Wanchain (WAN) Surges 130% After Allowing Users to Start Staking WAN Tokens

Wanchain (WAN) is one of the top-performing cryptocurrencies of the month thanks to an announcement the company published days ago regarding its Proof-of-Stake activation and newly released tools.

According to the company’s announcement users will soon be able to earn rewards for securing the Wanchain network, as it’ll transition from a Permission Proof-of-Work (PPoW) consensus algorithm to a Proof-of-Stake consensus algorithm on September 3.

While Proof-of-Stake isn’t yet activated on the cryptocurrency’s mainnent, Wanchain has launched Validator nodes on its network, making it possible for users to “stake WAN tokens on Wanchain’s main network.” Its announcement details all its users are encouraged to stake their coins before the PoS consensus is activated.

The cryptocurrency’s price surged over 130% since the announcement against bitcoin, as CryptoCompare data shows WAN was trading at about 0.000022 BTC earlier this month. Currently, each token is trading hands at about 0.00004835 BTC.

In the last 24-hour period WAN rose 31.6% against BTC, and over the past two weeks the surge was of about 130%. Trading volume for the cryptocurrency has exploded after the announcement.

Wanchain's price performance over the last two weeksSource: CryptoCompare

To run a Validator Node users need a minimum of 50,000 WAN tokens, although they can also run a Non-Delegating Validator Node for a minimum of 10,000 WAN. One of the company’s blog posts details delegators are estimated to see a yield of around 11%, which means they can expect a minimum of around 13,100 WAN per year as a reward.

Shortly before its Validator nodes mainnet announcement, Wanchain also released various tools for users, including an Android mobile wallet, a desktop light wallet, and a new website. Wanchain’s mission is to help connect blockchains and to power the digital economy through cross-chain smart contracts.