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The digital asset investment company has generated a further 77,542.92 DOT since the last staking update in December
() announced it has realised US$1.8mln from staking activities on Polkadot (DOT).
The digital asset investment company said it has generated a further 77,542.92 DOT since the last staking update in December, all of which have been sold at an average price of US$23.83 per DOT token.
READ: KR1 unveils investment in Automata Network
The accrued revenue from KR1’s Polkadot staking activities had been impacted recently due to a migration process of the company’s Polkadot staking operations over the last quarter, which involved multiple ‘unbonding’ procedures, during which no staking revenue accrued for twenty-eight days.
The Aquis-listed firm said it is pleased to have finalised this process and resumed the staking of a large majority of its DOT position to continue generating revenues.
It added that its strategy is to time the realisation of its accruing staking yields to benefit from prevailing market conditions.
This strategy has led to a more favourable average realised price of US$23.83 per DOT for this particular Polkadot staking revenue update, compared to an average price of US$20.27 per DOT that would have been achieved if the company had sold its proceeds on a daily basis.
“With the impressive appreciation of Polkadot’s market price over the last quarter, our strategy of timing the market ‘if the asset price is under pressure’ was not entirely applicable, considering we were looking at US$5.35 per DOT at the beginning of this staking period only three months ago,” said George McDonaugh, managing director & co-founder of KR1, in a release.
“That said, with the change in market conditions, we are adjusting our strategy accordingly. We are very encouraged by Polkadot’s momentum and are looking forward to the upcoming months of staking operations.”
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