AscendEX Earn adds KIN staking with 5% APR

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 release the trading venue shared on Monday.

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

KIN staking on AscendEX Earn

KIN holders can stake their tokens via AscendEX Earn, the centralised crypto trading venue’s staking feature, the release noted. On it, investors will be able to earn up to 5% APR on their delegated KIN deposits.

AscendEX Earn offers access to several Earn products across staking and decentralised finance (DeFi) yield farming, with users benefiting from near-zero gas fees. Minimum delegation amount will be 1,000,000 KIN.

As other suite of products, Kin is also available for “compound mode” – a feature that lets users automatically compound their staking rewards when targeting higher returns, the platform wrote.

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

We have launched staking for @Kin_Ecosystem. #AscendEX users can now stake $KIN to earn 5% est. APR.

?Token: KIN
?Est. APR: 5%
?Minimum Delegation Amount: 1,000,000 KIN
?Compound Mode: Supported

Earn~ 5% APR ? https://t.co/2769TgimjM#AscendEXEarn pic.twitter.com/WOSIivSVBs

— AscendEX (@_AscendEX) September 19, 2022

Solana-based Kin can easily be integrated across both mobile and web apps, and offers a built-in developer incentive model where rewards accompany increased app usage. The Kin Ecosystem launched in 2017 and currently boasts more than 65 million wallets, with over $70 million in rewards distributed across 80+ apps.

On 14 september, Kin announced integration with e-commerce platform Shopping.io, allowing for the use of KIN as a payment method across online shopping venues such as Amazon, Ebay, Walmart, and Home Depot.