How to Start Earning Now Using Proof of Stake Cryptocurrencies from Smartphones

The developers of Wetez wallet, a proof-of-stake (PoS)-based cryptocurrency wallet, have published an informative blog post in which they explained that users can “delegate” from directly within the wallet app they’re using - in order to “receive rewards directly in the wallet.”

At present, the Wetez wallet can be downloaded from both the Android and iOS stores. To start earning profits, users can “delegate to a list of different bakers and then check the different rewards directly” from their smartphones.

Baking On Tezos, Staking On Cosmos

As those familiar with the Tezos (XTZ) platform would know, “baking” on the Tezos blockchain is somewhat similar to mining on proof-of-work (PoW)-based networks such as Bitcoin (BTC). One of the main responsibilities of bakers on the Tezos platform is to validate blocks of transactions (which is essentially what miners do on PoW chains).

In addition to supporting Tezos-based staking, the Wetez wallet has built-in features that allow users to stake on Cosmos (ATOM), a recently launched “coordinating” blockchain network that helps connect “different independent, scalable, and interoperable blockchains” that are compatible with the Cosmos ecosystem.

Directly from the Wetez wallet, users can also access the IRISnet (IRIS) protocol and “service infrastructure.” Notably, the IRISnet platform, which “facilitates construction of distributed business applications,” was developed on the Cosmos network - using its proprietary software development kit (SDK) and Tendermint.

Need At Least 100 XTZ

As explained in POS Bakerz’ blog post, users must have a minimum of 100 XTZ (appr. $100) to “be able to delegate.” After users have deposited at least 100 XTX (plus a bit more in order to cover small transaction fees), they “should receive approval” and then “be able to see [their] different rewards."

According to POS Bakerz’ post,  it takes about “7 cycles for a baker before” users are officially “registered as one of their delegators.” This process includes the users’ transaction being “registered on the blockchain.”

By following a similar process, users may also delegate Cosmos’ native token, ATOM, to earn rewards. To earn passively from IRISnet, users may “delegate three PoS cryptos directly from the same wallet.”

OKEx Was the Top Crypto Derivatives Exchange in September, Report Shows

Leading cryptocurrency exchange OKEx was the top crypto derivatives exchange in the month of September, trading a total of $90.3 billion in total. Huobi followed suit, trading $84 billion.

According to CryptoCompare’s September 2019 Exchange Review, the crypto trading platform represented 33.7% of the daily derivatives volumes, trading $3.08 billion per day. Behind OKEx was Huobi with $2.82 billion traded a day, followed by BitMEX’s $1.88 billion.

Cryptocurrency exchanges like Deribit and CryptoFacilities, which is FCA-regulated, represented only $334 million and $74 million a day, respectively.

Top derivatives exchangesSource: CryptoCompare Exchange Review

The report notes that the most traded derivatives product by trading volume was BitMEX’s perpetual BTC futures contract, as its total trading volume for the month was of $41.7 billion. Other top traded products were BTC futures contracts expiring on September 27, with Huobi’s contract seeing $23.3 billion traded, while OKEx saw $17.4 billion traded.

OKEx’s lead when it comes to cryptocurrency derivatives was likely derived by its offering. The cryptocurrency exchange has various futures contracts being offered on its website – not just for BTC but for other top cryptocurrencies like BCH, BSV, EOS, XRP, and TRX.

Similarly the cryptocurrency exchange, which earlier this year announced it’s working on developing global compliance standards for cryptocurrency exchanges through a Self-Regulated Organization (SRO), offers perpetual swaps for these cryptos.

As CryptoGlobe reported, CryptoCompare’s report for August found similar results when it came to OKEx. Despite a market-wide drop in terms of derivatives trading volumes, the cryptocurrency exchange managed to capture over one-third of the market in August.

CryptoCompare’s September 2019 Exchange Review also found that lower-rated cryptocurrency exchanges – according to its Exchange Benchmark Ratings – have been gaining market share in terms of spot volumes.

Per the report, exchanges with an “E” rating represented a total trading volume of $179 billion in September, after seeing an increase of over 30% from the prior month. Exchanges like OKEx, which is A-rated, represented a smaller piece of the pie, with only 14.3% of the market share.