LiteBit Earn

What is LiteBit Earn?

LiteBit Earn is the best way to let your crypto holdings work for you. You receive rewards on your crypto holdings on a weekly basis. To start earning, make sure you opt-in and have the selected crypto in your LiteBit wallet. The rewards are then automatically paid out in your wallet!

Flexible Earn vs Locked Earn

LiteBit offers two variants of Earn. These are Flexible Earn and Locked Earn. With Flexible Earn you can sell or withdraw your crypto (for which you enabled Earn) at any time. For Locked Earn that is not possible. 

Locked Earn will "lock" your crypto for a predetermined timeframe, in which you cannot sell or withdraw these crypto. However, you will receive a higher APY on your crypto when using Locked Earn compared to Flexible Earn.

How do I enable Locked Earn?

You can find the option to enable Locked Earn on the Earn page on the website or by clicking on the earn tab in the app. By clicking on the crypto you can select which type of earn you want to enable (Flexible or Locked). For Locked Earn you will be prompted to enter the amount of crypto you wish to "lock". You will see an overview of the term for which your crypto will be locked as well as the estimated APY. Please note that the APY is estimated and can vary during the locked term. 

In which countries is LiteBit Earn available?

LiteBit has the freedom to determine which countries are eligible to participate in LiteBit Earn. LiteBit Earn is currently not supported for Austrian and German Residents.

Check the full list here

Which cryptos are eligible for Earn profits?

For now, we have the following cryptos for which you can start earning:

Coin: Estimated Annual Percentage Yield (APY) up to:
Cardano (ADA) - Buy Cardano 2%
Binance-Coin (BNB) - Buy Binance-Coin 1,5%
LooksRare (LOOKS) - Buy LooksRare 30%
Polygon (MATIC) - Buy Polygon 3%
Reddcoin (RDD) - Buy ReddCoin 3,9%
Axie-Infinity (AXS) - Buy Axie-Infinity 25%

Note: APY is estimated and subject to change on a daily basis.

In the future, we will support more cryptos that are eligible for LiteBit Earn.

What is Annual Percentage Yield (APY)?

APY, which stands for Annual Percentage Yield, is the rate you can earn on your crypto over a year. The annual percentage yield is expressed as an annualized rate.

Please note: You will be paid out every week, which will be a fraction of the APY percentage. For example, if you buy 1000 LooksRare with an APY of 40%, you will receive a small amount of Looksrare every week which will compound over the whole year to a total of 1400 Looksrare. You will not receive 40% every week or every month. The value in euro will fluctuate as market prices change continuously.

How does staking work?

A staker, is a stakeholder of blockchains that employ a proof of stake (PoS) model. Stakers usually support the security, operations and other functionalities of a blockchain network. Validators and delegators contribute to verifying transactions in the network by guaranteeing the validity of the next block with their own stake. In return, they receive a block reward (like a miner does, too).

In the case of hot staking, your wallet needs to be connected to the network and is online. Cold staking on the other hand can be done from an offline wallet. Cold staking is generally considered more secure.

At LiteBit, we offer cold staking from your LiteBit wallet. You do not have to move your cryptos externally.

In this article, we offer a more elaborate introduction to the technology of staking:

How do I earn staking rewards on LiteBit Earn?

The amount of crypto you receive is based on your current holdings of that crypto. Each week you will receive rewards on your crypto holdings. This is a percentage of the total. In order to calculate the weekly earnings, the reward rate is expressed as the Annual Percentage Yield (APY). 

When are the rewards paid out?

The staking rewards for flexible Earn will be deposited into your account every Monday. These rewards are based on the lowest balance of the week before. You can see the rewards in your wallet order history.

Rewards for Locked Earn are paid out at the end of the term. You will be able to track your estimated rewards on the Earn page during the locked period.

What are the risks involved with Flexible Earn?

For the current version of Flexible Earn, only cold staking is enabled for the eligible tokens. Other yield generating strategies or methods, like lending, are generally considered riskier than staking.

Staking cryptocurrencies comes with certain risks. There is always a possibility of loss, including the loss of the staked digital assets. It is therefore important that you do your own research before you start staking.

What are the risks involved with Locked Earn?

As with any form of staking or lending out of crypto, there is a certain degree of risk involved. With Locked Earn there is the additional factor of not being able to sell or withdraw your locked crypto during the locked period. This means you will not be able to take profit in case of a sudden value increase or cut your losses during a downtrend. Only after the locked period has passed, will you be able to sell and withdraw your crypto again. 

Please read through article 15 of our Terms & conditions regarding Locked Earn to make sure you fully comprehend the risks involved, before making the decision to enable a Locked Earn term.

How do I participate in LiteBit Earn?

The Earn rewards are turned off by default. You have to enable Earn if you want to start receiving staking rewards. You can do so by going to the Earn page when you are logged in on web/app. Go to the crypto for which you want to start earning and click on the "Start earning" button once you are familiar with the risks involved with staking. To start earning, make sure you have the selected crypto in your LiteBit wallet. The rewards are then automatically paid out in your wallet. You can opt in and out for Earn activities per cryptocurrencies whenever you want via your Earn page.

Please note: Our Terms and Conditions apply to our Earn activities.

Eligible countries for EARN

Aruba (AW) Gibraltar (GI) New Zealand (NZ)
Australia (AU) Greece (GR) Norway (NO)
Belgium (BE) Hungary (HU) Poland (PL)
Bonaire, Sint Eustatius and Saba (BQ) Iceland (IE) Portugal (PT)
Bulgaria (BG) Ireland (IE) Romania (RO)
Croatia (HR) Italy (IT) San Marino (SM)
Curaçao (CW) Latvia (LV) Slovakia (SK)
Cyprus (CY) Liechtenstein (LI) Slovenia (SI)
Czechia (CZ) Lithuania (LT) Spain (ES)
Denmark (DK) Luxembourg (LU) Sweden (SE)
Estonia (EE) Malta (MT) Switzerland (CH)
Finland (FI) Monaco (MC United Kingdom / Northern Ireland (GB)
France (FR) Netherlands (NL)