This will be a short, but important article.
As you know, one of the focal points of ChangeX is simplicity. This will be true for both our banking services, the entire process of buying, selling, and swapping crypto, and, of course, how you earn on your tokens.
Simplifying the process of staking to the core is a must: one, two, three clicks — done. We want to remove the hurdles and the extra steps that make DeFi so inaccessible and leave only what matters — the blue button that puts your tokens on the chain, where they start earning for you.
This simplification process also needs to involve the way staking happens on different networks, because that’s a part of the ChangeX promise — one app that gives you access to everything. ChangeX is multi-chain, and so is CHANGE, which in simple terms means that you can reach tokens on various blockchains without switching wallets or exchanges, and without making convoluted transactions — everything is right there where you need it.
So the buying, selling, and swapping parts are covered. What about staking?
Stake on multiple networks without bridging
We call it mirrored staking, but that’s just our in-house name for it. In reality it’s a simple concept backed by a sophisticated backend and execution.
What we’re talking about is adding another option to stake — first CHANGE, then other PoS assets — on other blockchains, right there in the app, in the most simple possible way.
For CHANGE, this will first happen with mirrored staking on the Ethereum network. This will be available at the end of September and will eliminate the need to bridge over to Ethereum.
If you bought some ERC20 CHANGE, all you’ll have to do to start earning on it is to enter the app and stake it like you normally would, except you’ll have the choice to do it on the Ethereum network. This will happen with the click of a button and without ever having to leave the app.
Benefits of mirrored staking
Well, for one, and excluding all the quality-of-life benefits such as entirely removing the need to bridge or think of complicated transaction paths just to get your tokens where you want them, staking on the Ethereum network opens up an entirely new ecosystem for you in your ChangeX wallet.
You can have your CHANGE tokens staked and earning for you the entire time, and only use them when necessary, say for ad-hoc ERC20 purchases that can only happen there. By staking on both Ethereum and Hydra, you cover two networks, while maintaining access to a much wider selection of tokens and investment opportunities at all times. This is even more true when you consider that CHANGE has no unstaking period, so it’s easily accessible at all times.
And if you’re thinking what we’re thinking, then yes, you’re right — staking other PoS assets on the Ethereum network in the future will give you even more CHANGE rewards because of the commissions applied to the respective staking pools. We’ve talked broadly about this here.
With the Ethereum Merge now complete, we believe the timing for this couldn’t have been better.
This might be our shortest blog post yet, but there it is — CHANGE is multi-chain and Ethereum-native staking is coming by the end of September, so if you have some ERC20 CHANGE that should be really good news. Staking and trading on BSC is also not far, but that calls for a separate article.
We hope you found this article useful. If so, feel free to spread the word.
Thank you for reading and for being here. Really ❤
The ChangeX team