eToro to seize the CeFi market! Launches ADA and TRX staking reward services

The well-known brokerage platform eToro recently announced the launch of staking services for mainstream cryptocurrencies Cardano (ADA) and TRON (TRX), marking eToro's official entry into the CeFi space.

Users Just Need to "HODL"

According to the official announcement released by eToro on October 1st, starting from October, users will be provided with staking rewards for ADA and TRX. In order to allow users to earn profits in a simple and secure way, users only need to buy and hold the tokens, without the need for any additional actions. eToro will handle the staking process on behalf of the users. The detailed rules are as follows:

• Rewards will not be less than $1
• Daily position records at 00:00
• Rewards calculation for TRX starts from the 8th day of holding
• Rewards calculation for ADA starts from the 10th day of holding
• Rewards are in the form of the respective tokens (ADA, TRX)
• Users can earn annual returns ranging from 4.5% to 5.4% based on their tier
• Staking service does not cover copy trading or Contract for Difference (CFD)

Based on the information in the image above, members of different tiers can receive staking rewards of 75%, 85%, 90%, etc. (4.5% to 5.4%). eToro claims that this eliminates the complex procedures of staking for users and retains a portion of the earnings as fees to cover operational and legal costs. Currently, this service is only available to users in the United States, the United Kingdom, and Europe.

eToro's Cryptocurrency Market Strategy

In addition to ADA and TRX tokens, eToro will also offer tokens such as NEO, Tezos, EOS in the future, and plans to support staking services when Ethereum 2.0 goes live. Yoni Assia, co-founder of eToro, stated:

eToro has a large community base and is excited to launch staking services for Cardano and TRON. This is a highly competitive product in the market, and we are honored to be one of the regulated platforms offering staking services for Cardano. We will expand our services in the coming months.

In reality, eToro's staking service is not competitive as mainstream cryptocurrency exchanges like Coinbase, Bitfinex, Binance, and Kraken have already introduced similar services and continually update their product offerings to compete with DeFi. However, with over 14 million global users, and its own substantial user traffic, eToro's new staking feature may have a more significant global impact than the aforementioned exchanges.