Crypto exchange OKX enables ORBS staking on its platform

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Crypto exchange OKX enables ORBS staking on its platform

By Hassan Maishera - min read

Orbs community members can now stake their ORBS tokens on the OKX platform after the cryptocurrency exchange activated this service.

OKX, one of the leading crypto exchanges in the world, announced that it is now supporting the staking of ORBS tokens on its platform.

In a press release shared with Coinjournal, OKX said holders of ORBS tokens can now stake their assets on the crypto exchange. This latest development enhances the token’s appeal and the Orbs token’s utility.

OKX has been around for a few years and processes more than $2 billion in daily trading volume. The exchange also supports more than 350 currencies and has listed over 600 trading pairs on its platform. Moreover, OKX helps unlock support for native ecosystem developments of supported coins.

OKX said it supports staking various cryptocurrencies on its platform. The exchange said users could lock up their coins on the platform to start earning rewards. Every supported currency, including ORBS, will have a native APY and daily interest rate, OKX added. 

The cryptocurrency exchange said the addition of ORBS staking support is a positive development. OKX users can stake their Orbs tokens directly through the exchange to start accumulating rewards.

Furthermore, OKX said it enables token holders to contribute to the security of the Orbs network from the convenience of their exchange account. 

Orbs has a growing community as it is a public and permissionless blockchain project, a “layer-3” venture. Developers can build projects on the Orbs network and take advantage of some of its technological benefits. 

The platform serves as a decentralized execution layer between existing layer-1 and layer-2 chains and the application layer. By enhancing the capabilities of EVM smart contracts, Orbs powers new use cases for DeFi, NFTs, GameFi, and other emerging blockchain-based sectors.

Furthermore, anyone can become part of the proof-of-stake consensus mechanism as long as they adhere to the protocol’s consensus rules.

OKX said the ORBS staking opportunity is featured on its main staking webpage. The cryptocurrency exchange concluded that it shares the same goals and vision of the Orbs project as its developers and community do, further propelling the ecosystem forward.