Ark (ARK) Pumps by 41% after Binance Introduces Staking
- Binance has continually added stakable coins and tokens on its platform.
- Ark (ARK) is the newest coin to be added by Binance.
- ARK has since pumped by over 40%.
- In these volatile times in the crypto markets, staking has provided a safer way of hedging against financial uncertainty brought about by the Coronavirus.
It is no secret that trade volume for alt-coins has tremendously decreased as a result of the global financial uncertainty brought about by the Coronavirus. As a result, many traders have either decided to try their like with futures contracts of Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and other majors with good trade volume. However, a few crypto enthusiasts have decided to stake their crypto holdings as they wait for favorable crypto market conditions. Binance offers a wide selection of cryptocurrencies to stake on its platform and it has now announced the staking of Ark (ARK).
ARK Pumps By 41%
Further checking Coinmarketcap, we observe that the value of ARK has spiked by a cool 41.5% after the announcement of Binance enabling staking of the coin. This unprecedented move validates our earlier prediction of the coin reclaiming the 3,000 Satoshi level. ARK is currently valued at $0.213 or 3,084 Sats.
Staking Ark (ARK) on Binance Begins April 15th
The team at the exchange went on to explain that ARK staking will officially commence on the 15th of April, 00:00 UTC.
Staking will be awarded on a daily basis according to the following formula.
ARK generated by each user = Total ARK staking rewards received by Binance * User ARK holdings ratio
User ARK holdings ratio = Average user ARK holdings / Average total ARK staked by Binance.
Users must hold a minimum of 5 ARK to qualify for the staking on Binance. The initial distribution will be carried out on the 31st of May with following distributions done on a monthly basis.
How Much Can You Earn Annually?
According to StakingRewards.com, users who opt to stake ARK can generate approximately 8% annual returns in ARK.
Other Staking Options on Binance
Users of the Binance platform can also opt to stake the following coins with their corresponding annualized returns.
- EOS: 1 – 3% pa
- ARPA: 3 – 4% pa
- TROY: 15 – 16% pa
- LISK: 1 – 2% pa
- THETA: 1 – 2% pa
- LOOM: 10 – 12% pa
- KAVA: 14 – 16% pa
- TEZOS: 6 – 7% pa
- ATOM: 6 – 9% pa
- TRON: 7 – 9% pa
- Algorand: 8 – 10% pa
- ONE: 8 – 10% pa
- FETCH: 8 – 12% pa
- STRAT: 1 – 2% pa
- QTUM: 6 – 8% pa
- Komodo: 5 – 6% pa
- VET: 3 – 5% pa
- ONT: 3 – 5%
- NEO: 1 – 3% pa
- ELROND: 3 – 4% pa
- XLM: 2 – 4% pa
More Reason to Stake
With the above list, it is easy to observe that in times of market uncertainity, it might be worthwhile staking some of the coins and tokens on the list. A few days ago, we had highlighted the allure of staking MetaHash on CEX.io with an annualized return of 20%. We elaborate that traditional hedge funds offer between 7 and 16% pa. Therefore, staking cryptocurrencies might not be a bad idea after all.
(Feature image courtesy of Jezael Melgoza on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.