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Q&A: How the Earning Wallet works

staking faq

What is staking? 

Staking is a feature that allows you to bind your cryptocurrencies for a period of your choice in order to receive a reward. This reward is calculated as a percentage of the amount you choose to stake. So the higher the amount, the higher the reward. 

How does staking work?

Go to the new Earning Wallet section:

  1. Choose a currency

Choose one of the available cryptocurrencies

  1. Enter the amount

Manually enter the amount or click on “Max” if you want to stake the entire balance of a cryptocurrency you have in your Spot Wallet.

  1. Set the Duration

Select how often you wish to receive the reward: 30 days, 90 days, 180 days. 

Keep in mind that for the duration of the staking period you will not be able to use your cryptocurrencies, i.e. you will not be able to sell them or transfer them to other wallets. They will then be ‘locked’ to the Earning Wallet until the end of the staking period. 

At the end of the staking period both the amount and the reward will be automatically credited to your Spot Wallet.

How do I get the reward? 

In order to receive the staking reward, you need to keep the stake active until the end of the period you chose. For the duration of the staking period, your cryptocurrencies will remain locked in the Earning Wallet, meaning you will not be able to sell or transfer them. 

What cryptocurrencies can I stake in the Earning Wallet? 

Currently, the cryptocurrencies available for staking are Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).

Can I activate staking more than once on a cryptocurrency?  

No, you can only activate a stake at a time with a currency. So you can activate up to a maximum of 3 stakes overall: one on Bitcoin, one on Ethereum and one on Tether. 

How long do I have to stake my cryptocurrencies and keep them locked? 

Currently, 30 days (1 month), 90 days (3 months), or 180 days (6 months). 

Does the reward vary depending on the duration of the staking?

Yes, the longer the duration, the higher the reward. 

Since the reward is also calculated based on the amount you enter, the higher the amount, the higher the reward.

In what currency will the reward be issued?

In the cryptocurrency you are staking, so not in euros.

How are the estimated rewards calculated?

Amount selected for staking * annual percentage

Example: I place 3.5 ETH in staking for 1 year with a 3% reward.

After 1 year I will receive 0.105 ETH, so in total I will have 3.605 ETH.

Can I redeem my rewards before the end of the chosen period?

No, you can’t. If you attempt to redeem the reward of a staked amount before the end of the selected period, you will automatically lose the reward achieved.

Does auto-renewal allow me to increase my rewards?

If you activate auto-renewal on a stake, then at the end of the first period, your accumulated rewards will also be staked. This increases the amount of staked tokens and consequently increases the final reward.

Example: I have staked 1.5 BTC for 1 year at 3%, and at the end of the year I have accumulated 0.045 BTC. 

With Auto-renewal you will automatically be staking 1.545 BTC. Still with 3%, I will receive at the end of the year 0.04635 BTC.

If the auto-renewal remains active, after the second year of staking, 1.545+0.04635 = 1.59135 BTCs will be staked.

What exactly is staked with auto-renewal?

The same amount you initially selected, plus the reward you have accumulated up to the end of the previous period.

Can I cancel a stake before it ends?

Yes, but you will lose the reward for that stake. It is particularly not recommended to cancel a stake with auto-renewal set, as you may lose all the rewards generated over the months. 

Can I set a Recurring Purchase on a stake?

No. It is not possible to set up recurring purchases on the Earning Wallet.

Are there any fees required to activate a stake?

No. Transactions on the Earning Wallet, blocking, unblocking and redeeming rewards for staked amounts is totally free of charge.

Are there minimum/maximum amounts for staking?

Yes, the minimum amounts are as follows

  • Bitcoin: 0,00051 BTC 
  • Ethereum:  0,01 ETH
  • Tether:  20 USDT 

The maximum amounts are as follows

  • Bitcoin:  1 BTC
  • Ethereum:  15 ETH 
  • Tether: 50000 USDT

Can I activate/disable the Auto-renewal at any time?

Yes, however, the option will not be available on a cryptocurrency stake already ended.

Can I activate the Auto-renewal on all my stakes at the same time?

The Auto-renewal must be activated individually on each single active stake.

Is Staking available on Young Platform Pro?

No. The Earning Wallet is only available in the web and app version of Young Platform, basic version.

