Coinbase has launched staking services for Sui (SUI), allowing eligible users to earn rewards estimated between 1.4% and 3.3% annually. This coincides with the launch of Sui's Hashi testnet, designed for testing Bitcoin infrastructure and financial applications.
The integration of SUI staking on Coinbase expands access to yield-generating opportunities for crypto users and signifies continued institutional interest in the Sui ecosystem. The launch of the Hashi testnet also signals progress in developing Bitcoin-based financial applications on a high-performance blockchain.
Coinbase has introduced staking services for the Sui (SUI) cryptocurrency, allowing eligible users to earn rewards directly through the exchange. The announcement on July 22nd stated that users can stake a minimum of 1 SUI, with estimated annual rewards ranging from 1.4% to 3.3%. These rewards are auto-compounded and added to staked balances daily.
This development aligns with Sui's launch of its Hashi testnet. The Hashi testnet is designed as a platform for developers and institutional partners to test Bitcoin infrastructure and financial applications, such as lending and credit products, before mainnet deployment. The testnet aims to leverage Sui's high-performance blockchain with its Guardian Layer security protocol to create a robust environment for on-chain finance and expand Bitcoin's utility beyond a store of value.
Separately, Coinbase and the U.S. Securities and Exchange Commission (SEC) reached a settlement in a long-standing FOIA lawsuit, with the SEC agreeing to pay Coinbase $150,000. Despite these positive developments in the crypto space, Coinbase's stock (COIN) experienced a downturn, falling 3.67% to $169.40 in intraday trading.
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