Avalanche Will Discontinue Its Web Wallet. What’s Next for AVAX Investors
Journalist
- Avalanche Wallet will be discontinued on March 6th at 11am ET.
- Approximately 57% of AVAX’s total circulating supply has been staked.
Popular Proof-of-Stake (PoS) network Avalanche [AVAX] made one final call for its stakers to switch from the existing web wallet to the more advanced Core Stake, adding that the wallet will be released at 11 a.m ET will be set March 6th.
According to a previously published exit guide, no immediate action was required and stakers could simply start using Core for wallet access and staking services. Avalanche assured that staking rewards will not be affected and will remain intact on the core stake.
The new era of staking
For those curious, Core is the gateway to the world of Avalanche. It offers a single platform that directly connects dApps, NFTs, Avalanche Bridge, subnets, L2s, and more to users. At the time of this writing, it was available as a web app, a browser extension, and a newer mobile version.
The Core Stake service launched in July last year introduced several advanced staking features. This included allowing users to stake assets directly on their Avalanche validator node. This way, they do not have to rely on a third-party dApp or protocol to invest or store their funds.
Additionally, users would have more freedom regarding the duration of the bet, the amount of the bet and the transfer fees.
State of AVAX Staking
Like other PoS chains, Avalanche staking helps process transactions and maintain network security. Stakers receive rewards as an incentive for their contribution to securing the network.
Approximately 258.96 million AVAX tokens, or 57% of the total circulating supply, were staked on the network at press time, according to AskFX’s analysis of staking rewards data. The supply deployed has increased by 17% in the last month.
AVAX stakers benefited from an 8.51% premium on their deposits, which had declined significantly in recent months.
Source: Staking Rewards
How much is 1,10,100 AVAXs worth today?
At the time of this writing, Avalanche was the 11th largest cryptocurrency on the market with a valuation of over $15 billion, according to CoinMarketCap.
At press time, the coin was trading in the red, with a 24-hour loss of 7.11%.