How is it possible to stake a Proof-of-Work cryptocurrency like Bitcoin?

The functionality is called Earning Wallet precisely because it can include different types of rewards.
The term “staking” is used on our products and in communications to explain the mechanism straightforwardly.
“Staking” is a commercially popular term to refer to the process of locking cryptocurrencies in exchange for rewards.
In fact, the underlying technology of the current Earning Wallet service, thanks to provider Tesseract, allows this cryptocurrency-based functionality to be delivered by providing the same experience as staking, but not as a consequence of Proof-of-Stake.

Can I use the cryptocurrencies in my Moneybox for staking? 

No. The amount for staking can only be transferred from the Spot Wallet.. Therefore, if you want to use the cryptocurrencies stored in the Moneybox, you must first move them to the Spot Wallet and then stake them.

How long does it take to credit a Staking Reward?

The credit transfer from the Earning Wallet to the Spot Wallet can take between 1 and 5 working days. Any changes will be communicated in the ‘Staking Details’ section. 

How long does it take to credit back the amount when I cancel an active stake?

The credit transfer from the Earning Wallet to the Spot Wallet can take between 1 and 5 working days. Any changes will be communicated in the ‘Staking History’ section.

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New feature: Activate the Earning Wallet on Young Platform

staking

Has the bear market put your cryptocurrencies to sleep? Are you afraid to even check the daily prices anymore?

There’s a new way to help your favourite cryptos flourish, in good times and bad.

Thanks to the Earning Wallet feature, you can stake your Bitcoin, Ethereum and Tether to earn a reward!

How does staking work?

Staking is a feature that allows you to bind your cryptocurrencies for a period of your choice in order to receive a reward. This reward is calculated as a percentage of the amount you decide to stake. So the higher the amount, the higher the reward. 

But don’t forget that for the duration of the staking period you will not be able to use your cryptocurrencies, i.e. you will not be able to sell them or transfer them to other wallets. For that time they will be “locked” into the earning wallet until the end of the staking period. 

A prerequisite for receiving the reward is that of keeping your cryptocurrencies locked until the end date of the stake.

If you need to unlock your cryptocurrencies for any reason, just cancel the stake. If you cancel a stake, however, you’ll lose the reward achieved up to that point. 

NB. You won’t lose all the rewards earned, just those related to the stake you are cancelling. 

To recap:

  • Staking your cryptocurrencies means locking them in for a period of time of your choice
  • At the end of this period, you’ll receive a reward 
  • This reward is calculated as a percentage of the amount of cryptocurrencies you lock in, so the higher the amount, the higher the reward 
  • You can cancel a stake at any time, but beware: by doing so, you’ll lose the rewards attached to this stake. 

Which currencies can be staked?

The Earning Wallet is now available for 3 currencies: 

  • Bitcoin (BTC) 
  • Ethereum (ETH)
  • Tether (USDT)

Make sure you have these currencies in your Spot Wallet if you want to stake them in your Earning Wallet. 

You can only create 1 stake for each of the 3 currencies. This means that you can activate a maximum of 3 stakes. 

NB. If you want to use currencies that you have in the Money Box section, first you will need to transfer them from the Spot Wallet and then stake them. 

What is the annual percentage of individual currencies? 

The annual percentages are:

  • Bitcoin (BTC) 3%
  • Ethereum (ETH) 4%
  • Tether (USDT) 7.5%

How do I set up a stake on a currency?

Stake your cryptocurrencies in 3 simple steps:

  1. Choose the currency

Choose one of the cryptocurrencies available in the “Earning Wallet” section. 

  1. Enter the amount

Enter the amount manually or click on “Max” if you wish to stake the entire balance of the cryptocurrency you have in your Spot Wallet.

  1. Enter the duration

Select how often you want to receive the reward: 30 days, 90 days, 180 days. 

Once you have set these parameters through the intuitive route on the app, you can activate your stake with a tap on the screen!

IMPORTANT!

Remember that if your strategy is to continuously receive a reward through the staking feature, you will need to activate Auto-Renewal. 

Otherwise, once you reach the end of the chosen period (e.g. 30 days), both the amount you have entered and the reward will be automatically credited back to your Spot Wallet, and you will not receive any further rewards. 

