Huobi Wallet’s new HClaimer feature allows proof-of-stake investors to collect staking rewards from multiple staking pools across multiple projects.
Huobi Wallet has announced a new feature it hopes will encourage more cryptocurrency investors to embrace digital finance.
Top cryptocurrency exchange Huobi’s new HClaimer feature will offer investors a one-click way to collect staking rewards from multiple DeFi projects at once.
Staking is an integral part of the consensus mechanism of proof-of-stake blockchains, a fast-growing alternative to energy-intensive and polluting proof-of-work blockchains like Bitcoin.
By putting up a stake — essentially a bond — that can be seized to guarantee good behavior, stakers are trusted to validate transactions in exchange for block rewards. It requires virtually no electricity, offers better protection against 51% attacks, and can offer far higher speeds than proof-of-work blockchains.
PoS is booming, as the total value locked in DeFi projects has grown from $1 billion last July to its current $27 billion, according to DeFi Pulse. That is why the increasingly clogged Ethereum network, which much of DeFi uses, is in the middle of the long and complex process of switching to PoS.
Making It Easier
The problem HClaimer seeks to address, Huobi said, is that collecting staking rewards is a tedious, multi-step process for crypto investors that are staking across many different protocol’s staking pools.
“The result is a time-consuming, inconvenient experience that not only frustrates existing investors but deters potential users from investing in a range of promising DeFi projects and products,” according to Huobi, a top-five by volume exchange.
“We hope that this small step forward can drive other players in the industry to develop new functions and upgrade their products in this direction, so we can all provide the best user experience possible,” said Liser Lee, the Huobi Wallet lead.
HClaimer offers a one-stop solution, allowing users to gather rewards from decentralized apps — DApps — on multiple chains with a single click, the company said.
At launch, HClaimer will support 18 DeFi projects on the Huobi Eco Chain, including Coinwind, MDEX, Filda, and BXH.
Huobi plans to expand HClaimer to DeFi projects on more mainstream blockchains over the next three months.
