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Staking is locking a cryptocurrency for a certain period of time, contributing to the security of the network and transaction verification, and in return receiving rewards (yields).

While staking, you cannot remove or move your assets from the stake. If the stake is cancelled, you must pay a penalty to the validator. Blockchains have different staking periods. If you are a crypto investor, staking is for you. You can check out our staking page for supported assets.

Staking your crypto on most platforms does not offer high rewards. In the Skydex app, you can stake eligible cryptocurrencies with a few taps and earn rewards directly from the blockchain by restricting sales and supply on the coin board.

To see which assets earn staking rewards on Skydex, visit our staking page.

One risk is the potential for a cut in staked assets or rewards. Although unlikely, in the event of a network or validator failure, there is a possibility that you could lose your staked assets or rewards. There is a small chance that stake periods may be extended by the validator, and Skydex cannot intervene. We have taken measures to mitigate these risks, but some events are beyond our control.

Staking rewards do not reflect the asset price. Staking APY is independent of the asset price determined by the market. APY is determined by the blockchain and comes from transaction fees, board sell-off protection, and new coins.

Eligible customers can convert their assets held on exchanges or external wallets into USDT and send it to their Skydex account without paying any fees. You can also turn off staking at any time by going to your dashboard.

The reward rate stated by Skydex is a projection based on the rewards we have received in the last 120 days. Each network determines the base return rate based on the number of staking participants. We receive a commission on all rewards received and the return rate for our clients reflects this commission. Our current commission fee is 13% chain cut of the reward earned at the end of the stake.

US customers subject to US tax reporting are required to report their earnings from staking rewards. US customers who earn staking rewards over $600 will receive a 1099-MISC from Skydex. You can learn more about 1099-MISC on the official IRS website.