How does Auto-Renewal work?

Auto-Renewal allows you to keep your cryptocurrencies staked and receive a reward on an ongoing basis. 

It is activated on the day the staking period ends (e.g. if you have chosen a 30-day period, on the 30th day), and will keep the amount locked in the stake by adding the reward you have earned to this amount. 

This means that thanks to the renewal, you will have staked both the amount set at the beginning and the reward. 

Since the reward is calculated by applying a percentage to the amount, the automatic renewal progressively generates more rewards because it uses all the rewards you generate at each renewal for staking. 

You can turn Auto-Renewal on and off whenever you want, before the end of a stake, of course; otherwise, your cryptos will automatically be moved to the Spot Wallet along with the reward.

Now you just have to let your cryptocurrencies work for you! 

Still got a question? 

Read our FAQs

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Fantom (FTM) lands on Young Platform!

fantom

From today, FTM – the token of Fantom, a scalable platform suitable for designing dapps – is available on the Young Platform exchange

Yet another Ethereum Killer? Fantom aims to be much more! Its unique consensus mechanism guarantees speed and scalability. Discover FTM, the new cryptocurrency on Young Platform! 

What is Fantom?

Fantom is a blockchain platform ideal for developing any kind of dapp. Its network consists of a main layer, called Opera, and many independent satellite chains linked to each other and to the “mother” layer, whose security and speed they exploit. Fantom is therefore a multichain, modular and interoperable network. On Fantom, you can build customised chains and dapps for any requirement. The strength of this blockchain is its scalability and speed, with Fantom processing more than 10,000 transactions per second. 

Fantom has been operational since 2019 and is designed as an alternative to Ethereum. Opera’s consensus mechanism is called Lachesis and it combines Proof-of-Stake with DAG. This optimises the recording of information by the network nodes and, by eliminating irrelevant data, speeds up the processes of the entire system. 

What is FTM?

FTM is Fantom’s native coin and has several functions. FTM is used for staking, which ensures the functioning of the blockchain itself, and to manage the governance of the project. In general, FTM is used to make transactions, pay network fees and use all DeFi services offered by the ecosystem. From NFT “minting” to yield farming operations.

Why did we choose FTM?

Fantom’s network is constantly expanding thanks to the numerous projects that choose it as their basic infrastructure and ecosystem. There are currently more than 200 dapps active on Fantom, including Solidly – created by Andre Cronje, the legendary “godfather” of DeFi – and Stader, which allows liquid staking of FTM. In general, Fantom hosts several state-of-the-art solutions in the field of decentralised finance. 

Which pairs are available for FTM?

  • FTM-EUR
  • FTM-USDT

Want to know more?

Read the Academy article on Fantom!

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Amounts for Card Deposits have increased

The maximum amount allowed to deposit by credit or debit card on Young Platform has changed.

How does the card deposit work?

Depositing by credit, debit or prepaid card via Visa or Mastercard is a deposit method only available in Italy for cards issued in Italy.

This is one of the instant credit methods, along with Satispay. Instant transfer and cash recharge can take up to 15/30 minutes.

What changed?

You can now deposit up to €1500 in a single card transaction, instead of €250.

Within a 7-day period, you can deposit up to a maximum total of €3000 by card, while there is no longer a daily limit.

In the case of Cards, these limits apply to all Account Levels without distinction, whether you have only completed the Level 1 identity verification, or the following.

In fact, it is only in the case of Bank Transfers that limits depend on Account Levels.
You can consult the limits and fees for other deposit methods on this page.

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Up&Down rewards are changing

young platform step

As of 1pm UTC on Tuesday 5 April, the rewards in YNG for Up&Down forecasts won will change

What will change from tomorrow?

There will be 3 changes:

1) YNG rewards for forecasts won on Up&Down will be halved in this way as of 5 April:

  • 3 hours Duration: 0.05 YNG
  • 6 hours Duration: 0.08 YNG
  • 12 hours Duration: 0.09 YNG

2) In the event of a tie (the price at the end of the duration is the same as the starting price) you will no longer receive the 0.05 YNG reward, but simply lose nothing. So a tie-breaker will be equivalent to losing the prediction.

