- Avalanche Wallet was set to shut down on March 6 at 11am ET.
- Approximately 57% of AVAX’s total circulating supply had been deployed.
Popular proof-of-stake (PoS) network Avalanche [AVAX] made one last call to its stakers to switch from the existing web wallet to the more advanced Core Stake, adding that the wallet would be shut down on March 6 at 11am ET.
According to a previously published phase-out guide, no immediate action was required and stakers could simply start using Core to access wallets and staking services. Avalanche assured that staking rewards will not be affected and will remain intact on Core Stake.
The new strike era
For the curious, Core is the gateway to the world of Avalanche. It provides a single platform that connects dApps, NFTs, Avalanche Bridge, subnets, L2s and more directly to users. At the time of writing, it was available as a web app, browser extension, and a more recent mobile version.
The Core Stake service, launched in July last year, introduced several advanced stakeout features. This included the ability for users to stake assets directly to their Avalanche validation node. This way, they don’t have to rely on a third-party dApp or protocol to invest or store their money.
In addition, users would have more freedom regarding the duration of the stake, the amount of the stake and the delegation costs.
State of AVAX strike
Like other PoS chains, Avalanche staking helps process transactions and maintain network security. Stakers receive rewards as an incentive for helping secure the network.
Approximately 258.96 million AVAX tokens, or 57% of the total circulating supply, had been staked on the network at the time of writing, according to AMBCrypto’s analysis of Set up rewards facts. The supply used has increased by 17% in the past month.
AVAX staplers enjoyed rewards of 8.51% on their deposits, which had fallen noticeably in recent months.
Source: Staking Rewards
How much are 1,10,100 AVAXs worth today?
At the time of writing, Avalanche was the eleventh largest cryptocurrency on the market, with a valuation of over $15 billion. CoinMarketCap.
The coin was trading in the red at the time of writing, with a 24-hour loss of 7.11%.