Origins
The Cerby Token (CERBY) was launched in November 2021 as part of an ecosystem of DeFi products built on the Binance Smart Chain by the Cerby team. The goal was to create an innovative platform for decentralized finance.
Purpose & Utility
The CERBY token serves multiple purposes on the Cerby platform. It allows holders to participate in the CerbyVault staking pools to earn rewards, get discounts on platform fees, access additional features, and participate in governance votes. The token aims to create demand and scarcity through staking rewards and token burns.
Growth & Traction
After launch, the Cerby Token saw some early trading activity and demand within the first few months. However, there has been limited growth or significant trading volume since early 2022 based on the data available. As of February 2024, the token price sits at a fraction of a cent and has a market capitalization of under $5,000 USD.
Current Status
As of February 2024, the Cerby Token has stalled with no active development on the Cerby platform. The token price has dropped to near zero, and trading volume is non-existent over the last year. With only 2,400 token holders remaining, the project appears abandoned since there has been no updates from the Cerby team.
What is DeFi staking?
DeFi staking refers to locking up cryptocurrencies in a DeFi protocol to help secure the network and validate transactions, in return for rewards.It works by having token holders lock up or “stake” their coins to become a validator in a proof-of-stake blockchain. The staked coins serve as a bond or collateral to secure the network.As a validator, you would be responsible for storing data, processing transactions, and adding new blocks to the blockchain. In return, you earn more of the native tokens as a reward for supporting the network.The process is automated through smart contracts, with staking rewards distributed automatically based on factors like the amount staked and the length of time tokens are staked.Some key aspects of how DeFi staking works:
- Helps secure PoS blockchains through a network of validators
- Stakers lock up tokens to become validators
- Validators earn staking rewards and fees for maintaining the network
- Rewards are based on amount staked and staking duration
- Smart contracts automate the distribution of staking rewards
In summary, DeFi staking allows token holders to earn passive income while securing a blockchain network by staking their coins to act as validators if you’re using best defi staking platforms.. The more tokens they stake, and the longer they stake them, the greater their staking rewards.