This change will be applied between Friday 8th and Monday 11th

3) Quests on Up&Down will have higher rewards:

  • 3 forecasts/day: 0.06 YNG
  • 5 forecasts/day: 0.1 YNG
  • 10 forecasts/week: 0.12 YNG
  • 15 forecasts/week: 0.18 YNG
  • 20 forecasts/week: 0.35 YNG

If you had challenges in progress before April 5th, you will get the old rewards when they are finished. When the Daily Quests start again on April 6th, you will see the new rewards, while the Weekly Quests will start again in the new mode on Monday 11th.

Why are the rewards changing?

The Young Platform team is reviewing YNG’s tokenomics, the mechanics that give utility and value to the in-house token. A number of changes are planned in the coming months, with the aim of ensuring maximum benefits for those who own the token.

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Ankr (ANKR) lands on Young Platform Pro!

Ankr is the protocol that makes Web3 accessible to everyone. Now its ANKR token is available on Young Platform Pro!

The Ankr protocol has many features and is suitable for those who want to develop and explore the potential of Web3 and DeFi. This Young Platform Pro listing takes you on a tour of its native token: ANKR. 

What is Ankr?

Ankr is a protocol that started in 2017 as a decentralised cloud computing network (DCCN). However, today its uses have multiplied, in particular, Ankr aims to facilitate the use and development of Web3 with different blockchains. Ankr’s flagship service is related to the opening of nodes in a network. Thanks to Ankr, the barriers to becoming a node are reduced and the creation of business models, applications and strategies based on staking or validation is facilitated.

Ankr offers a range of APIs and development tools for programming on all major Layer 1 and Layer 2 blockchains.

A more specific Ankr solution is staking. With Ankr it is possible to become a staking provider by simply offering one’s own computational power to Ethereum nodes, or staking as a user with only 0.5 ETH and receiving rewards in aETH, a token tradable on Uniswap. This solution stems from the need to make participation in Ethereum 2.0’s Proof-of-Stake more accessible, which requires at least 32 ETH to be blocked.

This mechanism also applies to other staking protocols, whereby Ankr makes it possible to obtain rewards from tokens used in staking and at the same time be able to use them, through so-called “liquid staking“.

What is ANKR?

ANKR is the utility token and governance token of the protocol. It can be used with both the Ethereum standard, ERC-20, and BEP-20, the BNB Chain standard.

Its utility in the network is transactional, in fact it is the payment currency that users need to access services offered by providers in the decentralised network. The token can also be staked to contribute to the network and/or receive rewards. Ankr also has a DAO, in which any ANKR owner can participate to support the decentralised governance of the project.

Why have we chosen ANKR?

Ankr offers a reference infrastructure to DeFi users, dapp developers and professional stakers alike. It thus manages to overcome the current limitations of blockchain and make it accessible, without sacrificing decentralisation. 

Chandler Song, along with two fellow UC Berkeley students, decided to found Ankr following his experience at Amazon Web Services (AWS), with the aim of decentralising cloud computing. But Ankr has not limited itself to this and has been able to adapt to the new technological demands of the rapidly changing market, developing solutions for Web3. 

Pairs available?

  • ANKR-EUR
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Kusama (KSM) lands on Young Platform!

kusama

New listing on Young Platform! Here is KSM, the token of Kusama, the blockchain for those who want to test the Web3

From the developers of Polkadot, from the co-founder of Ethereum, from the technology of the Web3 Foundation, here’s Kusama! From today on Young Platform you can buy KSM, the token of the blockchain known as a sandbox for developers of decentralised projects.

What is Kusama?

Kusama is a blockchain born in 2016 as an experimental version of Polkadot. The goal of its developers was to have a network with a token that was actually on the market in order to test dapps or updates, and then to bring them to Polkadot. It is precisely because of this testing function that Kusama is called a “canary network”, referring to the scouting role of canaries used by miners to detect harmful gases in mines. 

Although it is independent of Polkadot, Kusama shares its basic code and, like Polkadot, is defined as a Layer 0 blockchain on which to build parachains and parathreads. Compared to Polkadot, Kusama is a lighter and faster blockchain designed for the development of decentralised projects.

What is KSM?

