Dunamu Expands Upbit’s Staking Service with Polygon’s MATIC
Dunamu, the leading blockchain and fintech firm operating South Korea’s largest cryptocurrency exchange Upbit, announced the inclusion of Polygon’s MATIC in Upbit’s staking service. This exciting addition is now accessible through the Upbit website and mobile application, offering users enhanced opportunities for crypto staking.
Understanding Staking and its Benefits
Staking is a service allowing users to entrust their cryptocurrency to a blockchain network, enhancing its security and earning virtual assets as rewards. The virtual assets staked by users play a vital role in verifying transactions and generating new blocks within the respective asset’s blockchain network. Users engaging in this process are rewarded with virtual assets for their active participation.
Introduction to Polygon and MATIC Token
Polygon serves as an Ethereum Layer 2 scaling solution, enabling developers to create diverse decentralized applications (DApps) within the Ethereum ecosystem. Its native token, MATIC, powers the Polygon network and facilitates various transactions and functionalities.
Expanded Staking Options on Upbit
Upbit users who have completed the Know Your Customer (KYC) process and enabled two-factor authentication can participate in staking. The minimum staking amount is 2.7 MATIC. Participants receive rewards daily and have the flexibility to unstake their tokens at any time.
- Staking Eligibility: Completed KYC and two-factor authentication
- Minimum Staking Amount: 2.7 MATIC
- Rewards: Distributed daily to participants
- Flexibility: Users can unstake their tokens at any time
Upbit ensures the security of users’ crypto assets used in staking by storing them in a secure cold wallet. The exchange operates validators and stakes users’ assets, leveraging its advanced security measures and technological expertise.
Upbit’s Staking Service and Supported Assets
Dunamu launched the Upbit Staking service in January last year, acting as an intermediary in the intricate staking process. The service aims to simplify and secure the staking of virtual assets. With the addition of Polygon, Upbit now supports five staking options:
Upbit NFT Marketplace Expansion
In addition to the staking service expansion, Upbit NFT, the exchange’s non-fungible token marketplace, has opened trading, deposits, and withdrawals for new NFT collections based on Ethereum and Polygon. To celebrate this expansion, Upbit NFT is hosting Ethereum giveaway events for lucky participants until next Wednesday.