The price of Wanchain (WAN) has dropped by around 13% in the last 24-hour against bitcoin, as the hype surrounding its launch of staking for WAN token holders is seemingly fading.
This month the cryptocurrency’s price surged as much as 130% after the team behind Wanchain started allowing users to stake their WAN tokens shortly before the activation of Proof-of-Stake (PoS) on its mainnet.
According to the company’s announcement users are now able to earn rewards for securing the Wanchian network, even though its transition from a Permission Proof-of-Work (PPoW) consensus algorithm to a Proof-of-Stake consensus algorithm will occur on September 3.
Wanchain Proof of Stake will go live in just over 1 week on Sep 3rd! Check out our new explorer at https://t.co/jQrljrTRr5 to see the 31 validators already live on mainnet accepting WAN delegation. More on PoS launch here: https://t.co/aPm6Q5mT6i
— Wanchain (@wanchain_org) August 26, 2019
Despite Proof-of-Stake not actually being active on Wanchain’s mainnet yet, it launched Validator nodes on its network that let users stake their coins, and encouraged them through its blog post to do so even before the new consensus algorithm is activated.
CryptoCompare data shows that despite the 12% drop WAN had against BTC in the last 24-hour period, over the last two weeks the cryptocurrency is still up by little over 80%. Trading volume has been slowly dropping since the initial surge, although it still retains levels far higher than those seen over the first half of the year.
As covered, to run a Validator node users need a minimum of 50,000 WAN tokens, although they can run a Non-Delegating Validator Node for a minimum of 10,000 tokens. Delegators are estimated to see a yield of around 11%, meaning around 13,100 WAN tokens are expected as a reward per year.