What is Ankr Switch?
Ankr Switch is a product for switching from reward bearing tokens to reward earning tokens, for the same type of asset. For example, aETHb to ankrETH.
What are reward bearing and rewards earning tokens?
They are tokens issued to you by Ankr when staking with Ankr Staking. These tokens are in a 1:1 ratio to your staked assets.
Liquid Staking tokens are presented by reward bearing tokens e.g. ankrETH that grows in value to the original asset, ETH in this case, over time. Staking rewards accumulate inside reward bearing tokens, which means the issued ankrETH never grows in number, but steadily grows in value vs ETH. When you redeem your stake, you receive your staked original assets plus the accumulated staking rewards.
Currently, Ankr Switch supports switching:
Why Ankr Switch?
Currently, the main benefit is that can switch your -b tokens for new ankr- tokens, for example, aAVAXb for ankrAVAX. The reason for this is that -b tokens are not actively supported by Ankr anymore, and we recommend you do the switch to keep your tokens liquid.
Also, DeFi platforms are going to drop support for -b tokens and enable support for ankr- tokens, so all the more reasons for you to do the switch to maintain the liquidity of your Liquid Staking tokens.