Kraken, a market leader for secure token staking services states that clients have staked nearly three-quarters of a billion dollars worth of FLOW – a platform that allows users to mint non-fungible tokens (NFTs) – through its secure staking service, a little over six weeks since the asset was listed on the exchange.
At the time of the announcement, more than 20 million FLOW tokens – worth approximately $725 million based on the token’s prior seven days median spot price – had been staked through Kraken. Staking allows clients to earn regular rewards in return for depositing tokens in a smart contract that secures the network. Kraken clients can stake FLOW directly through the platform in return for yearly rewards of up to 20%. “The numbers speak for themselves. FLOW has become a key avenue for investors to gain exposure to the white-hot NFT space,” said Jeremy Welch, VP of Product. “As the leading provider for FLOW trading and staking services, Kraken sees this as just the beginning of a burgeoning NFT ecosystem, as investors put their crypto wealth to active use.”
With current support for eight cryptocurrencies, and plans to add more soon, Kraken is one of the industry’s leading staking service providers. Not only is staking via Kraken easier and seamless, it also requires far less of a deposit than staking as an individual. With ether, for example, running an independent validator would require a minimum of 32 ether – nearly $60,000. Through Kraken, clients can stake from as little as 0.0001 ETH – a little under 2 cents.
In addition to staking, well over half a billion dollars worth of FLOW have traded on Kraken since it was first listed on January 27. According to Kraken data, FLOW’s cumulative trading volume comes to approximately $507 million on the exchange as of March 8. The crypto asset has seen considerable uptake by clients looking to gain exposure to NFTs. Month-on-month NFT sales continue to surge, with February volumes alone hitting a record of $342 million.
While FLOW is not available for trading on Kraken by U.S. or Canadian residents, it has nonetheless become one of the most popular assets globally, particularly in Western Europe. Nearly $50 million worth of FLOW traded on Kraken on a single day this week.