AscendEX adds staking support for Solana-based KIN token

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KIN is a Solana blockchain token in the Solana Program Library (SPL) token collection.

Crypto platform AscendEX has added support for Kin (KIN) staking, a Solana SPL token, according to a crypto news report shared by the trading platform on Monday.

It means that investors can start staking KIN tokens on September 19, 2022 at 1:00 PM UTC, adding to the many other opportunities available on the platform.

Stakeout KIN on AscendEX Earn

KIN holders can stake their tokens through AscendEX Earn, the stakeout feature of the centralized crypto trading platform, the release said. On this, investors can earn up to 5% APR on their delegated KIN deposits.

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AscendEX Earn provides access to several Earn products for strike and decentralized finance (DeFi) yield farming, benefiting users from nearly zero gas costs. The minimum delegation amount is 1,000,000 KIN.

Like other products, Kin is also available for “composite mode” — a feature that allows users to automatically compound their wagering rewards when targeting higher returns, the platform wrote.

Kin is now one of more than 90 crypto assets with support for staking on AscendEX Earn, including Bitcoin, Ethereum and Shiba Inu. Others are stablecoins USD Coin (USDC) and Tether (USDT).

Solana-based Kin integrates easily into both mobile and web apps and provides a built-in developer incentive model where rewards come with increased app usage. The Kin ecosystem was launched in 2017 and currently has over 65 million wallets, with over $70 million in rewards spread across 80+ apps.

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On September 14, Kin announced its integration with the e-commerce platform Shopping.io, enabling KIN to be used as a payment method in online shopping centers such as Amazon, Ebay, Walmart and Home Depot.

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