TABLE OF CONTENTS
- What is CELO staking?
- How do I participate in CELO staking?
- When will I receive my CELO staking rewards?
- Will my staking rewards be re-staked automatically?
- Do CELO rewards compound daily?
- How much are CELO staking rewards?
- Do I have to buy CELO through CoinList to earn staking rewards?
- Who is eligible to earn CELO staking rewards on CoinList?
- When will I be able to withdraw my CELO staking rewards?
- What are CELO staking rewards paid out in?
- How do I opt out of CELO staking?
- How do I stake on CoinList?
What is CELO staking?
CELO is the native utility token for the Celo blockchain. Instead of using miners and a Proof-of-Work (PoW) consensus mechanism to verify transactions and maintain the integrity of the Celo blockchain, Celo uses a Proof-of-Stake consensus mechanism. This means that network participants are able to stake a certain amount of CELO for the right to honestly verify transactions on Celo and receive rewards for doing so. Additionally, CELO owners are able to lock their tokens and vote for these network participants, known as validators. CELO holders that lock and vote their tokens receive additional CELO as a reward for voting for honest and active validators on the network. CoinList manages the locking and voting for users who deposit CELO into their CoinList wallet so they can passively receive additional CELO.
How do I participate in CELO staking?
You will automatically receive staking rewards if you hold CELO in your CoinList Wallet.
When will I receive my CELO staking rewards?
Once per month, CoinList will distribute rewards to users pro-rata of their average holdings over the month. We will notify you via email once your rewards have been distributed into your CoinList wallet.
Will my staking rewards be re-staked automatically?
Yes, your Celo staking rewards are automatically re-staked and earning additional rewards unless you withdraw or trade them.
Do CELO rewards compound daily?
Celo rewards compound daily, but are only distributed once per month.
How much are CELO staking rewards?
The Celo network currently has an estimated 6% annual rate of return for users that are locking and voting their CELO. Please note the estimated 6% is subject to change and does not take into account the 10% CoinList commission fee.
Do I have to buy CELO through CoinList to earn staking rewards?
No. Users who have purchased CELO through other means or trading venues are able to deposit their CELO into their CoinList wallet and start passively receiving staking rewards.
Who is eligible to earn CELO staking rewards on CoinList?
Anyone who is able to open a wallet and subsequently deposits CELO into their CoinList account is eligible for CELO staking rewards. CoinList wallets are not available in all jurisdictions, please visit coinlist.co/legal to see our list of approved jurisdictions.
When will I be able to withdraw my CELO staking rewards?
Once your CELO staking rewards are distributed to your CoinList wallet, you will be able to withdraw and/or trade your CELO.
Typically withdrawals will be instant; however, please note that if you hold a large amount of CELO on CoinList, we may require an additional 3 days to withdraw your funds in order to unlock CELO from the Celo network. Unlocking requires 3 days, a timeframe set by the Celo network.
Once you deposit an eligible asset into your CoinList wallet, you are automatically opted into staking rewards.
What are CELO staking rewards paid out in?
CELO staking rewards on CoinList are paid in CELO. This means you will passively accrue additional CELO by keeping your CELO in your CoinList wallet.