At CoinList we have a mission to help the world’s high-potential crypto projects grow and succeed. Today, with that mission squarely in focus, we are thrilled to introduce staking for Celo Gold (cGLD). With CoinList, participants in today’s Celo auction will be able to easily and securely participate in the Celo network and immediately begin earning rewards.
“With CoinList staking, auction participants will be able to earn rewards immediately. We’re excited that CoinList is launching this new service with Celo Gold, providing immediate value to the growing Celo community.” — Rene Reinsberg, Co-Founder of Celo and Partner at cLabs
Staking is the participation function in the Proof of Stake (PoS) consensus mechanism. It is increasingly being used in many new blockchains, including previous CoinList clients Algorand and Solana. With Celo, token holders stake cGLD to vote for validator groups that contain an ordered set of professional validators. We previously introduced Celo’s staking mechanism in part three of our series on the Celo network, and we suggest you check that out to learn more about staking and governance on Celo.
With CoinList Staking you will earn rewards on your cGLD with an estimated annual return of nearly 6%.* The cGLD rewards will show up in your CoinList wallet every 30 days after purchase or deposit. Your cGLD will be held securely in your CoinList wallet and you can opt-out at any time by contacting our team.
The Celo network will calibrate the underlying return rate depending on whether the protocol needs the amount of locked cGLD to be higher. CoinList’s stated return rate is a projection based on forecasts by the cLabs team. CoinList will distribute the cGLD rewards to holders while keeping a portion as commission.
Participants in the Celo auction will be eligible for staking along with cGLD purchasers that deposit cLGD into their CoinList wallet in the future.
* The annual return indicated above is merely an estimate, and CoinList provides no guarantee of any returns on digital assets staked through CoinList. Related fees subject to change at any time without notice.
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