KIN is a Solana blockchain token in the Solana Program Library (SPL) token collection.
Crypto exchange AscendEX has added support for KIN staking, a Solana SPL token, the platform announced. This update enables users to stake KIN through AscendEX’s Earn product starting 19 September 2022 at 13:00 UTC.
KIN staking on AscendEX Earn
KIN holders can stake their tokens using AscendEX Earn, the exchange’s centralized staking and yield service. Stakers can earn up to an estimated 5% APR on delegated KIN deposits.
AscendEX Earn provides a range of products spanning staking and decentralised finance (DeFi) yield opportunities, with the platform handling network interactions to minimize gas fees for users. The minimum delegation amount for KIN staking is 1,000,000 KIN.
KIN is supported in AscendEX’s “compound mode,” which automatically reinvests earned staking rewards to target higher returns over time.
With this addition, KIN joins more than 90 crypto assets with staking support on AscendEX Earn, alongside major tokens such as Bitcoin and Ethereum, meme tokens like Shiba Inu, and stablecoins including USD Coin (USDC) and Tether (USDT).
AscendEX highlighted the launch on social media, noting the token, estimated APR, minimum delegation amount, and compound mode support.
KIN, built on Solana, is designed for easy integration into mobile and web applications and includes a developer incentive model that rewards increased app usage. The Kin Ecosystem, which began in 2017, reports more than 65 million wallets and over $70 million distributed in rewards across more than 80 apps.
On 14 September 2022, the Kin project announced an integration with e-commerce platform Shopping.io, enabling KIN as a payment option across online retailers including Amazon, eBay, Walmart, and Home Depot.