03-11-2022, 04:34 AM
Coinbase reduces ALGO Staking to 0.45%- Governance Rewards are 6-7%, Get Your Own Wa
<!-- SC_OFF --><div class="md"><p>This morning, I saw a huge reduction in my ALGO rewards on Coinbase. (I keep the majority of my coins in my own wallet, but I had a small purchase I didn’t bother moving). Coinbase did offer 4% previously, but they have dramatically reduced the rewards. I just received this email. </p> <blockquote> <p>We want to inform you about a recent change in your ALGO rewards that you might have noticed. With the transition of Algorand from a participation to governance model, the rewards rate has dropped significantly from 4% to 0.45% as of March 8, 2022. We anticipate that you will see more fluctuations during the transitionary period.</p> <p>Coinbase continues to participate in governance on your behalf and you are likely to see more governance rewards paid out in the future. </p> <p>Algorand publishes regular updates on how it calculates rewards on its own website.</p> </blockquote> <p>I have a strong feeling someone at Coinbase missed the vote and now Coinbase won’t get paid, despite them saying they continue to participate in governance. </p> <p>I see two huge problems. One is governance rewards are 6-7% APY, meaning CB is collecting over 90% of the rewards they receive, and users get peanuts. Additionally, Coinbase inevitably will vote for what’s best for Coinbase, not necessarily what’s best for Algorand. </p> <p>If you have any ALGO sitting on Coinbase (or any exchange for that matter), I urge you to move them off the exchange and into your own wallet (MyALGO or Algorand Wallet) so you can participate in governance and get your due rewards!</p> <p>Edit: Thanks to the commenters- the official Algorand Wallet has rebranded to Pera. I use MyAlgo and forgot this change happened. Apologies for the mistake</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/002timmy"> /u/002timmy </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tbdtjk/coinbase_reduces_algo_staking_to_045_governance/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tbdtjk/coinbase_reduces_algo_staking_to_045_governance/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>This morning, I saw a huge reduction in my ALGO rewards on Coinbase. (I keep the majority of my coins in my own wallet, but I had a small purchase I didn’t bother moving). Coinbase did offer 4% previously, but they have dramatically reduced the rewards. I just received this email. </p> <blockquote> <p>We want to inform you about a recent change in your ALGO rewards that you might have noticed. With the transition of Algorand from a participation to governance model, the rewards rate has dropped significantly from 4% to 0.45% as of March 8, 2022. We anticipate that you will see more fluctuations during the transitionary period.</p> <p>Coinbase continues to participate in governance on your behalf and you are likely to see more governance rewards paid out in the future. </p> <p>Algorand publishes regular updates on how it calculates rewards on its own website.</p> </blockquote> <p>I have a strong feeling someone at Coinbase missed the vote and now Coinbase won’t get paid, despite them saying they continue to participate in governance. </p> <p>I see two huge problems. One is governance rewards are 6-7% APY, meaning CB is collecting over 90% of the rewards they receive, and users get peanuts. Additionally, Coinbase inevitably will vote for what’s best for Coinbase, not necessarily what’s best for Algorand. </p> <p>If you have any ALGO sitting on Coinbase (or any exchange for that matter), I urge you to move them off the exchange and into your own wallet (MyALGO or Algorand Wallet) so you can participate in governance and get your due rewards!</p> <p>Edit: Thanks to the commenters- the official Algorand Wallet has rebranded to Pera. I use MyAlgo and forgot this change happened. Apologies for the mistake</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/002timmy"> /u/002timmy </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tbdtjk/coinbase_reduces_algo_staking_to_045_governance/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tbdtjk/coinbase_reduces_algo_staking_to_045_governance/">[comments]</a></span>Kind Regards R