08-19-2022, 11:03 AM
Crypto.com Exchange Staking Rate Slash - From 10% to 0% APR
<!-- SC_OFF --><div class="md"><p>I haven't seen this posted on this sub yet, so this might be a PSA for others here, but I am pretty shocked. I keep up with <a href="https://Crypto.com">Crypto.com</a> updates, and have posted in the past about changes to staking rates and the like. Today I checked my Exchange app to see that <strong>the 10,000 CRO staking tier, which I signed up to while it offered 10% APR, has been cut to 0% APR</strong>. It appears that this happened without warning - I don't seem to have received an email or update about it, despite being informed of other changes; like the BTC and Matic Crypto Earn rate changes. This <a href="https://crypto.com/exchange/announcements/product/62fe402b7fbf5891520a0953">recent update</a> regarding the exchange even notes changes to staking CRO <em>("Enjoy additional trading fee benefits by staking CRO\</em>"
* without any note of the APR reduction. </p> <p>As we all know, <a href="https://Crypto.com">Crypto.com</a> has caught remarkable flak for changing their services week on week, often without adequate notice. Whether it's the card benefits, earn rates being slashed, new fees being introduced, or something else, there's always something new. This time, my stake (which I still have 35 days until I can move my CRO) has completely stopped gaining interest of any kind while remaining locked up. The next tier above the 10,000 CRO tier is 50,000. This tier offers a 4% APR rate. The maximum APR possible is 8%, for 500,000 CRO (an eyewatering $72000+ at current market rates).</p> <p>I shouldn't be surprised given CDC's track record (especially recently), but what floors me is that <em>even as someone who tries to keep up to date with the latest changes to CDC's platform and services, I still had no idea that the terms of my CRO stake had been altered.</em> Many will comment something along the lines of "better they make these decisions now, rather than the whole company going bankrupt", and I agree in principle; even with the quite frankly terrible communication CDC has displayed in recent months. However, with a 100% reduction in interest, seemingly no notice given, and no ability to remove staked CRO despite the fact it is now doing next to nothing, I don't think anyone can support this decision. Even if I wanted to move my CRO to CDC's Defi platform for a reported 11% APR, I couldn't due to my on-going stake on the Exchange.</p> <p>If you're currently staking CRO, take a look and see if you're affected.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/reaglesham"> /u/reaglesham </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ws00f1/cryptocom_exchange_staking_rate_slash_from_10_to/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ws00f1/cryptocom_exchange_staking_rate_slash_from_10_to/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>I haven't seen this posted on this sub yet, so this might be a PSA for others here, but I am pretty shocked. I keep up with <a href="https://Crypto.com">Crypto.com</a> updates, and have posted in the past about changes to staking rates and the like. Today I checked my Exchange app to see that <strong>the 10,000 CRO staking tier, which I signed up to while it offered 10% APR, has been cut to 0% APR</strong>. It appears that this happened without warning - I don't seem to have received an email or update about it, despite being informed of other changes; like the BTC and Matic Crypto Earn rate changes. This <a href="https://crypto.com/exchange/announcements/product/62fe402b7fbf5891520a0953">recent update</a> regarding the exchange even notes changes to staking CRO <em>("Enjoy additional trading fee benefits by staking CRO\</em>"
* without any note of the APR reduction. </p> <p>As we all know, <a href="https://Crypto.com">Crypto.com</a> has caught remarkable flak for changing their services week on week, often without adequate notice. Whether it's the card benefits, earn rates being slashed, new fees being introduced, or something else, there's always something new. This time, my stake (which I still have 35 days until I can move my CRO) has completely stopped gaining interest of any kind while remaining locked up. The next tier above the 10,000 CRO tier is 50,000. This tier offers a 4% APR rate. The maximum APR possible is 8%, for 500,000 CRO (an eyewatering $72000+ at current market rates).</p> <p>I shouldn't be surprised given CDC's track record (especially recently), but what floors me is that <em>even as someone who tries to keep up to date with the latest changes to CDC's platform and services, I still had no idea that the terms of my CRO stake had been altered.</em> Many will comment something along the lines of "better they make these decisions now, rather than the whole company going bankrupt", and I agree in principle; even with the quite frankly terrible communication CDC has displayed in recent months. However, with a 100% reduction in interest, seemingly no notice given, and no ability to remove staked CRO despite the fact it is now doing next to nothing, I don't think anyone can support this decision. Even if I wanted to move my CRO to CDC's Defi platform for a reported 11% APR, I couldn't due to my on-going stake on the Exchange.</p> <p>If you're currently staking CRO, take a look and see if you're affected.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/reaglesham"> /u/reaglesham </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ws00f1/cryptocom_exchange_staking_rate_slash_from_10_to/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ws00f1/cryptocom_exchange_staking_rate_slash_from_10_to/">[comments]</a></span>