Sylo Smart Wallet users can now earn rewards for the Tez (XTZ) they keep in their wallet, without locking up or losing access to their funds.
After activating the ‘Earn’ feature in the Sylo Smart Wallet, XTZ holders can then earn rewards while contributing to the network security of a proof-of-stake (PoS) asset. By staking their XTZ, users delegate the voting rights associated with their XTZ to a validator node, also known as a ‘baker’.
“Bakers are a crucial component in the Tezos Proof-of-Stake (PoS) consensus mechanism,” says David Shin, Head of Asia at TZ APAC. “The deployment of Tezos Baking in the Sylo Smart Wallet will enable users, who delegated their Tez, to be rewarded with additional Tez for securing the network.”
What sets this stake and bake feature apart is the comparative flexibility and ease of access for users, making it ideal for newcomers to crypto.
Whereas other staking and earning programmes may force users to lock up their funds in a contract for a period of time to earn interest, Tezos Baking enables users to have constant access to their funds, allowing them to spend and add more XTZ freely without interfering with the ‘Baking’ process.
“Our design theory for Sylo is always ‘user-first’ and we’ve made Tezos Baking in the Sylo Smart Wallet so straightforward that anyone can use it,” says Ben Jordan, Sylo Co-Founder and Product Director.
“Crypto and DeFi can be simple. Think of earning rewards from Tezos Baking inside the Sylo Smart Wallet like a ‘super-saver’ account for your mobile phone.”
Laid out in the Sylo Smart Wallet with ease of use as a priority, enabling the ‘Earn’ feature is a simple three-step process.
Built on the foundation of the ‘Buy crypto in-app’ feature recently released to the Sylo Smart Wallet, users can purchase XTZ inside the app via bank card or transfer and then moments later, activate the ‘Earn’ feature and begin earning rewards by baking their XTZ. Users will receive their first reward after 36 days, then every few days after that.
Tezos Baking in the Sylo Smart Wallet is a growth opportunity for everyday people wanting solid returns or for enthusiasts wanting to put their crypto to work for them.
The decision to integrate Tezos Baking is just the latest high-profile collaboration to bring value and further use for digital assets to Sylo’s growing user base of over 350,000, which now covers more than 80 countries. More ways for users to get the most out of their digital assets will arrive in the Sylo Smart Wallet as the year progresses.
Sylo is an international software development house founded in 2010. Committed to decentralisation, they are the core developers of the Sylo Network, the Sylo Protocol and the Sylo Smart Wallet. A next-gen app, the Sylo Smart Wallet sleekly combines a digital asset wallet with a decentralised private messenger. The app allows users to buy crypto in-app, request and receive payments in chat, store and interact with digital assets such as BTC, XTZ, ETH or any ERC-20 compatible token, in a non-custodial wallet, utilise a Web3 Ethereum dApp browser, and pay using cryptocurrency in the real world. For further announcements, follow Sylo on Twitter, Medium or visit www.sylo.io.
ABOUT TZ APAC
TZ APAC Pte. Ltd. (“TZ APAC”) is a leading Asia-based public blockchain consultancy focused on the Tezos ecosystem achieving strategic impact in Asia. TZ APAC designs value-added blockchain transformation strategies for enterprises and startups with a bottom-up approach, working closely with blockchain experts and other stakeholders in the Tezos ecosystem to ensure each strategy is built-in with execution excellence for alignment of business goals with management teams. TZ APAC is supported by the Tezos Foundation and is based in Singapore.
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations without network disruptions today. To learn more, visit Tezos.com
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