- Philcoin announces a new coin staking program for global crypto users to earn attractive interest while making donations.
- The team says that their staking mechanism is purposefully designed to create wealth for everyone.
- Reportedly, users who stake PHL will receive an interest of 15% Annual Percentage Rate (APR) on top of the principal amount initially locked up.
Philcoin has announced a new coin staking program for global crypto users to earn attractive interest while lending a hand to their favorite projects through donations. Philcoin is a philanthropic blockchain movement supporting the 17 Sustainable Development Goals (SDGs) of the United Nations.
In a recent blog post, Philcoin said their staking mechanism is purposefully designed to create wealth for everyone. The team claimed that unlike typical cryptocurrency staking methods other projects apply, the Philcoin system will function more like the better understood and popular traditional savings or fixed deposit accounts.
Generally, staking allows token holders to lock up their digital assets for a period of time when they earn a given percentage as interest. Interest earned can be fixed as in Annual Percentage Rate (APR) or compounding using Annual Percentage Yield (APY).
Users who stake Philcoin’s native BEP-20 token, PHL, will receive an interest of 15% APR on top of the principal amount initially locked up. Users must download and install the Philcoin mobile app (PHILApp) to participate. After that, they are required to purchase PHL from supported exchanges like MEXC Global or PancakeSwap.
A notable difference from other staking protocols is that stakers will earn the 15% APR as interest. Because the project leans toward philanthropy and creating wealth for everyone, stakers will keep half their staking rewards and donate the remainder to a charity of their choice.
All donations will be made straight from the PHILApp, an all-in-one solution offering a range of services, including the Internet of Things (IoT), social media, education, and more. As designed, PHILApp acts as a products and services portal where end users are rewarded with PHL.
The project has also clarified that staking will be calculated expressly depending on the number of PHL tokens and not its secondary price on exchanges. Therefore, considering the fluctuation of crypto prices, the value of PHL tokens will, as expected, change. However, the number of tokens will remain constant depending on purchasing time.
Currently, as the markets bottom up after a biting bear market that saw asset prices collapse by over 90% from 2021 peaks, users are looking for safe investment options. Users who look to purchase PHL and stake stand to earn extra coins through which they can donate and also benefit from possible capital gains.
Stakers who purchase PHL via the exchanges at the depth of the bear market could, on maturity, more than quadruple their gains, making a decent profit. Philcoin sees staking as an opportunity for users to take charge of their finances while changing how they give back to the community.