- The Avalanche wallet will retire on March 6th at 11AM ET.
- Approximately 57% of AVAX’s total circulating supply is staked.
Avalanche (AVAX), a popular Proof of Stake (PoS) network, has made a final call to stakers to switch from the existing web wallet to the more advanced Core Stake, adding that the wallet will close at 11:00 AM on February 6, 2019. . March.
According to the previously published phase-out guide, no immediate action was required and stakers would simply need to use Core for wallet access and staking services. Avalanche has ensured that staking rewards are unaffected and remain in Core Stake.
A new era of staking
For the curious, Core is the gateway to the world of Avalanche. We provide a single platform that directly connects dApps, NFTs, Avalanche Bridge, subnets, L2, etc. to users. At the time of this writing, it is available as a web app, browser extension, and the latest mobile version.
Launched in July last year, the Core Stake service introduced a variety of advanced staking features. This included the ability for users to stake assets directly to Avalanche validator nodes. This way, you don’t have to trust any third-party dApps or protocols to invest or store your funds.
Users also have more freedom regarding staking duration, stake amount, and delegation fees.
AVAX Staking Status
Like other PoS chains, Avalanche staking helps process transactions and keep the network secure. Stakers are rewarded with incentives for network security.
According to AMBCrypto’s analysis of staking rewards data, approximately 258.96 million AVAX tokens, or 57% of the total circulating supply, were staked on the network at press time. Last month, staked supply increased by 17%.
AVAX stakers were enjoying a reward of 8.51% on deposits, which has clearly decreased in recent months.
Source: Staking Rewards
How much is 1,10,100 AVAX worth today?
At the time of this writing, Avalanche was the 11th largest cryptocurrency on the market, valued at $15 billion, according to CoinMarketCap.
The coin was trading in the red at press time, with a loss of 7.11% over 24 hours.