- Staking opens on May 18, 10 AM ET, and you can participate here.
- No staking limits or individual cap
- There is no lockup period, however, a 7-day unbonding/unstaking period will apply to withdraw your stake
- Instant unstaking is available for a 3% fee
- Starting APR 10%
- Rewards accrue daily on deposits, and will compound daily if the staker selects ‘compound mode.’
- Your OMI stake is also available to use as collateral for futures trading
How to Stake Your OMI Tokens
Staking OMI through AscendEX Earn is simple and intuitive. If you already have an account you can skip to step 2 below.
Note: AscendEX has recently been through an ecosystem rebranding and update. The instructions linked below are still valid, however, the appearance of the new AscendEX desktop/app may vary.
1. Register an Account
Before you can participate in staking you’ll first need to register an account with AscendEX. You can do this through the desktop browser and/or the AscendEX mobile app, available on Android and iOS.
2. Deposit Your OMI Tokens
Once your account is registered and verified you can deposit your OMI, or purchase them directly on the exchange (pairing OMI/USDT) if you don’t already hold OMI tokens.
AscendEX ONLY accepts ERC20 OMI tokens.
If you are still holding the old GoChain OMI token or wrapped OMI (wOMI) tokens please swap them for the new ERC20 token before depositing, using these instructions.
Once they have been received and fully confirmed you will be able to participate in staking.
3. Participate in Staking
Account-holders can participate in staking through the AscendEX Earn website or mobile app. To do so on desktop:
- Search for the OMI token, and click the ‘deposit’ button to begin.
- Enter the number of tokens you would like to stake. You will also see an estimation of the rewards you will earn, based on the current APR.
- Select ‘compound mode’ if you would like your daily rewards to be automatically re-staked and compound your returns
- Confirm you have read and agreed to the AscendEX staking agreement. Using the drop-down menu you can also view the deposit and redemption rules, including payment dates and applicable fees for instant redemption.
- Tap ‘Confirm’ to begin earning rewards!
If you’re using the mobile app you can follow these instructions for more information.
What is Staking?
Staking typically refers to tokens on proof of stake blockchains, allowing token holders to participate in supporting the network- by running a node. However, in many instances, there is a substantial investment required to run an independent validator (32 ETH for an Ethereum node, for example).
The term staking, however, is used interchangeably by exchanges and crypto-platforms to reference generating a yield on your token holdings.
Is Staking Safe?
Staking is a safe way to accrue rewards on your OMI tokens, however, there is always some risk involved, particularly as you are trusting a third party (AscendEX) to custody your assets.
AscendEX Earn also allows you to use your staked assets as collateral for futures and/or margin trading. This is incredibly high risk, particularly as crypto markets can be incredibly volatile, and you could lose your staked collateral (OMI tokens) if you are not an experienced/professional trader. We do not recommend this for beginners.
AscendEX Earn is a central hub for Staking, Yield Farming, and other products that empower users to extract the maximum value from their crypto holdings. Through AscendEX Earn, OMI token holders can now earn annual percentage rate (APR) based yields by committing their tokens to stake, as well as learn about a range of investment opportunities available on AscendEX.
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