Swyftx is a rapidly growing Australian crypto exchange basSwyftx is a rapidly growing Australian crypto exchange based in Brisbane. Swyftx has previously offering a staking feature, allowing their customers to earn staking rewards on certain cryptocurrencies they ho,d in their Swyftx wallet. This feature has recently been upgraded to ‘Earn’ which provides a number of additional benefits to users.
This guide will cover what staking it, what cryptocurrencies you can Earn on Swyftx, the Swyftx interest rates and how to stake on Swyftx.
What is staking?
In simple terms, staking is a way of earning interest or rewards on cryptocurrencies you hold. This can only be done through cryptocurrencies that run on a Proof of Stake (PoS) blockchain. Proof of Stake is a consensus algorithm that is far more energy-efficient than the Proof of Work (PoW) consensus algorithm used by Bitcoin and Ethereum.
In technical terms, staking refers to locking your coins up to secure a proof of stake blockchain and verify transactions on that blockchain. In return, those who lock up their coins typically receive a proportionate percentage of the coin they are staking.
Although this is a technical process, crypto trading platforms like Swyftx allow their customers to stake their crypto with the click of a button.
Does Swyftx have staking?
Yes, Swyftx has a staking feature which allows customers to earn passive income on their crypto holdings that would otherwise be sitting in their wallet. According to Swyftx, staking rewards are calculated daily. You can unstake your crypto at any stage to claim your rewards.
It must be noted, however, that Swyftx doesn’t offer staking on all the 300+ cryptocurrencies it lists. Swyftx currently only offers staking on 16 cryptocurrencies.
Read: Swyftx review 2022
How to stake on Swyftx
Staking on Swyftx is simple, even for crypto beginners. It can be done in 4 simple steps:
- Sign up to Swyftx
- Deposit AUD to purchase one of the stackable cryptocurrencies
- Click the staking button
- Enter the amount that you would like to stake
Once you have completed all 4 steps, you will start earning rewards on a daily basis. You can check your expected daily rewards via the staking tab in your swyftx wallet.
What cryptocurrencies can you stake on Swyftx?
The following cryptocurrencies can be staked on Swyftx:
- Bitcoin
- Ethereum
- Tether (USDT)
- USD Coin (USDC)
- TAUD
- Algorand (ALGO)
- Cardano (ADA)
- Axie Infinity (AXS)
- Cosmos (ATOM)
- Polkadot (DOT)
- Solana (SOL)
- Kusama (KSM)
- Tezos (XTZ)
- Kava (KAVA)
- Tron (TRX)
- Flow (FLOW)
- Polygon (MATIC)
- Harmony (ONE)
- Elrond eGold (EGLD)
- Terra (LUNA)
- Zilliqa (ZIL)
Swyftx staking rates
Swyftx staking rewards are calculated as Annual Percentage Yield (APY). The table below lists the APY for each of the stackable crypto assets on Swyftx.
| Cryptocurrency | APY |
| Bitcoin (BTC) | 5.12% |
| Ethereum (ETH) | 5.12% |
| Tether (USDT) | 7% |
| USD Coin (USDC) | 7% |
| TAUD | 5% |
| Algorand (ALGO) | 1% |
| Cardano (ADA) | 4.50% |
| Axie Infinity (AXS) | 70% |
| Cosmos (ATOM) | 10.80% |
| Polkadot (DOT) | 12% |
| Solana (SOL) | 6% |
| Kusama (KSM) | 18% |
| Tezos (XTZ) | 3.90% |
| Kava (KAVA) | 23% |
| Tron (TRX) | 5.80% |
| Flow (FLOW) | 6% |
| Polygon (MATIC) | 12% |
| Harmony (ONE) | 8% |
| Elrond eGold (EGLD) | 12% |
| Zilliqa (ZIL) | 13% |
Swyftx staking fees
Swyftx do not charge a fee for staking your cryptocurrency. They do charge a trading fee when you buy or sell crypto. The Swyftx trading fee is 0.6%
How are Swyftx staking rewards calculated?
According to Swyftx, staking rewards are continuously earned and credited to your wallet every day. This means that rewards are then compounded daily. Rewards are calculated by multiplying the value of your cryptocurrencies (in your staking wallet) by the RPY for the particular cryptocurrency or cryptocurrencies. This is then divided by 365.25 which is the average amount of days in a year (including leap years).
The equation looks can be broken down to:
- Staking wallet balance: 100 SOL
- SOL RPY listed on Swyftx: 6%
- Daily reward: (100 SOL * 6%) / 365.25 = 0.16 SOL per day
The risks of staking
The biggest risk of staking coins on Swyftx is the volatility of the assets you’re buying. If the price of the cryptocurrency drops in value then the rewards you’ve earnt from staking may not cover the entire loss in value of your investment.