What is Autostaking?
Autostaking is the process of locking in your crypto assets on the blockchain to automatically receive rewards (more tokens) by HODLing your coins and providing liquidity to the network.
Autostaking is different from normal staking because you don’t need to do anything to receive your rewards. Some of the best crypto exchanges like Coinbase will pay you 1 to 2% APY if you stake coins like DAI or Tezos.
Autostaking doesn’t require you to hold your coins at any specific exchange. You receive automatic rewards for each transaction on the network without lifting a finger.
Popular cryptocurrencies like Hoge finance and Safemoon use autostaking to reward users and encourage HODLing instead of trading.
Is Autostaking Legit and Safe?
Autostaking is relatively new to the crypto world but it’s been gaining more popularity recently. As of now, I haven’t had any problems receiving autostaking rewards from HOGE or Safemoon.