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Avalanche to sunset its web wallet – What next for AVAX stakers?

2min Read

Avalanche has asked stakers to transition from the existing web wallet to the more advanced Core Stake.

Avalanche to sunset web wallet, transition to Core stake

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  • Avalanche wallet would be discontinued at 11 am ET on 6th March.
  • About 57% of AVAX’s total circulating supply was staked.

Popular proof-of-stake (PoS) network Avalanche [AVAX] made a final call to its stakers to transition from the existing web wallet to the more advanced Core Stake, adding that the wallet would be sunsetted at 11 am ET on the 6th of March.

According to an earlier published phase-out guide, no immediate action was required and stakers could simply start using Core for wallet access and staking services. Avalanche assured that staking rewards won’t get impacted and remain intact on Core Stake.

The new staking 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 with users. As of this writing, it was available as a web app, a browser extension, and a more recent mobile version.

The Core Stake service, launched in July last year, introduced several advanced staking features. This included enabling users to stake assets directly to their Avalanche validating node. This way they don’t have to trust a 3rd party dApp or protocol to invest or custody their funds.

Moreover, users would have more freedom in regards to duration of staking, the amount of stake, and delegation fees.

State of AVAX staking

Like other PoS chains, Avalanche staking helps process transactions and maintain network security. Stakers receive rewards as incentives for helping secure the network.

About 258.96 million AVAX tokens, or 57% of the total circulating supply, were staked on the network at press time, as per AMBCrypto’s analysis of Staking Rewards data. The staked supply increased 17% in the last month.

AVAX stakers were enjoying rewards of 8.51% on their deposits, which had clearly decreased in recent months.

Source: Staking Rewards


How much are 1,10,100 AVAXs worth today?


As of this writing, Avalanche was the 11th largest crypto in the market, with a valuation topping $15 billion, as per CoinMarketCap.

The coin was trading in the red at press time, with a 24-hour loss of 7.11%.

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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