers to the wallet which holds any cryptocurrency that is not staked. This wallet represents the cryptocurrency that you are immediately able to trade. Your ‘Staking wallet’ refers to the wallet which holds any cryptocurrency that is staked. Cryptocurrency held in this wallet will be generating rewards in accordance with the reward estimates displayed on the Swyftx platform from time to time. When you choose to stake a cryptocurrency, that cryptocurrency is transferred from your ‘Trading Wallet’ to your ‘Staking wallet’, with the inverse occurring when you choose to un-stake a cryptocurrency. 

Why can’t I trade my balances that I have staked?

Cryptocurrency balances that you have elected to stake are held in a ‘staking wallet’ that is separate to your ‘trading wallet’. Balances held in your staking wallet are unable to be traded unless they are un-staked, in which case they are automatically transferred to your trading wallet.

Is there a lock up period for staking assets on Swyftx?

No, there is no lock up period for staking your assets. This means you can stake and unstake your eligible cryptocurrencies whenever you wish, subject to the Swyftx Staking Cap for that cryptocurrency.

Is there an unlocking period for unstaking your staked cryptocurrency?

No, there is no unlocking period for unstaking your cryptocurrency. While your cryptocurrency is staked, the rewards you receive from staking will be automatically added to your total amount of staked cryptocurrency (thereby compounding the rewards you receive). Once you unstake some or all of your cryptocurrency, that cryptocurrency will be credited back to your own personal Swyftx wallet.

How long do I need to hold a cryptocurrency before I can stake it?

There is no minimum holding period for you to be able to stake a cryptocurrency.

Is there a minimum staking amount?

Yes, the minimum staking amount for a cryptocurrency is $1 AUD.

Is there a maximum staking amount?

There is no individual customer limit on the value or quantity of a cryptocurrency you can stake, subject to that cryptocurrency’s Swyftx Staking Cap. You are able to stake up to 100% of your cryptocurrency balance until that cryptocurrency’s Swyftx Staking Cap has been reached. When a Cap has been reached for a particular cryptocurrency, you will be unable to stake that cryptocurrency until either the Cap is increased, or other users unstake their cryptocurrency. We will be regularly reviewing the Swyftx Staking Cap and you will be able to view in the platform when changes occur.

What does it mean when a particular cryptocurrency has reached the Swyftx Staking Cap?

Due to the nature of staking and how it functions, we are limited in the number of tokens for each cryptocurrency we are able to make available to customers for staking purposes. When the Swyftx Staking Cap has been reached in respect of a particular cryptocurrency, you will be unable to stake that cryptocurrency until the Cap is increased, or other users unstake their cryptocurrency. We will be regularly reviewing the size of Swyftx Staking Cap in respect of each eligible cryptocurrencies and you will be able to view in the platform when any changes have been made.

Is staking available on the Swyftx app and the Swyftx web platform?

Yes, both the Swyftx app and Swyftx web platform have full staking functionality.

What are the risks involved? 

Staking is subject to all the risks associated with holding cryptocurrency. The biggest risk of cryptocurrency staking is the volatility in a particular cryptocurrency’s price. If the price of the cryptocurrency you’re staking decreases, then the amount of rewards you earn through staking may not be enough to cover the loss in the overall value of your staked cryptocurrency.

Does Swyftx support cold staking? 

No, unfortunately, Swyftx does not support cold staking at this time.

Do staking rewards need to be claimed manually or do they auto compound into your Staking wallet balance?

Rewards received through staking cryptocurrency will be calculated daily, and automatically credited to your account shortly after 1 am AEST each day. You can also earn rewards based on the amount of time your cryptocurrency is staked. For example, if you stake a cryptocurrency at 8am on a particular day and unstake them at 9am that same day, shortly after 11 am your account will be credited with one hour’s worth of staking rewards.

In which currency will I receive my rewards?

Rewards are paid out in the currency of the staked cryptocurrency. For example, if you have staked DOT, you will receive your staking rewards as DOT.

Why does the RPY of a cryptocurrency fluctuate?

Due to the nature of staking and how it functions, a particular cryptocurrency’s RPY is subject to a range of factors outside the control of Swyftx. The rewards in respect of each eligible cryptocurrency are displayed and updated on the Swyftx platform and are subject to the Staking Terms of Use. Our Terms of Use can be viewed here.

I have not unstaked any balances. Why has the value of my staking wallet balance decreased?

As with all cryptocurrencies, staked cryptocurrency is still subject to fluctuations in market price movements. Any such decreases in the value of your staking wallet balances (that are not the result of balances being un-staked) will be due to decreases in the market value of the staked cryptocurrency.

Why does my next expected reward amount fluctuate?

This value of your next expected reward amount is calculated based on the current market price of the cryptocurrencies in which the rewards are being paid. As a result, the value of your next expected reward amount is subject to any such movements in the market price of your cryptocurrencies that you have staked.

Why does the value of my ‘Total Rewards’ fluctuate?

In line with the value of your next expected reward, the value of your ‘Total rewards’ is calculated based on the current market price of the cryptocurrencies in which the rewards have been paid. As a result, the value of your ‘Total rewards’ is subject to any such movements in the market price of your cryptocurrencies that you have historically staked.

Do I receive the entire staking reward amount?

We do not collect a fee, nor charge any commission for staking your cryptocurrency. The rates we publish reflect as closely as practicable the staking rewards that may be applicable to staking the cryptocurrency directly and not via Swyftx.

Is there a minimum value that a reward can be?

No, there is no minimum value for your daily reward to be paid. However, we do have a minimum staked amount of $1 AUD for Australian Customers, $1 NZD for New Zealand Customers and $1 USD for all other international customers.

Can I transfer cryptocurrency from another platform directly into my Swyftx staking wallet?

No, any cryptocurrency deposited onto the Swyftx platform will default into your trading wallet. Once deposited, you will have to elect to stake those cryptocurrencies as per our standard process for staking.

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