Best Staking Platforms

Investing in PoS-cryptocurrencies provides an additional opportunity for earning - staking. Staking is technically easier and more affordable than mining, since it does not require you to buy special equipment and engage in its maintenance and support. In essence, staking is similar to a traditional deposit.

What is staking

The Proof-of-Stake algorithm consumes significantly less electricity than mining. Perhaps it was the “gluttony” of the Proof of Work algorithm that became the incentive to create an alternative concept. The same circumstance prompted the Ethereum team to switch to PoS. There were no such large-scale updates in the crypto world until September 2022.

From the user's point of view, staking is the acquisition of a certain amount of coins and subsequent blocking on your wallet. Among the options for purchasing coins is RVN to ETH exchange on LetsExchange, where other popular PoS cryptocurrencies are also available. The locked coins will be used to verify transactions on the blockchain.

From the moment of blocking the coins, the computer must be turned on and the wallet is open. Yes, staking also consumes electricity, but these costs are orders of magnitude less compared to supporting mining equipment.

In addition to Ethereum, the Proof-of-Stake algorithm is currently used by many other blockchains, in particular:

• Cardano
• Tron
• Algorand
• Polkadot
• Tezos
• Solana
• Avalanche, etc.

Staking platforms

Staking is possible on many major cryptocurrency exchanges, and cryptocurrency wallets support this feature. In addition, there are platforms on the Internet that are initially specialized in staking.

Crypto exchanges

Modern cryptocurrency exchanges are significantly different from the early trading platforms. In addition to the exchange of cryptocurrencies and different ways of trading, their functionality often contains tools for passive income. It is worth noting that PoW coins can also be staked on exchanges, including Bitcoin, Litecoin and some others. However, technically, this is not exactly staking, more precisely, it is almost a complete analogue of a bank deposit, only in cryptocurrency.

Examples of crypto exchanges with the possibility of staking:

• Binance
• KuCoin
• Bybit
• Kraken
• OKX
• Huobi Global
• MEXC
• Crypto.com
• Coinbase

The return varies greatly and can reach up to 20% per annum depending on the policy of the platform, the chosen coin, the popularity of the asset, the exchange rate and other factors. However, if you do not use coins and they are purchased solely for the purpose of long-term investment, it makes sense to stake them even with a minimum yield.

Crypto wallets

The official wallet of each PoS coin provides for the possibility of staking. Such are the Solflare wallets for Solana or Daedalus for Cardano. Information about wallets that support the possibility of passive income is always present on the website of the PoS coin.

The passive income functionality is also built into many multicurrency crypto wallets. Among the best can be listed

• Ledger
• Trust Wallet
• Guarda
• Atomic Wallet
• MathWallet

This option is not too demanding on the level of technical knowledge of the user. It is believed that the lower limit of profitability, at which it is advisable to keep the wallet open, is about 5%.

Specialized Platforms

On such platforms, several dozen coins can be supported, and the yield can exceed 100%. In fairness, we recall that the maximum levels are reached relatively rarely and are not possible with every coin.

→ MyCointainer

The MyCointainer platform supports AVAX, EGLD, MATIC, WAVES, DEL, IRIS staking - about 20 coins in total. The maximum possible return is slightly higher than 101%, the average is much more modest. You can start with investments from 1 euro, rewards are accrued daily.

→ Stake Fish

Stake Fish is one of the leading providers with returns ranging from 0% to 160%. The platform supports ETH, DOT, SOL, ADA, KAVA, MATIC, XTZ, ATOM, ROSE and a few more assets. Currently, the focus is on Ethereum staking, since the service itself is directly involved in the Ethereum block confirmation. The list of supported networks is planned to be expanded.

Cryptocurrency