CoinExSmartChain(CSC)| IFPool, an Easy Way of Staking on CSC
The Ethereum ecosystem has always dominated the public chain arena, driving the emergence of a batch of EVM-compatible public chains, which include CoinEx Smart Chain (CSC), the official public chain of the global crypto trading platform CoinEx. With its mainnet launched in June 2021, CSC aims to provide developers and crypto users with an efficient, low-cost public chain network and build a high-performance decentralized financial ecosystem.
Similar to Ethereum, CSC also uses the PoS consensus mechanism. However, what sets CSC apart is that it integrates the PoA consensus, which is a block generation mechanism, with the original PoS consensus. With the two mechanisms in place, CSC boosts efficiency and better ensures decentralization, making itself a truly efficient and scalable public chain.
Relying on the features of the PoS consensus, users can lock up a certain amount of cryptos (which can be considered as their equity) in smart contracts to become a validator of the public chain. In return, these validators have the opportunity to validate new transactions and receive crypto rewards. The CPoS consensus of CSC determines that there are only 101 validators and sets the minimum staking threshold for validators at 10,000 CET. Moreover, validators are elected through a staking governance mechanism, and only the elected nodes can engage in validation and receive rewards.
The staking requirement of 10,000 CET, however, could deter ordinary users from becoming validators of CSC, and a staking pool is of great importance in that case. In simple terms, a staking pool is a group of token holders who combine their staking resources and share staking rewards in proportion to their contributions to the pool. Such integration makes it easier for a staker to become a validator of CSC and enjoy rewards.
IFPool is the first node staking mining pool on CSC, which allows users to stake CET to the nodes on IFPool directly through ViaWallet’s DAPP or MetaMask. The operator of the IFPool node will receive returns with a 7.95% APY from the validator system of CSC and distribute the returns to the staking users. Users can receive CET rewards by repaying iCET (a derivative token based on staked CET) and exchanging it for CET. The staked tokens and rewards will arrive at the same time, which is quite convenient and fast. Unlike conventional solo staking solutions that require users to be tech-savvy, IFPool lowers the staking threshold for users.
According to DefiLlama’s data, IFPool is currently the top-ranked project in terms of Total Value Locked (TVL) within the CSC ecosystem.
Reasons to Choose IFPool
Staking on IFPool offers several advantages over solo staking to nodes:
- Double yield: Users can stake CET to obtain iCET, which can earn double yield through OneSwap liquidity pool, IFT Staking, and lending;
- Flexible unstaking: IFPool’s staking pool allows users to withdraw CET in advance;
- High APY: When the pool’s dynamic liquidity reaches optimal levels, users can earn higher returns;
- Lower staking risk for individual users.
Yield farming available to increase users’ earnings
In addition to offering a staking pool, IFPool has added two liquidity pools that allow users to earn CET rewards. In the “IFT Staking” segment, users can contribute the iCET obtained from staking to the liquidity pool and earn CET rewards with a 4.95% APY.
IFPool provides a low-cost and secure environment for crypto users engaging in solo staking, reducing the barriers to staking and the time users have to keep their tokens locked. Staking pools like IFPool are a big boon for crypto investors who do not have the time or resources to become validators by solo staking. Staking pools like IFPool are a big boon for crypto investors who do not have the time or resources to become validators by solo staking. Limited as the returns may be, staking pools eliminate the complexity of solo staking and offer numerous retail investors a quick, easy source of passive income. With the development of PoS-based public chains, we have every reason to believe that the demand for such pooled staking will continue to increase in the future.
*This article does not constitute any investment advice.