KSM is the native token of the Kusama blockchain. The KSM token is mainly used for staking on which the blockchain’s consensus mechanism, the Nominated Proof-of-Stake, is based. According to this mechanism, block validators are appointed based on the amount of KSM being staked. The token is also used to vote on network governance and to connect parachains and parathreads to Layer 0.

Why have we chosen KSM?

Like Polkadot, Kusama focuses on a key feature of Web 3.0 blockchains, namely interoperability. Together the two chains form an ecosystem focused on scalable and secure technology development. In fact, Kusama is perfect for experimenting with the potential of Polkadot in a cheap and fast way. Kusama is much more flexible and sets less strict rules for developers. Once you are fully operational on Kusama, you can get going on Polkadot!

Which pairs are available for KSM?

  • KSM-EUR

Want to know more?

Read the Academy article out tonight!

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Make the most of our Satispay promo final days! 

You have until Sunday 20th March to enjoy free deposits via Satispay, and get 20% in cashback. 

We’re only a few days away from the end of our promo launched with our Satispay deposit feature. New users of Satispay get 0 fees and a 20% cashback on their first deposit on Young Platform via Satispay.

The promo will end on March 20 at 11:59pm. What does this mean for your recurring deposits and purchases?

20% Cashback

Don’t have the Satispay app yet? Download it and enter the code YOUNGPLATFORM20 during the sign-up to get 20% cashback on your first deposit from Satispay to Young Platform. The promo code expires on 20 March at 11:59pm.

Deposits 

Deposits with Satispay are completely free until March 20 at 11:59 pm. From March 21st the fees will be 2% + 0,20€ per deposit.

This also applies to the deposits needed for the recurring purchases you usually pay with Satispay. If you want to change payment method for your recurring purchases, you will need to cancel the current ones and create new recurring purchases with a new payment method.  

Why continue to use Satispay?

  1. Depositing with Satispay is still more convenient than depositing by card. In fact, the fees to deposit by card are 2.2% + €0.25 per deposit.
  2. Depositing with Satispay is instant, as opposed to a bank transfer, or a cash deposit – which takes 15 minutes.

3? It’s the easiest method!

Deposit with Satispay
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The Graph (GRT) lands on Young Platform!

the graph

The secret weapon of all dapp developers? The Graph, the protocol that makes data on the blockchain quickly available. Now on Young Platform!

GRT, the token utility of The Graph, the protocol that encourages and facilitates the creation of dapps for Web3, is now available on the Young Platform exchange. 

What is The Graph?

The Graph is an open-source protocol to collect and make accessible blockchain data in a decentralised manner. One of the strengths of the blockchain is that the information circulating between blocks is public, however, even if this data is accessible to everyone, retrieving it can be complicated. There are two ways to find a piece of data on the blockchain, the first is to look through the entire history of the chain (a very long process), the second is to use blockchain explorers. These tools, however, such as Etherscan, are software owned by companies, centralised entities that require a licence. The third way is The Graph, called by many the “Google of blockchain“. 

The Graph works as an index for the Web3, it is a registry of ordered and easily findable data active since December 2020. Why is it so useful to have this kind of data at hand? Because developers can use it to build performing and complex decentralised applications. The Graph protocol was created with the aim of facilitating their work: companies using The Graph make their data, their APIs and their programming tools readily available. In this way, data useful to other apps is decentralised and easy to find, which makes the apps faster and therefore more user-friendly. 

What is GRT?

GRT is the utility token of The Graph. GRT is an ERC-20 token, built on Ethereum, which will be used for governance and in the internal economy of The Graph. 

The collection of information and its organisation is the work of different players: there are indexers who index the data or curators who select the most significant data. But also delegators, fishermen and arbitrators. They are incentivised to do their job better through rewards in GRT. On the other hand, users who want to access the data collected by The Graph pay fees in GRT. 

Why have we chosen GRT?

The Graph is a crucial tool for building a decentralised version of the internet, where information is the building block, the essential base from which to build. The Web3 needs resources like these that encourage all those who have an idea and want to implement it on blockchain. There are already many dapps using The Graph’s protocol, including Decentraland, Uniswap, Sushiswap and ENS. 

Available pairs?

  • GRT-EUR
  • GRT-USDT

Want to know more?

Read the Academy article on The Graph!